Will there ever be another SSIA?

IvaBigWun · 26-01-2006 12:53pm #1

Im slightly pissed that I didnt sign up for this a few years back, I know a couple of people with 40 and 50 grand coming thier way this summer. Phuckers

Are there plans for anything similar again?

MorningStar · 26-01-2006 12:57pm

No extremely unlikely that this will ever happen again. Add me to the group of people who took the deal.

If you really want to do similar returns on money pay more of a mortgage if you have one.

By using half the money we have been saving we remove 9 years of ours and have an additional nest egg.

You don't need the government to use your money better. The idea was that people would see the benifits of saving not that that go on a spending spree

Oral Slang · 26-01-2006 12:58pm

How the hell do they have €40 or €50k coming to them. The max you could put in was I think €252 per month which works out at €18900 + maybe a €100 extra for interest.
I know some people went for the investing option but I didn't think they'd be coming out with anything like that!

kittenkiller · 26-01-2006 12:58pm

I doubt it.
I don't think the government were expecting it to be as popular as it was.
But tbh, it shows how worthwhile saving can be.
Most of the money coming back to people is their own hard earned cash that they had the sense not to touch for 5 years.

Give it a go!

PS. Can't wait til October!!

Johnee · 26-01-2006 1:00pm

As far as I know, the maximum anyone could be getting back is around the 20k mark.

Redrocket · 26-01-2006 1:00pm

husband and wife with an ssia each would be 40k??

Oral Slang · 26-01-2006 1:02pm

Yeah, maybe that's it.. I'm due about €9k, which suits me grand! Wish in a way I'd tried to invest more at the beginning when I didn't have a mortgage, but sure €9k isn't bad!

IvaBigWun · 26-01-2006 1:07pm

Johnee wrote:

As far as I know, the maximum anyone could be getting back is around the 20k mark.

Then Im been told lies. Maybe they meant the combined net of them and thier partners (so 40k)

Sposs · 26-01-2006 1:07pm

Oral Slang wrote:

How the hell do they have €40 or €50k coming to them. The max you could put in was I think €252 per month which works out at €18900 + maybe a €100 extra for interest.
I know some people went for the investing option but I didn't think they'd be coming out with anything like that!

Alot of people also did it under their childrens names and paid the max in every month.

seamus · 26-01-2006 1:12pm

Sposs wrote:

Alot of people also did it under their childrens names and paid the max in every month.

/me nods.

In fairness though, some of the people that I know did this, did it to give their kids a nest egg, not themselves.

I simply hadn't got the money to get an SSIA at the time (I was a student), but it's something I'd jump at now, given the chance.

MadamLucy · 26-01-2006 1:13pm

I still get mad everytime i think about it! I'm very jealous i didnt do it but sure hey i'll learn soon enough!

MorningStar · 26-01-2006 1:14pm

here is how to spend it and make it more than it is.

Put the largest amount you can into a pension plan. You get 42% back in tax (assuming higer rate) and then use that money and reduce you mortgage.

Just remeber the banks don't want you to reduce your mortgage so a lot of there plans will be about giving them the money.

projectmayhem · 26-01-2006 1:43pm

there'll be another SSIA type scheme next time the government runs into trouble with the public and needs some votes

gurramok · 26-01-2006 2:08pm

MorningStar wrote:

here is how to spend it and make it more than it is.

Put the largest amount you can into a pension plan. You get 42% back in tax (assuming higer rate) and then use that money and reduce you mortgage.

Just remeber the banks don't want you to reduce your mortgage so a lot of there plans will be about giving them the money.

What about those of us who bothered to get a pension in the first place and are on 20% tax rate, hardly inspiring for a newcomer on 20% tax to pensions?

MorningStar · 26-01-2006 2:26pm

gurramok wrote:

What about those of us who bothered to get a pension in the first place and are on 20% tax rate, hardly inspiring for a newcomer on 20% tax to pensions?

You are still getting 20% on money you invest in your own pension. THe idea is you are making your pension bigger not the return. The return is a bonous which I suggest taking off a mortgage if you have one.

Sleepy · 26-01-2006 4:51pm

projectmayhem wrote:

there'll be another SSIA type scheme next time the government runs into trouble with the public and needs some votes

Should tie in nicely to the next Fianna Fail feck up. So, expect to hear about a new scheme by the end of the month

brown*eyed*girl · 26-01-2006 4:52pm

I wish there was another one too. I remember humming and hawing whether or not I could take one out. In the end I didn't bother - didn't have much disposable income then. Half the time I was borrowing from Peter to pay Paul!

Anyone any advice on the best place to start a savings account. I'm currently able to save a decent amount per week and at the moment is just sitting in a BOI savings account. I already have a PRSA but that's not up until 2030 I think and to be honest I want the lump sum to be available whenever I need it which will probably be in 6 years time when my daugher starts college etc.

Will there ever be another SSIA?

Comments