1 in 4 would take €60 less in State Pension – to get it at age 60

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Published  09 May 2024
   4 min read
  • 1 in 4 would take €60 less in State Pension – to get it at age 60.
  • Less than 20pc of people would wait until age 70 to retire to receive €60 extra.
  • Those aged 35 – 44 expressed the strongest inclination towards accessing the State Pension earlier with 34pc of respondents in this age category. By contrast, just 24pc of those aged 18 – 24 shared the same view.
  • The 18 – 24 age group were least likely to say they’d wait until age 70 for a higher pension.
  • Men and women appear to be in agreement on this – very little difference between their responses.

Over half of people in Ireland (56pc) are happy with the status quo when it comes to receiving the standard State Pension at age 66, up from 35pc according to the findings of a similar survey carried out in 2022.

A new survey of 1,000 adults nationwide from one of Ireland’s leading life insurance and pensions companies Royal London Ireland[1], revealed that if given the option, over one in four (26pc) would choose to take the State Pension six years earlier at age 60, even if it meant receiving €60 less per week. Conversely, just under 1 in 5 (18pc) would hang on until age 70 to take their pension – to get an additional €60 per week, as is currently an option under changes to State Pension entitlements introduced in January of this year[2]. 

Mark Reilly, Pension Proposition Lead at Royal London Ireland commented,

“It is notable just how many people are satisfied with the status quo. While the recent changes have given greater flexibility around taking the pension later in life, it’s clear from the research that, if anything, people would rather have the option of accessing the State pension earlier”.

Mr. Reilly added,

“It's interesting to see how perspectives on retirement evolve as individuals progress through different stages of life. Our survey results highlight the dynamic nature of retirement planning, where people's opinions can shift significantly over time. What someone envisions for retirement at the outset of their career may well change substantially as they gain experience and move through life's milestones.

“Ultimately, there is no one-size-fits-all approach when it comes to retirement planning, however, having more flexibility in available options for retirement allows people to make informed decisions that align with their long-term financial security and lifestyle objectives. Talking to a Financial Broker may be helpful when planning an approach suitable to your own circumstances”.

ENDS

 

[1] Conducted by iReach 
[2] 3 Gov.ie | Minister Humphreys announces major Pension Reform to take effect from 1 January

 

About Royal London Ireland

Royal London Ireland has a history of protecting its policyholders and their families in Ireland, and recently launched a new Pensions business in Ireland. Our business heritage in Ireland is nearly 200 years. The Caledonian Insurance Company's first office outside Edinburgh opened on Dame Street, Dublin 2 in 1824.

Today, Royal London Ireland is owned by The Royal London Mutual Insurance Society Limited – the largest mutual life insurance, pensions, and investment company in the UK, and in the top 25 mutuals globally, with assets under management of €178 billion, 8.6 million policies in force, and 4,100 employees. Figures quoted are as at 30 June 2023.

Royal London Ireland’s office is based at 47-49 St Stephen’s Green, Dublin 2.