Friday 9 December 2016

2046 – Ireland 30 Years from Now – Will You Be Ready?

Published 24/10/2016 | 12:09

What does the future hold?
What does the future hold?

Drone pizza delivery, driverless vehicles, virtual golf tournaments, robots outnumbering humans... will this be the Ireland of 2046?

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Elements of our technological future are here right now and our lifestyles are already changing so fast that the way we live in 30 years time will be yet again radically different. One thing is for sure as we look to the years ahead – the essentials of life (and those little luxuries!) will cost us more and more. 

How Much Will A Pint of Beer Cost?

Do you have any idea how much a pint of your favourite beer is going to cost you in 30 years time?  How much will it cost to fill up your car tank? Will you have change from €50 when you buy a one-way ticket into town on the bus? 

How do you enjoy and sustain your current lifestyle while planning for the future?  Thinking about a pension is a great first step; a pension is a practical and cost-effective way for you to plan for your retirement. It’s never too late to start a pension plan and avoid falling in to the ‘pensions gap’ and finding yourself short of money when you retire.

In 30 years time, your future self will thank you for putting the right financial plans in place; helping to avoid a gap in your savings provision. 

We’re All Set to Live Longer

According to the Central Statistics Office, in 20 to 30 years time, we’re going to live much longer - by up to 7 years more for males and 6 years longer for females. 

Mortality rates are assumed to decrease which will result in gains in life expectancy at birth from:

  •  75.1 years in 2002 to 82.5 years in 2036 for males
  •  80.3 years in 2002 to 86.9 years in 2036 for females.

This is fantastic news and it’s good to know there’s a lot more life left in us - but of course, our longevity will cost a lot more cash to finance!

How Much Money Will You Need?

Ireland now has the third largest pension gap in Europe, an average of €12,200 per year per person, according to research in September 2016 from Aviva.  This is the difference between what most people expect to live on in their retirement and what they currently make provision for. 

Aviva’s research has revealed the extent to which Irish people are currently unprepared for their retirement. Thinking ahead, a 40 year old needs to save an extra €6,700 every year and a 50 year old needs to save an extra €9,700.  A 60 year old needs to save an extra €28,000. 

So how much do you need to pay in? Aviva has launched a simple pensions calculator, designed to help people find out if they’re saving enough for their retirement. When you use the calculator, it’ll give you the average extra saving you’ll need in order to provide a retirement income of up to 70% of your pre-retirement salary. 

Imagining Life in the Future…

A new survey, inspired by a list of predictions made by Imperial College London’s Tech Foresight research team reveals that Americans believe that the first cloned human being will have been born in not thirty but just twenty years time.  They also believe that the first Artificial Intelligence (AI) machine will sit on the board of a major company and avatar girlfriends and boyfriends will be commonplace!

Who knows what the future holds?  What are your predictions for 2046?  Find out how much you need to put into a pension today to future proof your life.  Go to www.mindthepensiongap.ie

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