Business Pensions

Sunday 31 August 2014

Half of workers expect careers to run into 70s

Charlie Weston, Personal Finance Editor

Published 20/03/2014 | 02:30

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Workers fear they may have to work into their 70s
Workers fear they may have to work into their 70s

HALF of workers expect to stay in their jobs past normal retirement age, a survey has found.

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A lack of a decent pension pot is the main reason people expect to have to work into their late 60s and early 70s, a survey commissioned by Aviva has found.

The age for people to qualify for a state pension has gone up to 66 for those retiring this year, and is due to rise to 68 for those retiring from 2028 onwards.

People in their 30s and 40s are most likely to feel they will have to keep working well beyond the ages that their parents gave up work.

Some 70,000 people retire every year in this country.

Aviva Ireland chief executive Alison Burns said the survey results highlighted a high level of anxiety and uncertainty about retirement in Ireland.

Meanwhile, an international survey has found that workers in this country have some of the shortest retirements of any developed countries.

Men in this country can expect to live just 18 years after they retire, while women can expect to live 22.7 years.

This compares with France where women live for 27.4 years, and men for 22.6 years, according to the OECD.

Irish Independent

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