It’s no surprise we are all living longer, but life expectancy rates in Ireland are projected to increase significantly by 2046 – with men likely to live to their mid-80s and women almost 90 meaning the over-65s age group could make up 1.4 million of Ireland’s population.
The Nielsen Global Survey on Aging reveals some interesting facts on aging in Ireland. Over one-third of us plan to retire between the ages of 60-65 with 45% saying they will retire past 65. However, 63% say their actual or planned retirement age is not their ideal retirement age, with 45% saying their ideal retirement age is younger. In terms of financial support after retirement, the majority of us will be dependent on government run-plans (37%). This differs from Global results where the majority will depend on their personal savings or investments (46%).
Our major concerns about growing old include losing the ability to care for basic needs (feeding, bathing, etc.), losing our mental and physical agility and having enough money to live comfortably. This is reflected in the fact that our main priority after retiring will be staying physically and mentally fit! We will also focus on spending time with family and maintaining an active social life.
TOP TAKE-AWAYS ON AGING IN IRELAND
1. 33% of us plan to retire between the ages of 60-65, while 45% plan to retire past this age
2. Our over-whelming priority after retiring is ‘staying physically and mentally fit’, followed by ‘spending time with family’
3. ‘Losing the ability to care for basic needs’, ‘losing mental agility’ and ‘having enough money to live comfortably’ are top concerns
4. Government run-plans will be the primary source of retirement income for over one-third of Irish people, followed by ‘personal savings/investments’
5. 40% feel that when they retire they will not be better financially equipped than their parents
ABOUT THE NIELSEN GLOBAL SURVEY
The Nielsen Global Survey about Aging was conducted between August 14 and September 6, 2013, and polled more than 30,000 consumers in 60 countries throughout Asia-Pacific, Europe, Latin America, the Middle East, Africa and North America. The sample has quotas based on age and sex for each country based on their Internet users, and is weighted to be representative of Internet consumers and has a maximum margin of error of ±0.6%. This Nielsen survey is based on the behaviour of respondents with online access only. Internet penetration rates vary by country. Nielsen uses a minimum reporting standard of 60 percent Internet penetration or 10M online population for survey inclusion. The Nielsen Global Survey, which includes the Global Consumer Confidence Survey, was established in 2005.