Only 19% of adults in Ireland expect to fully stop working when they reach retirement age, according to a survey published by Irish Life. The report, titled "Life100+: Exploring Ireland's Longevity Opportunity" and based on a nationally representative sample of over 2,000 adults, reveals that 74% of respondents believe they will need to extend their working lives to remain financially secure.

The research indicates a growing preference for flexible and phased transitions out of the workforce rather than abrupt retirement. Approximately 27% of respondents reported plans to gradually reduce their working hours, while 24% expect to continue working on a part-time basis. Among adults aged 65 and older, appetite for phased retirement is higher, with 37% preferring reduced hours and 39% expecting part-time work. For those already employed past the State Pension age of 66, key drivers include enjoying their job (58%) and keeping physically and mentally active (56%).

Financial gaps are a central factor in expectations around longer working lives. Non-retired respondents estimated that a comfortable retirement requires an average savings pot of €315,000, compared to an average current retirement savings level of €102,000. Among those in the decade leading up to retirement, average pension pots stand at €108,000. Overall, only one in three adults surveyed felt confident they could financially sustain a longer life, dropping to 24% among those aged 55 to 64.

To fund extended longevity, 51% of respondents said they plan to increase general savings, while 21% intend to put more into investments. The study also noted that just a quarter of people definitely want to live to age 100, with concerns primarily focused on health decline (41%), loss of physical abilities (36%), and cognitive decline (32%), ahead of running out of money (20%). Oisín O'Shaughnessy, managing director of corporate business at Irish Life, noted that rising longevity will present structural challenges for employers and called for public policy discussions regarding pensions adequacy.