The State Retirement Age in Ireland is set to increase from the current age of 65 to 66 for both men and women. This means that if you are already working, it might be time to start saving for retirement.
What is the State Retirement Age in Ireland in 2022?
In 2022, the State Retirement Age in Ireland will be 67. If you are currently aged between 18 and 65, you can continue to contributed to your pension scheme until the State Retirement Age. After that, you will no longer be able to make contributions. You can still receive your pension, however.
How do early retirement affects the economy?
A study by the Central Bank of Ireland has found that early retirement could have a negative effect on the Irish economy. The study found that if people retired before the age of 65, it would reduce tax revenue by €1.4 billion over 10 years. This is because people who retire earlier are more likely to be poor and rely on social welfare payments, which means the government will have to pay out more in benefits. Additionally, early retirees are more likely to take up jobs that are less desirable or pay less than they would if they were working. All of these factors could lead to a decline in economic activity.
Consequences of not retiring early
Retiring at an early age has consequences for both individuals and society. Individuals may suffer from reduced income and social isolation, while society as a whole may be harmed by decreased tax revenue and economic stability.
The following table provides the State Retirement Age (SRA) in Ireland for both men and women:
As can be seen, the SRA for men is 65 years old, while it is 66 years old for women. Both ages are gradually increasing over time; in 2020, the SRA will be 67 years old for men and 68 years old for women. The SRA is determined by government policy and does not necessarily correspond to how long someone has worked or how much money they have saved.
Individuals who do not retire at the prescribed age face a number of consequences. For example, if an individual retires before the age of 65, their pension entitlement will be reduced by 5% per year of retirement up to a maximum reduction of 50%. This reduction applies whether or not the individual has sufficient contributions made throughout their working life.
If an individual retires after the age of 65 but before the age of 67, their pension entitlement will be reduced by 10% per year of retirement up to a maximum reduction of 60%. This reduction applies whether or not the individual has sufficient contributions made throughout their working life.
If an individual retires after the age of 67 but before the age of 70, their pension entitlement will be
Conclusion
As we reach the end of this article, it’s time to answer the big question: what is the state retirement age in Ireland in 2022? or pension scheme, According to Age Action Ireland, the state retirement age will be 67 by 2022. This means that as of next year, anyone born between 1955 and 1959 will have to retire at 67. Those born after 1959 can expect to retire at 70. This change is expected to save the Irish government €1 billion over 10 years. Are you looking forward to retiring at 67? Let us know in the comments below!
I hope this blog outline helps!
The State Retirement Age in Ireland is 66 for men and 63 for women. The State Retirement Age is gradually increasing from 65, and will be 67 by 2028. After reaching 68, the age at which you are able to receive full state pension benefits, the State Retirement Age will increase by two years every year until it reaches 70 in 2037.