Retirement plans need to be mandatory – and people need an incentive to plan for their future with generous tax breaks.
That’s according to a local pensions expert who is reacting to a major Government report that warns of a looming pensions time bomb.
The number of people entitled to a State pension is set to more than double in the next 36 years.
Gerry Farrell of Castle View Financial Services on Patrick Street in Kilkenny told KCLR we need action now noting “People are living longer and the strain on the public health & social welfare budget is going to increase exponentially over the next 25 to 35 years”.
He adds “On a national level we need a mandatory auto enrolement retirement plan for all, for this to work it must be incentivised we need to make retirement planning more attractive not less so, more tax breaks to be made available to those willing to contribute to their future”.
