Figures from surveys by Irish brokers suggest that the average Irish pension fund is much closer to €110,000 at the moment, meaning retirement income is going to come in sharply lower than what respondents consider they need – under €20,000.

There were 600 people in the State who were among 4,200 questioned for the international survey. The other respondents came from Canada, Australia, the UK and the United States.

Close to half said they were either not optimistic at all, or only slightly optimistic that they will be financially prepared for retirement when the time arrives. A similar number is worried they might not be able to stop working at that time after all.