Greater Optimism About Retirement In Ireland
The latest Retirement Optimism Index carried out by Bank of Ireland, along with ESRI, has shown that Irish people are more optimistic about retiring now more than ever.
The index found that 57% of Irish people have some financial plan in place for retirement, while one third of people say it will be ‘easy’ for them to live comfortably when they retire.
Additionally, 46% of under 50s feel it’s a good time to save, compared to only 35% of over 50s.
Tom McCabe of Bank of Ireland said:
“May’s Retirement Optimism Index showed a greater degree of confidence amongst Irish people around retirement planning.
“The results may be the first evidence that improving household finances are allowing Irish people turn their attention to longer term retirement planning issues now, in much the same way as they have boosted shorter term savings in recent years.
“The improvement in confidence among under 50s is particularly encouraging. However the proportion of this group with some retirement planning in place was still less than 50% and ideally this number should be higher.
“Without a doubt younger people have the unenviable task of juggling numerous competing financial goals of which retirement planning is just one. However, where possible they need to stay focused on this particular goal in order to secure a reasonable income in retirement.”