Raising the Retirement Age

Shock, horror. The Irish Government is talking about raising the retirement age. What they mean is raising the age at which you qualify for a state pension from 65 to 68. This is bad news for everyone under 50 and it’s not too hot for those, like Izzy, who are over 50 but only just, since the introduction is phased and how you’re affected depends on how far over 50 you are.

There are some who say that we are living longer and this is the reason for the raising of the age. Others say that it is lower child mortality that makes it seem we are living longer and that, in fact, we don’t live all that much longer than those who attained the age of 40 way back when. I’m no expert.

There are also those who say that many people don’t want to retire and that they will welcome the opportunity to stay in the workplace for those extra years. If that is the case, I don’t know who those people are – I certainly haven’t met them. Most people I know are looking forward to retirement and have plans aplenty for how they intend to spend those years.

So, the Government’s announcement is a bitter blow. I don’t doubt the good intention in trying to create a stable and sustainable future basis for pensions although I hope the specifics have not been influenced by the pensions industry which has performed so poorly in the last couple of years.

For the fifty-somethings like myself, it is a case of proceeding with caution when it comes to making individual decisions. Research, research, research.