NEWS

Majority of soon-to-be retirees in Donegal unaware of the vital financial decision needed ahead of retirement

The majority of 55-65 year olds (59%) admit they are unaware of the vital decision they’ve to make affecting their retirement income

Sarah Smyth

Reporter:

Sarah Smyth

Majority of soon-to-be retirees in Donegal unaware of the vital financial decision needed ahead of retirement

Majority of soon-to-be retirees in Donegal unaware of the vital financial decision needed ahead of retirement

New retirement research commissioned by Irish Life, Ireland’s leading pension company, has indicated that the majority of soon-to-be retirees are unaware of the vital financial decision needed ahead of retirement. The research, which was conducted on a range of 55-65 year olds across Ireland who have saved into pensions, shows most do not grasp the need to plan ahead to make this key decision prior to drawing down their private pension.

This decision is of the utmost importance as ultimately it will determine their retirement income and what happens to their pension should they die, so this decision warrants careful consideration. The research also revealed that just 31% of those approaching retirement have spoken to a financial broker or adviser in the past year, while 25% have never consulted a financial broker or adviser about their retirement plans.

 Discussing the requirement for early retirement planning John Groarke, Pensions Marketing Manager with Irish Life, commented “our research show most people are excited about their retirement. For those people who have done the right thing and saved into pensions throughout their working lives, we want to highlight they still have a very important decision to make as they approach their retirement.

For those people who have done the right thing and saved into pensions throughout their working lives, we want to highlight they still have a very important decision to make as they approach their retirement

Just over 40% of those surveyed say they know the value of their pension pot, with men significantly more aware than women. It’s not a coincidence as many more men (75%) compared to women (25%) have availed of the retirement planning service from Irish Life’s tied advisers.

A significant awareness campaign is currently underway by Irish Life to educate people on the steps that need to be taken to effectively prepare for retirement. For more information or to order a free copy of the ‘Rewire don’t Retire’ guide by retirement coach & author Marianne Heron courtesy of Irish Life please visit: https://www.irishlife.ie/plan- your-retirement