A report from the Retirement Planning Council has revealed that more than half of those approaching retirement or recently retired did not feel ready for retirement prior to undertaking a retirement planning course.
The new report is based on an extensive national survey of over 648 people, who are either approaching retirement or had recently retired in the last 12 months.
Fiona Thornton, chairman of the Retirement Planning Council, said, “Retirement can be a time of great upheaval and change; not just financially but emotionally, psychologically and physically. It is vital that people take time to prepare themselves. Equipping themselves with the knowledge and skills to deal with the changes ahead makes for a smoother transition into retirement.
“Over half of the participants in our survey did not feel properly prepared for their retirement. Taking the time to consider all the changes that retirement brings and making a personal plan to address them, goes a long way to helping retirees feel prepared. Nearly half of people surveyed did not have any kind of plan in place for their retirement other than a financial one.”
The report highlights the crucial role played by the Retirement Planning Council in preparing individuals and their families for life after work. Research shows that prior to undertaking a retirement planning course, 44% of participants felt worried, indifferent, or apprehensive about retirement. Having completed a retirement planning course with the Retirement Planning Council over two-thirds of those surveyed felt differently about retirement. A staggering 90% plus felt excited or optimistic about retirement once they had started to plan.
At the launch, Tanáiste and Minister for Social Protection, Joan Burton, said the results of the survey are very positive for the Retirement Planning Council, with 95% of respondents feeling optimistic about their retirement on completion of a retirement planning course.
“This is a tribute to the excellent work of the council over the past 40 years and strongly confirms the benefit of good retirement preparation,” she said.
Established in 1974, the Retirement Planning Council is an independent body with a voluntary board of directors that works with over 400 companies throughout Ireland.
A native of Ennis, Colin McGann has been editor of The Clare Champion since August 2020. Former editor of The Clare People, he is a journalism and communications graduate of Dublin Institute of Technology.