independent

Wednesday 16 April 2014

One-in-three Irish retirees regret not saving enough

Pensions are no longer a golden nest egg for many
Pensions are no longer a golden nest egg for many

ONE-THIRD of Irish retirees regret not saving enough for their retirement, a new study has found.

In a poll of more than 1,000 people's biggest financial regrets, one in three retirees surveyed said they wished they had boosted their nest egg by saving more or starting earlier.

"We know many people leave it too late in life to save for a comfortable retirement," said Sanjeev Kopan of Standard Life, the insurance and pensions provider that undertook the survey. "The trick is to start saving early; young adults with a long-term savings culture will have an edge on those who start saving when they're 40," he said.

The cost of saving a "nest egg" rougly doubles every decade, the organisation warned.

To amass €350,000 by age 65, it estimates, a person starting aged 25 must save just €238 a month. But this jumps to €432 a month if you start saving at 35 – and to a massive €864 a month if you start at 45.

Irish Independent

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