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Half of adults happy with current State pension age of 66

By May 9, 2024No Comments

One in every four adults would choose to take the State pension six years earlier, even if it meant they received €60 less a week from it, new research has found.

But less than one in five said they would stay at work until they were 70 in order to get an additional €60 a week, the results show.

This is currently an option under changes to the State pension entitlements that were introduced in January.

The survey, carried out among 1,000 adults, also found more than half of those surveyed are happy with the status quo when it comes to receiving the State pension at 66.

That’s up from 35% when a similar survey was carried out two years ago.

“It is notable just how many people are satisfied with the status quo,” said Mark Reilly, Pension Proposition Lead at Royal London Ireland.

“While the recent changes have given greater flexibility around taking the pension later in life, it’s clear from the research that, if anything, people would rather have the option of accessing the State pension earlier.”

The strongest desire to access the State pension early was found among those in the 35-44 age bracket, with 34% backing the idea.

However, among 18-24 year olds, just 24% were supported of the idea.

They, on the other hand, were the least likely to be willing to wait until the age of 70 before getting the pension, if it meant they would receive a higher amount.

“It’s interesting to see how perspectives on retirement evolve as individuals progress through different stages of life,” said Mr Reilly.

“Our survey results highlight the dynamic nature of retirement planning, where people’s opinions can shift significantly over time.”

“What someone envisions for retirement at the outset of their career may well change substantially as they gain experience and move through life’s milestones.”

Article Source: Half of adults happy with current State pension age of 66

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