Plan now, or suffer later: Why mandatory pensions are essential

Demographic developments pose one of the most immense challenges facing the Irish economy and policymakers.

The fact is that Ireland’s population will grow and will age significantly over the coming years and the country must up the ante in terms of preparing for this immense challenge.

If it doesn’t we will be faced with a significant cohort of the population retiring without adequate post-retirement income, plunging them into income poverty, with consequent very negative implications for consumer spending and overall economic activity.

As well as the impact of this group called the ‘retiring poor’ on economic activity, the State will be increasingly relied upon to fill the income gap either through the social welfare pension or other types of social welfare intervention.

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