The Retirement Planning Council of Ireland (RPC) is celebrating 50 years in operation by calling on younger people to plan for greater financial resilience in retirement. As life expectancy grows, the organisation is asking people to put plans in place now so they can live healthier and more fulfilling lives in the later stages of life.
Laura Farrell, CEO of the Retirement Planning Council of Ireland, stated: ‘We believe the word retirement itself should be retired and replaced with some other word or phrase that recognises attainment of the State Pension age of 66 as simply another of life’s transition points. Retirement is redefining itself. The simple fact is that people are living longer and are more active than they used to be 50 years ago with the result that they need more resources to fund their lifestyles and health costs. Retirement comes to everyone in one shape or another but research shows that outside of the state pensions scheme, over 32% of adults have no financial arrangements in place. There is a high chance therefore that many people’s finances will run out after they finish work at 65 or 66 at a time when they need it most for rising healthcare costs and funding hobbies and travel. We are strongly urging people in mid-life to think about this and to put plans in place in during their working lives to take them through their eighties and nineties and live more purposeful, active and healthier lifestyles.’
This milestone year for the RPC comes as the continued cost of living increases and more potential retirees seeking opportunities to remain working beyond the age of 66 when the State pension kicks in. The RPC is calling on people to be financially and emotionally resilient in their 20s, 30s, and 40s by planning ahead for the challenges that a longer active life now brings including healthcare costs, long-term care, and a greater array of lifestyle choices.
The RPC has offered the following advice, which it states that people in mid-life should be focusing on how to plan effectively for retirement:
Save Enough for a Longer Life
Make a budget plan to determine how much you will need to live the life you want and will need in retirement. Think about where you will live and how you will fund that. For example: will you live close to family, will you need residential care or a nursing home, should you downsize now from your current dwelling? Make sure to take inflation, potential financial shocks, and tax implications into account with all financial planning.
Review your Pension Plan
In Ireland, the state pension age remains at 66. Yet, more individuals are choosing or needing to work beyond this age. We would advise people to review their pension plans at different stages of life. For example, someone in their20s or 30s might be willing to take more risk with their asset allocation than someone getting closer to 65. We advise that people review their pension plans annually and make adjustments appropriate to their age and situation in life.
Focus on Healthcare
Longer lifespans and rising healthcare costs mean retirees must plan not just for income but for long-term care. Plan for the type of lifestyle you would like to lead, including membership of fitness clubs and hobbies, regular health assessments and maintenance as well as potential long-term care requirements.
To meet these challenges, RPC is integrating cutting-edge technologies and innvations into its retirement planning coursework. This includes adopting the latest in course presentation methods, such as interactive digital platforms, virtual workshops, and personalised online tools, to ensure accessibility and engagement for diverse and younger audiences. By modernising its approach, RPC is not only equipping individuals for retirement but also supporting them through multiple transitions as they grow older, empowering them to embrace these changes.
RPC Chairperson concluded, "For five decades, the RPC has been at the forefront of helping people navigate retirement with confidence, providing the tools and guidance needed to plan for this significant life transition. Now we need to embrace the evolving nature of retirement—not as an end, but as a new chapter—ensuring individuals are empowered to live fulfilling, financially secure lives that reflect their goals and aspirations. As the landscape of work, longevity, and societal expectations shifts, our mission is to adapt alongside it, creating a future where everyone can thrive in retirement."
Since its founding, the RPC has been a trusted partner in guiding individuals and organisations through one of life’s most significant transitions—retirement. Over the years, the organisation has adapted to the changing needs of society, providing education, resources, and support to help people approach retirement with confidence and clarity. As it celebrates its 50th anniversary, the RPC remains steadfast in its mission to strengthen financial literacy, resilience, and overall well-being, ensuring that future generations are equipped to navigate the complexities of retirement and embrace the opportunities it offers.
