Members of active retirement associations in Co Cavan have given their views on what it's like to live on the State pension. The data which was secured through a nationwide survey conducted by Active Retirement Ireland found that 58% of those surveyed feel the State pension is not enough to allow them to participate in life as much as they would like.
437 members from across Ireland took part in the consultation during March and April of this year. Respondents were aged 55+ with 55% aged 70-79 years. 39% felt that the increase was not enough to allow them to cover their expenses and take the pressure off; 29% said they still cannot afford a basic standard of living; and 55% of respondents said they are worried about their future.
CEO of Active Retirement Ireland, Maureen Kavanagh, highlighted how Budget 2024 provides an opportunity for the Government to end pension poverty and deliver on its promise of an adequate pension linked to inflation and wage growth.
"Small, ad-hoc amount increases added to the State pension here and there on Budget Day must stop once and for all. The State pension is losing buying power every year and currently sits at just 28% of average earnings. The Government itself has indicated that the minimum pension rate for basic pension adequacy is 34% of average earnings.
"Pension adequacy and income security should not be too much for older people to expect; these are the people who have worked all their lives and given of themselves to help build the strong economy we have today, and they are the generations who paid the highest taxes and the highest interest rates," she added.
