Retirement plans not matching reality

MOST young adults are targeting their late 50s for early retirement, even though the majority do not have a pension in place.

Almost 60% of respondents to a new survey of 24- to 34-year-olds by financial services firm Zurich Ireland — formerly Eagle Star Life — said they don’t yet have a pension, but still said they would see 58 as being the ideal average age to retire.

The survey, which Zurich said shows “a clear reality divide” between the retirement aspirations and financial planning needs of young people, discovered that most in the 24-34 age category class as “average” the level of how well informed they are about their financial planning.