Work until 70 - Poll added


#621

This is a major bugbear of mine - the smash and grab private pension fund levy of last 4 years has done an unbelievable amount of long term damage. It’s hard enough convincing people to save money in a fund that they can’t touch for 30 years but now they also know the governments thieving hands can come robing from it whenever they deem fit.


#622

telegraph.co.uk/finance/pers … warns.html

news.bbc.co.uk/2/hi/science/nature/4726300.stm
Retire at 85 - LOL is all I can say - was written during the height of the boom and 50 - 75 yr mortgages are mentioned. There are some well educated idiots going around.

theguardian.com/money/poll/2 … l-worth-it

^^ So 2/3rds of men will get 5 years of a pension if they have to retire at 70 (think towards the 2030s and 2040s onwards).
On average most of us then die another 5 yrs later (around 80) with, unfortunately a year or more of illness.

^^ This is all UK stuff so hard figures not applicable to Ireland.

The poll at the bottom is interesting - would have loved to know how many ppl were polled. Only 32% believe a pension is worth it.

smh.com.au/news/National/Lif … 43754.html

telegraph.co.uk/news/health/ … tancy.html

Life expectancy already starting to slowly decrease. Its a few weeks shorter for men and a few months shorter for women already now.
Even less incentive to pay into a pension if we end up living to something like our late 70s on average and retiring at 70.

Do we have stats on employment by age cohort - in any western country - just what sort of numbers are working in their 60s. Particularly interested in pre retirement 60s ages. How many are able bodied for the type of work they do. Even desk jobs will have issues. 40 years of mouse clicking is going to leave alot of people with bad wrists.

Could we have a period where people in their 60s are unable to work, on welfare or in poverty, waiting for pensions.

I really do think this generation go the wrong end of the stick.


#623

when you say got the wrong end of the stick I’m assuming you mean shafted by the end of the stick. Current generations will never be able to retire as early as current pensioners nor get anything like the retirement benefits they have. The baby boomers really got that drawbridge up quick.


#624

Doesn’t every generation bemoan how much worse off their parents left them?


#625

Probably except this time it’ll definitely be true tho.


#626

I thought it was the opposite, like how better off the previous generations hard work benefited the newer generations the most!
In many ways we are light years ahead of our parents with technology. But in certain areas, which are also very important, this generation got thrashed.
Affordability of accommodation, disappearing pensions, debt, unemployment, larger commuting, childcare costs, the almost absolute need for both parents to work, the time needed to be spent in education to even get a foot in the door in many careers (and often doesnt happen), work for free schemes, higher taxes. Sure you can play online on your smartphone but youll have little time or money to raise children. Especially after you spend your 20s in education then spend another year or two working abroad (half the time in pubs which you could do at home anyway) and or travelling because there isnt any work in Ireland. Then if you get a job which you studied/trained for youre faced with the accommodation issue. Next up is the commute and buy or rent and never own a home (by the way when we work out renting V buying we should probably start factoring retirement rental costs v a paid off mortgage into it). Then children if you meet someone and want to have them. None of this is exaggerated. We are going through massively societal change in the west. More people are living alone. More people are deciding (or maybe for some the course of life is deciding) that they are going to have less or no children.

Some, but not all, of the above happened in 1980s Ireland but this is something that is occurring across the entire western world. Even with the worst recession since the 1929 wall st crash things are not shaping up to be corrected.

Collectively sleepwalking into a massive pensions issue that will signal itself for decades in advance. You can sleepwalk too or make your own provisions. Renting is probably a very bad move. Is property ownership of a PPR something that is checked for state pensions?


#627

Do you mean the means tested pension or the stamp contributions based one?


#628

Both?


#629

Will diabetes and obesity not solve some of the pension problems? Not sure how much but it’s bound to help.


#630

citizensinformation.ie/en/reference/checklists/checklist_entitlements_for_older_people.html


#631

People’s ppr should be included in this formula.

What the difference someone in sligo living in a 100k house with 500k cash to someone living in Dublin in a 600k house with zero savings.

They are both as wealthy as each other.


#632

Except the Sligo person can buy food…


#633

So could the Dub, if he sold up and moved to Sligo, which I think is conork’s point.


#634

The difference is special consideration of the home, and also liquid versus non-liquid assets.
But your point is a valid political view.


#635

I understand that, but forced migration is not something I’d like to see as state policy.


#636

Why not?
Do you have some emotional attachment to your asset?

Forced migration is one way of looking at it.
Hiding your assets from assessment is another.


#637

They’re not hidden.

Moving the €500K to an offshore account and not declaring it, or blowing it on gold bars and burying them in the garden would be hiding assets.

The house would only be a (partially) hidden asset if you were to undervalue it for LPT.


#638

You get my point, it’s exempt from assessment, perhaps “hidden” wasn’t the right phrase.

An elderly single person occupying a 2/3/4 bed house is being SUBSIDISED because they are cash poor, which is shafting the “cash rich, asset poor resident” and the youth, who may actually be able to afford to own the house and support themselves.
It would also help purge the illiquid market.

Government could easily offer them cash for equity - but I’d rather see banks do it.

Unfortunately I Think ms Nolan has rightly ruined anyone’s chances of that for the moment.


#639

Have you not being listening to Joe Duffy the past 2 weeks!


#640

No, I haven’t actually. But I have been reading the pin - and my reference to ms Nolan was from this

independent.ie/business/pers … 69162.html