Just one in five adults expect to fully retire and stop working in the traditional manner, according to new research from Irish Life.
The Life100+ Report is based on nationally representative research among more than 2,000 adults and examines how the prospect of significantly longer lives will change working life, retirement planning, health and family finances.
The survey found that there is a broad acceptance that longer lives will mean longer working lives, with around three quarters of respondents believing they will need to work for longer to support themselves in later life.
According to the study, 27% of respondents expect to gradually reduce their working hours, while just under a quarter expect to continue working part-time.
Among those aged 65 and over, the preference for a phased retirement is stronger again.
Adults yet to retire estimate they will need an average pension pot of €315,000 for a comfortable retirement, against average current retirement savings of €102,000.
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Almost one in three adults said they feel confident they can financially sustain a longer life.
A quarter of those surveyed said they would definitely want to live to 100, with concerns focused on failing health, loss of physical abilities and loss of mental abilities, well ahead of concerns about running out of money.
"Ireland is moving from a society built around an 80-year life to one that must begin to plan for a 100-year life, and our Life100+ Report provides the clearest evidence yet that longevity is reshaping how people in Ireland intend to work, save and live," said Declan Bolger, chief executive of Irish Life.
"Expectations have already moved ahead of the structures around them," Mr Bolger said.
"People have accepted longer working lives and a later, more gradual retirement, but confidence in funding those additional years is low, particularly amongst those closest to retirement," he added.
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Two categories of workers who will look to work past 65 - ICTU
The social policy officer with the Irish Congress of Trade Unions, Dr Laura Bambrick, said there are two categories of worker who will look at working past the age of 65: those who want to keep working, and those who have to keep working for financial reasons, including topping up their pension.
She said that compared to previous generations, the average household with a 65-year-old needs more income than they did before.
"We're already seeing a strong growth in the number of workers over 65 already continuing in employment. Those workers who want to remain in the workplace are healthier than we have [had] in previous generations. We're doing lighter work, and we like our jobs.
"And then there's the second group of workers who need to keep working. We're staying in education longer, so we're entering work later. We're having our children later. We're getting our mortgages later and for longer."
Dr Bambrick explained that this latter category has less time to build up their pension and this can be particularly true for women who can have more fractured working lives by being more likely to have to take time out to have children or care for older relatives.
Additional reporting Eleanor Burnhill
