PENSIONS BY NUMBERS
The Government plans to introduce fundamental pension reform to make costs more sustainable, but according to a survey published last week by Bank of Ireland Life, people don’t understand what may lie ahead.
The survey reported that 71 per cent of employees were unaware of the proposals and just one in five of those with a pension had sought advice since its launch earlier this year.
They all add up!
77 per cent of workers were unaware of the proposal to reduce the tax relief on pension savings to a standard rate of 33 per cent
29 per cent knew of the proposal to increase the State pension age
75 per cent of employees questioned said they could not survive on the State pension alone which currently amounts to €230 per week
51 per cent of people worry about their retirement
83 per cent expressed concern that they wouldn’t have sufficient savings or income to live on
32 per cent said they might be bored due to lack of hobbies or interests
21 per cent said that they would like to retire on or before 55 years of age, while a further 43 per cent chose an ideal retirement age of between 56 and 60
90 per cent of workers said they wanted to retire before the age of 68