A quarter of people living in Ireland would accept a €60 reduction in their weekly State pension – if they could retire at the much earlier age of 60.

A survey of over 1,000 adults around the country also found less than one in five would wait until 70 to retire - to receive €60 euro extra.

Over half, 56%, said they are happy with the status quo - and would take the standard State pension at 66.

State pension 'flexibility'

Mark Reilly from Royal London Ireland says the research shows flexibility is key for today's workforce.

“What we’ve found is that people would definitely like more flexibility in the State pension,” he said. 

“While about half of adults are happy to take their State pension at age 66, it’s clear from our research that one in four would rather have the option of accessing the State pension earlier - even if it meant a lower pension amount.” 

The rate of payment is currently set at a maximum of €277.30 a week. 

In Britain, pensioners can delay their State payment; for every nine weeks their retirement is pushed back, their pension is increased by 1%.

Main image: Hands of an pensioner holding a wallet.