November 2023: Project to develop a set of Retirement Living Standards
14 November 2023 – The Pensions Council will shortly commence an important project to develop a set of Retirement Living Standards that reflect the financial basic needs and aspirations of older people in Ireland.
It is anticipated that three ranges for retirement income levels will be developed:
- Minimum (a base line minimum standard where retirees could cover their living expenses);
- Moderate (a living standard offering more financial security and flexibility) and;
- Comfortable (a living standard associated with more financial freedom and some luxuries).
These ranges will differ by household – e.g. homeowner or not, single person or couple. This project will also examine the factors that influence the retirement living standards of older people in Ireland.