Almost one in five workers in Ireland don’t believe they will be able to afford retirement until age 70, according to a survey.
The annual Retirement Age Financial Feasibility Survey 2025, carried out by pension company Royal London Ireland, says early retirement remains “a distant hope” for more than six in 10.
Half of workers expect to retire either at the State pension age of 66, or just before that at age 65. Almost one in five of those over 55 say they never want to fully retire.
Mark Reilly, pension proposition lead with Royal London Ireland, said: “The prospect of retiring before the State pension age of 66 remains out of reach for most, who say it simply isn’t financially realistic.
“While half of workers expect to retire around 65 or 66, a notable one in five believe they want to or may have to keep working until the age of 70. That’s a significant indicator of the financial pressures many households continue to face.
“On a positive note, we’re also seeing subtle signs of growing confidence. While the numbers are small, the proportion of people who think they could retire by 55 has doubled since the 2024 survey.”
He said the increase was “particularly strong” among those aged 45-54, where one in 10 now believe they can achieve this milestone, which is almost triple the number who felt this way in the previous survey.
“These are people who are far enough along in their careers to have built a clearer picture of their long-term finances, and the shift suggests that some are starting to feel more in control of their retirement planning,” he added.
The survey also showed women are more likely to say they’ll have to work until age 70 (20 per cent as against 16 per cent of men).
Women are also more likely than men to say they never want to fully retire, with 15 per cent expressing this view compared with 10 per cent of men.
“We’re seeing an increase in workers considering staying active in the workforce for longer, whether by choice or necessity,” said Mr Reilly.
“More than one in 10 workers say they never want to fully retire, and among those over 55 this has climbed sharply. Whether driven by financial necessity, personal fulfilment or a mix of both, it reflects changing attitudes towards work and later life.
“And again, women appear more likely than men to say they never want to fully retire, which could be a response to financial pressures or concerns about retiring on lower pension pots.”
He added that the rolling out of auto-enrolment this year “has the potential to close some of the gaps” that currently exist – particularly for younger workers and women – by ensuring “more consistent pension saving earlier in people’s careers”.