Pensioners in Ireland face significant risks due to inflation which can erode their savings and nest eggs. Research from Raisin Bank reveals that if inflation remains at 2%, â¬20,000 could diminish to â¬16,600 in a decade, and if historical averages of 4.35% are considered, it could plummet to just â¬13,000. Eoghan O'Hara warns that many retirees may not recognize how inflation can drastically impact their financial plans, emphasizing the importance of earning returns that outpace inflation to protect their funds.
Many Irish retirees receive lump sums or maintain cash savings accounts to help fund their lifestyle, cover healthcare costs, or prepare for unexpected expenses.
Even at a modest rate, inflation reduces the real value of your savings, making it vital to plan accordingly.
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