We recently conducted research at the Retirement Planning Council of Ireland to better understand how people in Ireland are approaching retirement planning.
What we found was striking: many people are leaving retirement planning until much later than they would for other major life events, with a significant number only beginning to think seriously about it in the final years, or even months before retirement.
Unsurprisingly, finances remain the biggest concern. But our research also highlights worries around losing structure, maintaining social connections, and adjusting to a new daily routine.
One of the most encouraging findings was the impact of conversations. Whether it's a chat with a family member, friend, colleague or employer, talking about retirement can often be the trigger that gets people thinking about and planning for the future.
Retirement today is about much more than financial preparation. It's about planning for a fulfilling, active and rewarding next chapter of life.
At the Retirement Planning Council of Ireland, we're passionate about helping people prepare for that transition and giving them the tools and confidence to make the most of the retirement they've worked hard to earn.
Here’s a little more detail about the findings of the survey, which collected 267 responses online from people - predominantly those who have undertaken or are undertaking our courses - 88% of whom were aged between 60 and 69, in January of this year.
When asked ‘Do you feel financially ready for retirement’?
● 71.86% said ‘Yes’
● 8.75% said ‘No’
● 19.39% said ‘Not sure’
When asked ‘Has your financial situation impacted the timing of your retirement’?
● 45.59% said ‘Yes’
● 54.41% said ‘No’
When asked ‘When did you start planning for / thinking about retirement’?
● 31.7% said within 1 - 2 years of retirement
● 23.40% said in my 60s
● 19.62% said in my 50s
● 14.34% said within 6 months of retirement
● 5.66% said in my 40s
● 5.28% said in my 30s
When asked what prompted you to start planning for / thinking about retirement?
● 19.76% mentioned a conversation with a friend / family member
● 17.00% said it was when they took part in an RPC course
● 13.04% cited a conversation with a colleague
● 11.07% said it was down to a conversation with an employer
● 28.85% said it was down to other reasons
When asked about their main concerns in retirement:
● 55.68% said finances
● 34.85% mentioned lack of tructure
● 33.33% said lack of social interaction
● 16.29% said too much free time
When asked what people were most looking forward to:
● 77.57% said having more free time
● 76.43% said travelling more
● 63.12% said spending time with family
● 49.81% said spending time with friends
● 16.35% mentioned studying more
Feel free to get in touch to let us know what you think on these topics.
