[blindjustice]

Govt spending pension reserve funds on banks wasnt going to be without its costs

http://www.newstalk.ie/news/news-hea...g-term-plan23/

The Taoiseach has confirmed the Government does plan to raise the retirement age – but not in the immediate future.

A new pensions plan will be unveiled by Government this week, which will outline increasing the retirement age beyond 65 in stages.

While up north >>>>>>>>>>>>

NI to cut state pension requirements
The number of years of work required to qualify for a full state pension in Northern Ireland is set to fall substantially.

The Stormont Department of Social Development is also introducing a new pension credit scheme for parents and carers.

At present, men in Northern Ireland need to have paid 40 years of national insurance contributions to get a full state pension.

From April next that contributions' requirement will fall to 30 years of payments.

For women, the target is also going down from 39 years to 30.

The aim is to make sure the state pension is fairer, more accessible and more widely available, and reflects better how people live and work today, the government there said.

Another new scheme will allow people who have put their careers on hold to become carers to build up credits towards a state pension.

http://www.rte.ie/news/2010/0301/pensions.html

[BrownianMotion]

And how many years do we have to work down here to qualify for a State pension?

It's worth looking at these things in context.

[nesf]

I'd expect to be retiring at close to 70 in about 40 years time.

[draward]

if i could get a job i would like to retire after 65 maybe 67,

[changes]

As soon as possible after the age of 50, as soon as i have my mortgage paid off i'll be working 3 or 4 days a week

[P. Breathnach]

Originally Posted by changes

As soon as possible after the age of 50, as soon as i have my mortgage paid off i'll be working 3 or 4 days a week

Nice dream, and I hope it works out for you.

To be realistic, we have to expect retirement age to go up in the future. I think there is a lot of merit in the idea of reducing one's working time after the expensive years are done (mortgage paid off, children reared). Retiring could be a lengthy transition from full-time work through staged reductions to full-time leisure.

[murphaph]

Originally Posted by BrownianMotion

And how many years do we have to work down here to qualify for a State pension?

It's worth looking at these things in context.

I think it's 10 years of paying class A PRSI to be entitled to a full state pension upon reaching retirement, right?

I'm personally not complaining, as I have my 10 years in the bag and have left Ireland (may return though). I still pay some taxes in Ireland but not PRSI, so I am grateful that i'll be entitled to the full state pension when I hit 66 (or whatever age it is by then). However, it is actually a stupidly low threshold to trigger a full state pension, especially given how generous our state pension actually is in comparision to say, the UK!

If every country in europe had a similarly low threshold, I would work for a decade in each and clock up 4 state pensions to be paid simultaneously upon retirement. I'd never need my own pension provisions! There will be plenty of folks who migrated to ireland, who will be eligible to receive the full state pension having left ireland many years before.

[ei.sdraob]

Originally Posted by P. Breathnach

Nice dream, and I hope it works out for you.

To be realistic, we have to expect retirement age to go up in the future. I think there is a lot of merit in the idea of reducing one's working time after the expensive years are done (mortgage paid off, children reared). Retiring could be a lengthy transition from full-time work through staged reductions to full-time leisure.

Theres one point that wasnt made in this thread

some people like working and/or their jobs and view the idea of "full-time leisure" with horror i cant envision myself "doing nothing", one of the reasons i like this site is that some threads/posts get the brain working and thinking

i would love an early "retirement" in order to concentrate more on reading and research and other pastimes and work (working doesnt have to just return a monetary benefit), for me the most expensive cost (housing) would be out of the way by end of this year once complete building but

the problem lies then in private pensions, i just do not trust them for the life of me, alot of people have seen their private pensions almost disappear and decimated, they could have been better of putting money under mattress

private pensions are run for the benefit of the fund managers not the "shareholders"

[P. Breathnach]

People are different. Some are like me, and are pretty good at the leisure thing, while others really value their work as an important part of their lifestyle and even their identity.

So I think I would side with those who say that retirement should not be compulsory.

There is the point that the capacity of some people for the work they do can diminish with age. That is more obvious with jobs that make physical demands, but even with mentally-demanding work people can find that their ability to maintain high levels of concentration over long periods can be reduced. That is why I advocate the option of reduction of working time as people get older.

Obviously it would not suit all situations. In general, an organisation needs full-time people in charge of sections or functions, but some part-timers within a team might be accommodated easily enough.

[DanGlee]

Originally Posted by draward

if i could get a job i would like to retire after 65 maybe 67,

Beat me too it

I might just stay out of work, sure there are no jobs out there!!!! (I'm 31 by the way - is that too early for retirement??)

[ednwireland]

i'd like to retire tomorrow but with my lack of pension provision and the fact that no matter whether compulsory pensions are brought in or not, any investment plan isnt going to provide enough for me to live on ( on my wages) so i will be working till i drop or as long as someone will give me a job

[ei.sdraob]

Originally Posted by ednwireland

i'd like to retire tomorrow but with my lack of pension provision and the fact that no matter whether compulsory pensions are brought in or not, any investment plan isnt going to provide enough for me to live on ( on my wages) so i will be working till i drop or as long as someone will give me a job

thats an interesting point

how much does one need to live on before "keeling over"?

considering that mortgage etc "should" be paid by then, and any expenses are mostly medical which "should" be covered by the health system

lets say retire at 65 and die at 85, lets do some maths

200 * 52 * 20 = 208,000 euro one would need to save up

hmm can one live on 200 a week if there is no mortgage and hopefully free healthcare and travel?

[blindjustice]

Originally Posted by ei.sdraob

thats an interesting point

how much does one need to live on before "keeling over"?

considering that mortgage etc "should" be paid by then, and any expenses are mostly medical which "should" be covered by the health system

lets say retire at 65 and die at 85, lets do some maths

200 * 52 * 20 = 208,000 euro one would need to save up

hmm can one live on 200 a week if there is no mortgage and hopefully free healthcare and travel?

depends on inflation, how your investments do in comparison to inflation

http://www.independent.ie/business/p...s-2085378.html

^^ Is this just another tax? think about it they have been using the pension reserve fund for the banks....will anymore money we put into pensions controlled by the state simply end up in the banksIts a goddamn pyramid scheme. When it comes to my turn to retire most of the demographic will have retired already and there wont be as many people to support my cohort in our retirement hence partly why they are increasing the age.

PYRAMID SCHEME!

[Mcloke]

Do you have to work the 10 years all in one go or can a couple of years here and a couple of years there add up to 10?
Just wondering

[Paulzx]

Originally Posted by murphaph

I think it's 10 years of paying class A PRSI to be entitled to a full state pension upon reaching retirement, right?

I'm personally not complaining, as I have my 10 years in the bag and have left Ireland (may return though). I still pay some taxes in Ireland but not PRSI, so I am grateful that i'll be entitled to the full state pension when I hit 66 (or whatever age it is by then). However, it is actually a stupidly low threshold to trigger a full state pension, especially given how generous our state pension actually is in comparision to say, the UK!

If every country in europe had a similarly low threshold, I would work for a decade in each and clock up 4 state pensions to be paid simultaneously upon retirement. I'd never need my own pension provisions! There will be plenty of folks who migrated to ireland, who will be eligible to receive the full state pension having left ireland many years before.

Its not as simple as that. The number of contributions you have will be averaged out over your whole working life ( i.e from the date you first started contributing ). You must reach a certain average (can't remeber the specific figures) to be entitiled to a full state pension. A pro rata pension will also apply for averages below the full one.

If you started working at 20 that leaves 45 working years. Your 10 years of contributions will be divided into this to obtain an average.