A new survey from Hibernian Life & Pensions has revealed that despite our constant griping about the weather and the cost of living, Ireland is still our top choice when it comes to where we want to spend our golden years.
A new survey from Hibernian Life & Pensions has revealed that despite our constant griping about the weather and the cost of living, Ireland is still our top choice when it comes to where we want to spend our golden years.
Almost three quarters of people say that they would rather stay put in Ireland than spend their retirement in the warmer climes of southern Europe or Florida. Only 13% of those surveyed said they would like to retire abroad. Family ties are one of the strongest reasons for keeping retirees in Ireland; the prospect of living close to children and grandchildren was the most important thing for one in five people.
The Hibernian research also reveals that even though most people want to live in Ireland when they retire they also hope to take more holidays abroad during their retirement years. Over one third of those surveyed said increased foreign travel would be a priority for them. One in five said that a dream home in Ireland would be their goal; a cottage in the west or a place by the sea in the sunny south east were top of the list of dream home locations. A further 14% surveyed said they would like to “do something a little mad” when they retire, like riding a Harley Davidson coast to coast across the USA!
Ian Veitch, Market and Product Development Director at Hibernian, said: “This is an interesting piece of research and reveals that having made a life for themselves in Ireland people would rather stay put when they retire, close to family and friends. Increased foreign holidays or a holiday cottage in Ireland are the things that most people dream of for their retirement years."
The Hibernian survey also revealed the startling fact that although most people have thought about what they would like to do when they retire, less than half have thought about how they are going to fund this retirement lifestyle. 57% of the population have made no retirement provision to date. Even more worrying is the fact that in the crucial 35-49 year age group 49% have made no retirement provision.
According to Ian Veitch: “People in their forties should be putting 10-15% of their annual salary into a pension plan if they expect to retire comfortably, let alone fulfil their retirement dreams. Unfortunately this research proves that almost half of Irish people in their forties have never even thought about a pension. In twenty to thirty years time these people will be time rich, but definitely cash poor, living on the meagre state pension.”
With the October 31 tax deadline for extra or increased pension contributions fast approaching Hibernian is urging people to avail of this bonus tax break this year and increase their personal pension contributions. Ian Veitch is also keen to draw peoples’ attention to the new Personal Retirement Savings Accounts (PRSAs), which will be coming on stream early next year:
“PRSAs are the perfect vehicle with which to start a pension plan. The great thing is that they will be flexible and portable, it can move from job to job with you and contribution amounts can be varied. For someone who has never considered saving for their retirement opening a PRSA should definitely be top of the New Year’s resolution list this year, otherwise retirement dreams will be no more than pipe dreams.”
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*Fieldwork for research by Hibernian Life & Pensions undertaken by Behaviour & Attitudes during August 2002
Press contact:
Kela O’Riordan, 01 617 8164, 086 606 8842, kela.oriordan@hibernian.ie
Notes to editors:
- Hibernian is part of the Aviva plc, the seventh largest insurance group globally (based on gross worldwide premia)
- Hibernian is Ireland’s largest composite insurer, ranked first for general insurance and top five for life and pensions
- A photograph is available by ISDN
- Hibernian news releases are also available on www.hibernian.ie