'Think carefully about retiring early': Cork advocate for older people welcomes flexible pension options

An advocate for older people in Cork has encouraged people in their mid-60s to continue in full-time employment up to their 70th birthday, under new, flexible state pension options.

Paddy O’Brien welcomed the more flexible state pension (contributory), with people now able to draw down their pension at any age between 66 and 70.

As of January 2024, people can continue to work, which may improve their contribution record when they decide to draw down their state pension (contributory).

People will still have the option to draw down their pension at the age of 66, as they can today, or they can continue to work full-time after their pension is drawn down.

“I welcome this extension of four years for people to remain in the workplace, “ Mr O’Brien said. “Many decades ago, the current retirement age of 66 was classed as old, but that’s totally different today. People have the strength and the health to work later.

“The state pension was known as the old-age pension and it was compulsory to retire at the age of 66, but, thankfully, today, people have a better quality of life, thanks to modern medicines, and people are living longer; some people are living beyond their 100th birthday.

“People who celebrate their 66th birthday this year will qualify. They will have a choice to continue in their employment for one year or a total of four years, and this is the greatest thing about this: People themselves can choose to continue to work for one, two, three, or four years.”

Mr O’Brien encouraged those who have the means to take early retirement to think carefully about the decision.

“What I would say is to think very carefully about retiring early.

“Don’t rush into anything, until such time that you have spoken to people who have already retired and would be classed as having taken early retirement,” he said.

“Sometimes, when people think of retirement, they make one serious error: They think of the good times during their annual leave and there is no comparison between your holiday time and your retirement.

“The days are exceptionally long, and some people have no commitments, so, in other words, they have nothing to do all day.”

Mr O’Brien encouraged those who may find themselves in this position to join a voluntary organisation, visit the aged in nursing homes, visit a neighbour, join a church choir, join a music society, or get involved with an organisation such as men’s sheds.