Sunday 21 January 2018

We must act now to defuse retirement time bomb

The State Pension is the cornerstone of the Irish pension system. The maximum amount payable is €230.30 per week
The State Pension is the cornerstone of the Irish pension system. The maximum amount payable is €230.30 per week

Jerry Moriarty

As we move away from the crisis management of the last few years, focus is returning to some of the long-term issues that have largely been ignored.

Pensions are among the biggest of these. People living longer means that pensions must get paid for longer, and generally there isn't enough put aside for this when people are working. This is true both for individuals and the Government.

The numbers are overwhelming, which encourages a head-in-the-sand approach. But this can't last forever and it is imperative that individuals take action, or are forced to, and that Government leads the way.

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