Economist says late retirement could mean extra pension money
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An economist has said people who opt to delay retirement could get an extra €10 a week from the State under new plans.
It comes as the Taoiseach has said major reform of pension policy has been agreed.
The age people qualify for a state pension would remain at 66, but people could work longer, retire later and get a larger pension as a result.
Economist Austin Hughes says there has been a number of studies into how such a system might work:
“They tend to suggest around 5% a year, that’s for rounding, say call the pension 200.Well, that would mean if you retire a couple of years later, you would get roughly a tenner extra in your pension for each year. That would be the sort of actuarially based idea behind this.”
