Retirement is a significant milestone in one’s life, where individuals can finally reap the benefits of their years of hard work and dedication. In Ireland, the retirement age is an essential aspect of every citizen’s life, as it determines when they can start receiving their state pension and other benefits. However, the age of retirement in Ireland, like many other countries, has been subjected to change over the years. In this article, we will delve into the topic of “What is the Retirement Age in Ireland?” and provide you with all the necessary information you need to know.
History of Retirement Age in Ireland
In the past, the concept of retirement was almost unheard of in Ireland. Most people worked until death, and the few who could afford to retire were able to do so at the age of 65. However, with the introduction of state pensions, the retirement age was gradually reduced to 65 for men in 1995 and 60 for women in 2000.
Current Retirement Age in Ireland
As of 2021, the current retirement age for both men and women in Ireland is 66 years old. The Government has announced that the retirement age will gradually increase to 67 in 2021 and 68 in 2028. This decision was made due to the growing life expectancy in the country, which has increased from 73 years in 1995 to 83 years in 2021.
What Does This Mean for Individuals?
For individuals born after 1961, the increased retirement age means that they will have to work for an additional two years before being eligible to receive their state pension. This can have a significant impact on their retirement plans, as they may have to continue working for a longer period to sustain themselves financially.
On the other hand, individuals who have already reached the retirement age of 66 or will soon reach it, will not be affected by the changes. They will continue to receive their state pension as planned and can choose to retire or continue working.
Early Retirement in Ireland
Some individuals may choose to retire earlier than the designated retirement age, known as early retirement. In Ireland, early retirement is available for those who are unable to continue working due to health or other specific circumstances. However, this comes with a reduced pension compared to those who retire at the designated age.
Frequently Asked Questions
1. Can I choose to retire at a younger age in Ireland?
No, the retirement age in Ireland is set by the government and cannot be chosen by individuals.
2. Will my state pension increase as I continue to work past the retirement age?
Yes, your state pension will increase for every year you work past the retirement age until the age of 70.
3. Does the retirement age apply to all types of jobs in Ireland?
Yes, the retirement age applies to all types of jobs unless stated otherwise in an individual’s contract.
Conclusion
In conclusion, the retirement age in Ireland is set to increase to 67 in 2021 and 68 in 2028. However, individuals who have already reached the retirement age of 66 or will soon reach it will not be affected by the changes. This is an important aspect for every citizen to consider in their retirement planning, as it can have a significant impact on their financial stability. If you have any further questions or concerns, we recommend seeking advice from a financial advisor to ensure a secure retirement.
