Irish workers need to save over €1,000 a month more, states pension report

Irish workers need to save over €1,000 a month more, states pension report

Ireland's pension gap is the second largest in Europe according to a new survey.

It means the country's pot of savings will not go far enough to fund our retirement.

The Mind the Gap study by consultancy firm Deloitte for Aviva Insurance has found we need to save an additional €27.8bn a year in order to provide an adequate standard of living in our old age, compared to just over €20bn in 2010.

It also states that people currently working and due to retire before 2058 "will have to save, on average, an additional €12,200 (gross) per annum or €1,017 gross per month" - although this figure includes people who are not contributing to any pension currently.

"Ireland would probably be the second worst on the league table, both Ireland and Spain have been particularly impacted, and we'll have seen those impacted because of the financial crisis," said Aviva's Gary Marshall.

"So the last report that was done in 2010, obviously we know the world was falling apart.

"And the other element is that people are living longer, so you need to save more to manage that longevity."

More on this topic

Get smart about your pension paymentsGet smart about your pension payments

UK Pension funds to offload assets in coming weeksUK Pension funds to offload assets in coming weeks

Survey finds staff in majority of Irish firms have asked to work beyond 65Survey finds staff in majority of Irish firms have asked to work beyond 65

Irish Life tops Ombudsman complaints listIrish Life tops Ombudsman complaints list


More in this Section

Pedestrian, 70, being treated for life-threatening injuries after collision with carPedestrian, 70, being treated for life-threatening injuries after collision with car

All women and families impacted by CervicalCheck scandal to get Dáil apologyAll women and families impacted by CervicalCheck scandal to get Dáil apology

Killarney deer struggling to walk suffering from suspected 'staggers' conditionKillarney deer struggling to walk suffering from suspected 'staggers' condition

National Bravery Awards: 'The award for me is that he is alive today'National Bravery Awards: 'The award for me is that he is alive today'


Lifestyle

Mountaintop monasteries, vicious-looking vultures, and a seriously impressive cable car.As Ryanair launches flights to Armenia, here’s why it deserves to be your next holiday destination

Jools Holland and his Rhythm & Blues Orchestra played a storming gig at Cork Opera House, writes Des O'Driscoll Live Music Review: Jools Holland and his Rhythm & Blues Orchestra

Concerns about people’s ability to access their own money have been growing – here’s what the debate is all about.Are we actually going to end up as a cashless society?

Everything entertainment you need to look out forScene & Heard: Everything entertainment you need to look out for

More From The Irish Examiner