Just three in every 100 workers believe they will be able to retire early

One in five people say it will be 70 before they can afford to retire, says survey

More than half of Ireland’s working population expect to retire at age 65 or 66 while one in five say they won't be able to afford to retire before 70, new research said. Photo: iStock

More than half of Ireland’s working population expect to retire at age 65 or 66 while one in five say they won't be able to afford to retire before 70, new research suggests.

A survey by life insurance and pension provider Royal London Ireland found just three of every 100 workers believe they will be able to retire by age 55. The survey asked workers what age they expect to be able to retire, based on their current financial situation. Those aged 35–44 are slightly more confident about retiring early, with 6% of this age cohort seeing this as a distinct possibility.

One in five people say it will be 70 before they can afford to retire.

“The concept of 'Fire' (financial independence, retire early) has gained momentum in recent years, with some people tempted by the notion of retiring early. However, our survey found that in reality, very few people believe they’ll be able to retire before the age of 55," said Royal London Ireland's Mark Reilly.

Almost one in 10 people overall say they never want to fully retire, the survey found.