Do you believe you will get a pension?

Daroxtar

This probably doesnt apply to anyone over 55 but i'm just wonderin...
It has been said that the current system of pensions will be unsustainable in the future due to having such a large workforce, the current one, becoming dependent on a smaller one, that of our children. I am in my mid 30s and i am wondering where my pension will come from, what age i will have to work until to get it and how much will it be worth. My current pension lost 47% last year as did everyone else's working in construction and contributing to the CIF fund

I do not trust private investment funds as i feel they can (and often do) turn around at anytime and say sorry, we lost your money. By the sound of things half of america has lost its pension and i think that could happen here too(please correct me if i'm wrong).

I'm also wondering if anyone who has to contribute to this current pension levy is ever going to see that money back.

Basically, I have severe doubts that when i reach retirement that i will get back the pension i paid for. I dont even think there will be a pension system by then so i am beginning to think i'm just paying for someone elses pension. As i said, please correct me if i'm wrong

What do ye think?
cheers

old boy

i have one, its not great, i suppose it will be taxed in the next budget,

Zynks

I have a pension (private sector, employer paid) , but never really believed much there will be something to keep me going by the time I retire. It just doesn't make much sense to me.

The economy can only produce so much, and there are far too many people wanting to eat a slice of the cake based on share speculation, but not enough in productivity.

dresden8

Zynks wrote: »

I have a pension (private sector, employer paid) , but never really believed much there will be something to keep me going by the time I retire. It just doesn't make much sense to me.

The economy can only produce so much, and there are far too many people wanting to eat a slice of the cake based on share speculation, but not enough in productivity.

you are so ****ed so ****ed so ****ed so ****ed **** you

Sand

Nope, I doubt there will be anything the current generation will recognise as a pension by the time I "retire". Pensions arent sustainable where population birth rates are falling, as they are in Ireland and the developed world. Bar some baby boom miracle in the next 10-20 years I will be working pretty much as long as I am capable of doing so.

Daroxtar

Sand wrote: »

Nope, I doubt there will be anything the current generation will recognise as a pension by the time I "retire". Pensions arent sustainable where population birth rates are falling, as they are in Ireland and the developed world. Bar some baby boom miracle in the next 10-20 years I will be working pretty much as long as I am capable of doing so.

Thats what it looks like to me too. I'm sure the govt. will want everyone to keep contributing but i dont see the point

Dannyboy83

I seriously doubt it.

I cashed in my private pension in Early 2008 after reading some worrying reports in The Economist.
I had a holiday in Tenerife for myself and the girlfriend with the money (after I was taxed).
I'm glad I did now because apparently its sunk dramatically.
I also sold off shares, which paid off.

I wouldn't try to pass that off as financial strategy, its was just luck mostly.

I will take out a new one shortly however.
I just don't really have a clue what one to take out?
Any recommendations?

I'm working in computers and realisitcally I'd say I'll be working until at least 65 unless I figure out some way to make it rich before then that doesn't emulate FitzPatrick.

Dannyboy83

Daroxtar wrote: »

Thats what it looks like to me too. I'm sure the govt. will want everyone to keep contributing but i dont see the point

You get tax relief on the cash.
If you plan to live past 55 or ever actually see the cash, it may pay off.

I think its a given at this stage that the state pension will be valueless when you have the likes of Bertie and the Financial Regulator consuming 3 times the national wage in a single year each.

yoshytoshy

Depends on how much I get for the house in france ,that I haven't bought yet:P

BroomBurner

40 years is a long time, so who knows. Who knows if we'll even draw down a pension?

As for private pension funds, if you're worried about what to invest in, there are low-risk funds which are basically sitting accounts like a savings account. You just choose whether you want your money to go into low, medium or high risk. There is a pensions forum though, they might be better placed to answer those questions.

Dannyboy83

Dannyboy83 wrote: »

I seriously doubt it.

I cashed in my private pension in Early 2008 after reading some worrying reports in The Economist.
I had a holiday in Tenerife for myself and the girlfriend with the money (after I was taxed).
I'm glad I did now because apparently its sunk dramatically.
I also sold off shares, which paid off.

I wouldn't try to pass that off as financial strategy, its was just luck mostly.

I will take out a new one shortly however.
I just don't really have a clue what one to take out?
Any recommendations?

I'm working in computers and realisitcally I'd say I'll be working until at least 65 unless I figure out some way to make it rich before then that doesn't emulate FitzPatrick.

EDIT: The Irish pension fund has increased from E17 billion in September to E21 Billion as of January 2009

updated

*Honey*

At this stage, you'd be better off putting your money in a piggy bank!

You would be entitled, also, to the State pension.

Daithinski

I heard a rumour of a cost saving measure that was put forward by some government / civil servant types.

In a nutshell, the proposal was that people born after 1979 will not get a state pension.:eek:

This idea was obviously rejected. (for now...)

Liam Byrne

Dumped my pension a few years back when it became apparent that it was going to be worth at most one-quarter of what was being put in.......

Mind you, here's my plan : become a Financial Regulator or TD or Minister and be completely incompetent at it, and then get fired (i.e. lose my seat) but I'd be allowed to keep the bonuses and pensions that go with it......no need to work til 65 or 70.....

yoshytoshy

Liam Byrne wrote: »

Mind you, here's my plan : become a Financial Regulator or TD or Minister and be completely incompetent at it, and then get fired (i.e. lose my seat) but I'd be allowed to keep the bonuses and pensions that go with it......no need to work til 65 or 70.....

I bags been the "developer" that gets a loan of billions without paying it back;)

Start smoking, drinking more, enjoying all the fattiest and tastiest of foods, and sit on your arse as much as possible. You'll have the life of Reilly until you die circa...55-60.

Or else have intelligent kids who'll get good jobs who you can scab off. I prefer the smoking/drinking plan.

jmayo

Liam Byrne wrote: »

Dumped my pension a few years back when it became apparent that it was going to be worth at most one-quarter of what was being put in.......

Mind you, here's my plan : become a Financial Regulator or TD or Minister and be completely incompetent at it, and then get fired (i.e. lose my seat) but I'd be allowed to keep the bonuses and pensions that go with it......no need to work til 65 or 70.....

Damm you Liam, stop muscling in on my ideas.
I want to be minister for health, finance and taoiseach which should set me up nicely.

My own pension had taken a huge hit by last July. They didn't bother sending out statement since as I guess they don't want too many cusomters having heart attacks.
I know some people that were going down the proeprty route as a pension but with falling hosue prices and rental yield they may be over stretched on that front.
At some stage somebody is going to dump Bismarck's old goalpost of 65 and move it up to 70 or 70 plus.
We are just living too long.

Daroxtar

jmayo wrote: »

Damm you Liam, stop muscling in on my ideas.
I want to be minister for health, finance and taoiseach which should set me up nicely.

My own pension had taken a huge hit by last July. They didn't bother sending out statement since as I guess they don't want too many cusomters having heart attacks.

Pretty much the same scenario as me. It just looks too much like there will be no return. At some stage in the next 10-20 years i can see everyone being told that the entire pension system is being scrapped and all the money we've put in is now going to pay for the existing pensions but the rest of us have to do without.
The politicians might even decide that future politicians should not qualify for pension, so that could scupper the plans of yourself and the other poster. Remember, what have the future generations ever done for us?

nhughes100

Think about what you want a pension for, you'll still get the state pension, you can save money for the nest egg. You're going to have sfa in expenses aside from health insurance. Your mortgage should be paid off and you won't be buying a new car every couple of years. I've got the "gold plated" public sector pension and I'd gladly walk away from it in the morning if I had the choice, take the money and do a George Best on it.