It is advised to come with Irelands ageing population.
The Irish Fiscal Advisory Council is advising there will be a shortfall of funds for pensions in the future.
It is due to the ageing population in Ireland, which means there will be less people working in Ireland due to increased lifespan and decreased birth rate, which puts pressure on the state pension.
They are recommending a rise in PRSI which would reduce financial burden on future generations.
James Farrell, partner with IFAC Accountancy in Tullamore and Mullingar says it's important to plan ahead:
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