How can I estimate how much money I'll get from social welfare for retirement

kentaurus712

I started to work 4 months ago and I'd like to know, from the info I can handle from payslips e.g. PSRI, how much I'm entitled to receive for retirement (after 66 years old).

I'm not sure if someone else has asked this before on boards.ie. If so let me know some link.

I'm new in Ireland and I'm not familiar about how Social Welfare works here. I tried to check welfare.ie but I'm a little bit confused and need to have some idea of this because I'm planning to do a personal retirement saving scheme. Anyway I'd be very grateful for any advice. Thanks.

doc11

Depends how old you are/close to retirement. You need 30 years contributions/credits to be entitled to a full pension of 230 and every 5-10 years I can see the pension age upping to 70 and not the current 66. If your from the EU or country with an agreement with Ireland you can add your records together to bring you to an entitlement in Ireland which will only be in proportion to your contributions here.

eastbono

OP have a look here. http://www.welfare.ie/en/Pages/State-Pension-Contributory.aspx

dudara

Posts deleted - I'll leave it to the mods to take any required action.

dudara

P_1

Right so looking over that link I'm just wondering what they mean by "Yearly average PRSI contributions"?

mrsbyrne

You don't say how old you are or how many years contributions you have already made in another EU country. Also the state pension situation in Ireland. Has changed alot in recent years and is very likely to undergo more radical changes in the future.

eastbono

P_1 wrote: »

Right so looking over that link I'm just wondering what they mean by "Yearly average PRSI contributions"?

Scroll down a bit further and you will see what yearly average you need for full con pension from your 1st date in employment. You can also get your full contribution history to date see the following link https://www.welfare.ie/en/Pages/secure/RequestSIContributionRecord.aspx

mrsbyrne

P_1 wrote: »

Right so looking over that link I'm just wondering what they mean by "Yearly average PRSI contributions"?

You simply add every single PRSI contribution and credit you ever made (warning: not every class of contribution can be used for Pension. For example Class A or S= good Class D = bad .See the link for "good" PRSI Classes). Anyway add all the "good" contributions and credits snd then divide by the number of years that lapsed from the first contribution to the last before your 66th year. That's your average

P_1

mrsbyrne wrote: »

You simply add every single PRSI contribution and credit you ever made (warning: not every class of contribution can be used for Pension. For example Class A or S= good Class D = bad .See the link for "good" PRSI Classes). Anyway add all the "good" contributions and credits snd then divide by the number of years that lapsed from the first contribution to the last before your 66th year. That's your average

I think I understand. So say, for example, if you're working a regular job that pays monthly, that will give you 52 of the 'good' class of PRSI for one calendar year (you get one per week)? So if you're working from the age of 16 till 66 you'd work it out at 52*50/52 to work out that you'll end up with the full 230 when you hit 66 (or whatever age it'll have been raised to by then)

mrsbyrne

P_1 wrote: »

I think I understand. So say, for example, if you're working a regular job that pays monthly, that will give you 52 of the 'good' class of PRSI for one calendar year (you get one per week)? So if you're working from the age of 16 till 66 you'd work it out at 52*50/52 to work out that you'll end up with the full 230 when you hit 66 (or whatever age it'll have been raised to by then)

That's it.