The number of people aged 65 and older will jump from one in eight to one in six by 2030 and the number of people over the age of 85 will double in this period. According to the National Risk Assessment 2019 report launched in August, the number of people eligible for the State pension will leap from 600,000 at present to 1.4 million by 2055, while the ratio of workers to those in receipt of the State pension will more than halve. In the future, will the State be able to maintain the value of the pension adjusting for inflation?
With only one in three people in the private sector with a pension fund, will those without private pension provisioning be able to support themselves in retirement with just the State pension to reply on?
Aviva recently carried out in-depth pension research and analysis using a Red C poll of 2,000 adults nationwide.
- The research reveals a general lack of engagement with retirement planning by a significant proportion of the Irish public
- 43% of people with a private pension arrangement have no idea how much their pension is worth
- 56% of those aged 55+ have no idea what their pension fund is invested and only 45% are aware of the tax benefits that are available through using the pension structure to save for retirement.
- Almost half of those surveyed are worried that their retirement planning is inadequate.
- More than one in three people of those surveyed will face an expected financial position in retirement that will either be tight or struggling or in trouble.
- 12% of people simply have no idea what their future financial position will be in retirement.
- 29% of those aged 35-54 and 22%of those aged 55+don’t know what percentage of salary they will get form their pension on retirement.
At Wallstone, we can help show you where you are now in relation to your retirement planning, help you identify how much you need to accumulate in savings for when you retire and also map out the best way for you to go between now and then in the most tax efficient way possible. We believe that it is imperative that your retirement savings work as hard as possible for you in the intervening years to retirement. We help tailor a bespoke investment portfolio for each client.
At Wallstone, we can help you identify and achieve your Retirement Number i.e. how much money you need to have saved to enable you to do and live the life you want without the need to continue to work (if you don’t want to). Don’t Leave Retirement Planning until it is too late!!