Standard Life annually gathers insights from over 5,600 adults across Ireland, integrating these perspectives to amplify the voice of retirees. They explore the real experiences of retirement in Ireland today, examining how younger adults are preparing for, or neglecting, this significant phase of life. Standard Life delves into the factors influencing retirement planning.
By actively listening and comprehending these varied experiences, Riordan Financial is poised to address and dismantle the common obstacles people face in retirement planning, thereby unlocking a world of possibilities for all. In this article, we wanted to focus on Munster; however, their full report can be viewed here.
Mental Preparedness for Retirement
In Munster, 29% of adults feel mentally ready for retirement, down from 46% last year, highlighting that readiness and confidence are not the same thing. Nationally, 43% of non-retired adults feel socially prepared for retirement, up from 41% previously, while 51% believe they will remain purposefully engaged in retirement, an important factor in long-term wellbeing.
Financial Sentiments and Anxiety
Two in five Irish adults, or 43%, now feel financially unprepared for retirement, essentially unchanged year on year, and 40% remain worried they may never be able to retire. Across Ireland, 41% admit they do not know how much they will need to live comfortably in retirement, a figure that remains higher among women at 48% compared with 38% of men. Moreover, 57% of adults have never sought professional financial advice.
Pension Engagement and Retirement Saving
Awareness of automatic enrolment in Munster stands at just 37%, still well below Dublin’s 50%. Employer pension contributions remain vital, with 81% of employees nationwide considering them essential or very important. However, only 70% of workers plan to stay enrolled after the mandatory period, a drop of 8.5% on last year, with men more likely than women to opt out.
Sentiment Towards Retirement
In Munster, 41% of non-retired adults say they look forward to retirement, below the 44% national average, while 34% describe the idea of retirement as unattractive, up from 35% last year. Almost half, at 47%, continue to defer thinking about retirement until it happens, underscoring a need for earlier engagement.
Retirement Contentment in Munster
Among retirees in Munster, 91% report happiness in retirement, the highest in Ireland and up from 90% last year, compared with a national average of 84%. This suggests that the region’s strong community ties, slower pace of life and sense of purpose foster greater wellbeing for those enjoying their second lives.
If you’re looking to review your existing pension arrangements or are curious about starting to save for your retirement, Riordan Financial is here to assist. Contact us today to explore how we can help you secure a financially stable future.