Sim­ple ways to en­sure you don’t have to work on af­ter you hit 65

Drawn-out or top-up mort­gages, chil­dren’s col­lege bills, and in­vest­ment woes are forc­ing peo­ple to keep work­ing into their re­tire­ment, writes Louise Mcbride

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

MANY peo­ple now have to work af­ter the age of 65 be­cause they are still pay­ing off mort­gages, are foot­ing the bill for chil­dren’s col­lege fees — or have other fi­nan­cial com­mit­ments fol­low­ing them into re­tire­ment. Oth­ers have seen their life sav­ings or pen­sions wiped out dur­ing the re­ces­sion — and so can’t af­ford to re­tire at 65.

“Peo­ple’s in­vest­ments may have been badly hit in the crash,” said Derek Bell, chief op­er­a­tions of­fi­cer of the Re­tire­ment Plan­ning Coun­cil (RPC), when asked to cite the most com­mon rea­sons peo­ple may have to work on. “Oth­ers may have re­mort­gaged to get a de­posit for a child’s home.”

The in­crease in the State re­tire­ment age is also forc­ing many peo­ple to work for longer. To­day, you must be 66 to get the State pen­sion — and that will in­crease to 67 from 2021 and 68 from 2028.

There are, of course, many peo­ple who don’t wish to fin­ish work at the age of 65 for per­sonal, rather than fi­nan­cial, rea­sons. How­ever, if you have no wish to con­tinue work­ing beyond the age of 65, it’s im­por­tant you take steps now to help you avoid having to do so.

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