Ireland. Pensions time-bomb: Risk report warns workers not saving enough – or at all – for retirement
A major Government report has warned of a looming pensions time-bomb as the number of people entitled to the State pension is set to more than double over the next 36 years.
The latest national risk assessment, published today, has identified the country’s ageing population as one of the most significant risks facing the State in the coming years.
And it warned that Ireland’s low level of private pension coverage – just 35pc of private-sector workers have their own pension – shows many workers are not saving enough, or at all, for their retirement.
The social insurance fund is set to run up a deficit of up to €335bn over the next 50 years as more people are entitled to the State pension.
The Government’s risk assessment paints a bleak picture of the pension system and the health service in the future.
The number of people aged over 65 is projected to increase from one in eight to one in six by 2030 while the number of people aged above 85 is projected to almost double.
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