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Monday 5 December 2016

Workers expect to labour on past age of retirement

Published 02/06/2010 | 05:00

ALMOST half of people expect to continue working beyond the current retirement age of 65 years.

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And there is an age divide when it comes to the reasons for extending one's working life; older people said they wanted to continue working to keep busy whereas their younger counterparts believed they will be forced to remain working after 65 just to make ends meet.

According to a survey by recruitment website Irishjobs.ie, over 40pc of people plan to remain in the workforce beyond the official retirement age.

Older workers were more inclined to want to continue working with 60pc in the 46-55 years age bracket saying they want to keep going. However, just a fifth of those aged under 25 years said they want to continue working into their twilight years.

Pension

When it came to pensions, 56pc of respondents said they had one whether it was a company pension, a private plan or a combination of both.

Of those who don't have a pension, most said they couldn't afford one while almost a fifth believed they were still "too young to think about a pension".

Just over 10pc of those without a pension said they would rely on other investments.

Once they finally quit work, 40pc of those surveyed said they hope to spend their time travelling, while a third plan to start new hobbies and develop new interests. Just over a fifth said they wanted to spend more time with their family, while for 3pc of people the lure of working life is just too strong and they hope to start a new career.

Commenting on the figures Valerie Sorohan, marketing manager with Irishjobs.ie, said not everyone wants to step back from work at the official retirement age.

"Our findings highlight the fact that many workers within 10-15 years of retirement are in fact keen to continue working.

"Older workers can and do add real value to the workplace, bringing their experience and creativity to the world of work."

Ms Sorohan added that, no matter what are your plans for the future, having a pension is essential.

Irish Independent

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