Work until 70 - Poll added


#581

Both PPR and pension have extremely favourable tax treatment in terms of capital gains.

Frank has some good advice…

youtube.com/watch?v=xdfeXqHFmPI


#582

For people on low incomes and/or interrupted work thru life thestate pension is a great deal in terms of replacement income on retirement. Unlike continental systems itis flat rated, and ten years doing part time low paid work for 10 years will get you the full amount. Unlike the UK (also flat rated) it is not a pittance (€230 a week compared to £116). Pensioner poverty not a big issue in Ireland. Most are in at least 3rd income decile.

Otherwise kennyb3’s advice is not bad. Housing is not diversified but it’s incredibly tax efficient and you can always live in it.


#583

Let’s decouple the shelter requirement from the pension requirements…its personal choice … also I’m going to let a lot of comments above slide because on reflection we are probably not in the same life stage (I’m not that old) but a lot of the live now vs later, pay mortgage vs pension, flogging yourself , what’s saving for, and tax efficient houses …im kinda beyond all that …it’s not really my concern.


#584

I never knew that. I had always assumed that it took more like 30 years’ contributions and if you were short of that, would maybe get a top up from the means-tested non-contributory one.


#585

You can enter employment for the first time at 56, work part-time at minimum wage for ten years and get a full state contributory pension. More details.

I know there are few enough people who would fit these criteria. It is a very sweet deal however when you consider someone working full time for 45 years gets exactly the same €230 per week. When you add in employers’ PRSI (10.75%) the difference in lifetime PRSI contributions between a short-career low-earner and a long-career high-earner is massive, easily by a factor of ten.

To make sense of it all you have to remember that the state pension system is a poverty alleviation tool. Pensioner poverty is taken much more seriously by policymakers in Ireland than elsewhere.

By contrast the benefit of tax reliefs is exclusively for high earners. There is very little point in having a private pension as a low earner as you pay so little tax anyway and the state pension provides a high replacement rate on retirement.


#586

If you paid PRSI / PAYE at any stage in your career do you get it?

Meaning say you PAYE for first 20yrs and self employed 2nd 20yrs …do you quality for state pension


#587

From the link you quoted - everything changes in 2020. So that trick of entering the workplace at such an old age won’t work.


#588
  • ER PRSI is 10.75% top rate and actually more like 8.5% if a low earner.

So many inaccuracies!


#589

More to do with buying the grey vote than any moral reason.


#590

The issue is (visible at the same link) that these changes have not been legislated for yet. Until that happens the old rules remain.


#591

Corrected.

And the others please?


#592

I arrived back this evening and the German Pension Office had sent me a mail of my contributions up to end of 2015 and expected monthly state pension when I retire.
It strikes me that I have to keep working and keep working at a well paid level in order to receive a decent pension.

That’s enough to keep a nation of workers motivated and productive in to old age.


#593

Average annual returns on Irish pension funds at 10% in 2015

finfacts.ie/Irish_finance_ne … n-2015-458


#594

as a PHD in Statistical Analysis and who worked at MIT for some Nobel prize winners recently commented to me .
"Numbers are meaningless, I can make a number say anything you want me too "
I dont normally give any special credence to letters after your name or your resume, but this one was very pretty and she happened to be making me dinner at the time (what can I say Im human and she got my attention)

Well done to the pension fund managers, heres hoping alot of people retired on Dec 31st.
I wonder how those returns are looking given the start to 2016 .
Are those gains locked in, or have they been wiped out in the last 4 days.


#595

David Begg to the rescue! irishtimes.com/business/fina … -1.2495726

When will he ever just fuck off?


#596

Joan is giving out the last of the sweeties before the election :slight_smile:


#597

What better man to lead this charge than the man who sent this to the Banking Inquiry:

So no fiscal crisis, no massive deficits excluding banking related costs.

But I’m sure he’ll ensure he is fully versed in the subject:


#598

What a cock.


#599

Ah for fucks sake, this is just bollox! Ah what’s the point, it’s just increasing my blood pressure.


#600

:smiley: