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Thats just wrong

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13

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    #62
    OldNotWIse
    Closed Accounts Posts: 12,468 ✭✭✭✭OldNotWIse


    smash wrote: »
    Living on ≠ live perfectly well on

    Its a subjective standard.


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    #63
    Agent Smyth
    Registered Users Posts: 714 ✭✭✭Agent Smyth


    OldNotWIse wrote: »
    Its a subjective standard.

    That's it in a nutshell


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    #64
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    OldNotWIse wrote: »
    Its a subjective standard.
    It is, but isn't retirement supposed to be about doing the things you couldn't do for the last 30/40 years?


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    #65
    HensVassal
    Banned (with Prison Access) Posts: 2,570 ✭✭✭HensVassal


    Agent Smyth wrote: »
    It depends on how you spend it, most people wont spend as much in retirement as they did in there 40s, I suspect most people could live quite well on 20k a year

    You could live quite well on 20k a year if you retired to a beach hut in Bangladesh maybe


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    #66
    Into The Blue
    Closed Accounts Posts: 2,358 ✭✭✭Into The Blue


    galljga1 wrote: »
    Are pension contributions tax free?
    Your pension makes up part/all your income. All income is subject to tax.

    We don't like that sort of sensible talk around here!


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    #67
    OldNotWIse
    Closed Accounts Posts: 12,468 ✭✭✭✭OldNotWIse


    smash wrote: »
    It is, but isn't retirement supposed to be about doing the things you couldn't do for the last 30/40 years?

    Yes, and for some that centres around money and for others it doesn't.


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    #68
    Agent Smyth
    Registered Users Posts: 714 ✭✭✭Agent Smyth


    smash wrote: »
    It is, but isn't retirement supposed to be about doing the things you couldn't do for the last 30/40 years?

    That's the image the pension companies sell you, the reality is quite different for lots of people.


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    #69
    HensVassal
    Banned (with Prison Access) Posts: 2,570 ✭✭✭HensVassal


    Deleted User wrote: »
    lolwtf.

    How did the conversation turn to this


    It's not complicated. OP alluded to taxation being comparable to being sodomised. User "system" asked him how he could compare taxation to homosexuality. I pointed out to user "system", with my post, the difference between homosexual sex and anal rape.

    Try to keep up.


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    #70
    dr.fuzzenstein
    Banned (with Prison Access) Posts: 16,635 ✭✭✭✭dr.fuzzenstein


    HensVassal wrote: »
    It's not complicated. OP alluded to taxation being comparable to being sodomised. User "system" asked him how he could compare taxation to homosexuality. I pointed out to user "system", with my post, the difference between homosexual sex and anal rape.

    Try to keep up.

    ok, that may be splitting hairs on a largely irrelevant point...


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    #71
    pavb2
    Registered Users Posts: 2,931 ✭✭✭pavb2


    Agent Smyth wrote: »
    That's the image the pension companies sell you, the reality is quite different for lots of people.

    Indeed the penny dropped for me when my pensions advisor turned up in his brand new Lexus.


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    #72
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Agent Smyth wrote: »
    At the moment myself and my wife live on >20k a year, that includes all living expenses, med insurance, two cars, and any social & hobby expenditure, the only thing that's not included is foreign holidays.

    What about rent or mortgage? Rent and bills would take up around 50% of your earning at 20k a year if you live in a Dublin ****hole like me.


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    #73
    Leslie91
    Registered Users Posts: 4,017 ✭✭✭Leslie91


    As long as Bertie, Cowen, Mary, O'Donoghue, Cullen, Dempsey (jaysus I could go on and on) continue to receive their outrageous pensions before real retirement age all is good with the world move on nothing to see here.


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    #74
    CabanSail
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 9,047 CMod ✭✭✭✭CabanSail


    PARlance wrote: »
    So we should have wealth equalisation upon retirement?

    Some people have more money than others. The system.

    They should really get some professional advice. They have a small pension and buying a flat is awful use of it.


    Huh?

    It is their own money but wealthier people pay less tax than those of modest means. That is just wrong.


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    #75
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    CabanSail wrote: »
    Huh?

    It is their own money but wealthier people pay less tax than those of modest means. That is just wrong.

    You could also argue that depending on their level of wealth, they've contributed more in their life time than a few thousand "modest" people have.


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    #76
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    smash wrote: »
    It is, but isn't retirement supposed to be about doing the things you couldn't do for the last 30/40 years?

    Such as?


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    #77
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    Deleted User wrote: »
    Such as?
    fecking off on a holiday without having to worry about time off work...


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    #78
    Agent Smyth
    Registered Users Posts: 714 ✭✭✭Agent Smyth


    Deleted User wrote: »
    What about rent or mortgage? Rent and bills would take up around 50% of your earning at 20k a year if you live in a Dublin ****hole like me.

    No I'm lucky enough to be mortgage free as would most people when they reach retirement age


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    #79
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    smash wrote: »
    fecking off on a holiday without having to worry about time off work...

    I'd prefer to take a few months off between jobs every couple of years than wait till I'm 60 to get out and about.
    I happily take two months off unpaid every year when I could easily work all year round.


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    #80
    Agent Smyth
    Registered Users Posts: 714 ✭✭✭Agent Smyth


    Deleted User wrote: »
    I'd prefer to take a few months off between jobs every couple of years than wait till I'm 60 to get out and about.
    I happily take two months off unpaid every year when I could easily work all year round.

    This for me is what it's all about, getting you work life private life balance right, so as you can enjoy life to its fullest now rather then waiting till you retire at 67 and find you cant afford the lifestyle you want or a medical condition that prevents you from enjoying the free time you have left :)


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    #81
    esforum
    Closed Accounts Posts: 1,420 ✭✭✭esforum


    Ezra Wibberley wrote: »
    I hear ya. I do, it pains me to know it'll be taxed.

    BUT, at the same time, there are tax breaks with paying into a pension while working at your marginal rate of tax. So in effect you can contribute more to a pension scheme than it's costing you, allowing that money work for you (hopefully) for 20, 30, 40 years, whatever the case may be. That should probably offset what you're paying in tax when in receipt of your pension, right?

    presuming you dont die prior to collecting it. Lets face it, how many people die every day before they retire?
    smash wrote: »
    Not a hope in hell.

    the very generous public sector pension for Gardai is about 25 thousand, people claim its a fortune.
    Geuze wrote: »
    What are you on about?

    The generous tax reliefs on pension contributions?

    The short-term temporary levy on pension fund assets?

    The income tax payable on all income, including pension income?

    the tax relief because its in the countries interests that you have a pension, you get tax relief on a lot of things

    its not temporary for everyone and its still a smack in the face.

    yes, I am sorry I think someone who paid tax into the system for 40+ years and then ensured they were not a burden on the state in their retirement should be allowed retire in peace and enjoy their few years without continuing to pay into a system they have covered most of their lives, I do apologise.


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    #82
    Squall Leonhart
    Closed Accounts Posts: 1,794 ✭✭✭Squall Leonhart


    esforum wrote: »
    presuming you dont die prior to collecting it. Lets face it, how many people die every day before they retire?

    I'll counter this by saying, suppose you don't die young? Supposing you haven't paid into a pension, then when you reach 67, or whatever the age is, you're in good health, but the state pension turns out to be woefully inadequate at the time, or non-existant. What then? Live til 95 in poverty?

    An extraordinary amount of people DO make it to retirement age. It's foolhardy to think "I might die young, **** paying into this thing". While it may be true, it's more likely that you'll live to that age.


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    #83
    Agent Smyth
    Registered Users Posts: 714 ✭✭✭Agent Smyth


    Squall Leonhart wrote: »
    I'll counter this by saying, suppose you don't die young? Supposing you haven't paid into a pension, then when you reach 67, or whatever the age is, you're in good health, but the state pension turns out to be woefully inadequate at the time, or non-existant. What then? Live til 95 in poverty?

    An extraordinary amount of people DO make it to retirement age. It's foolhardy to think "I might die young, **** paying into this thing". While it may be true, it's more likely that you'll live to that age.

    When I was thinking of starting a pension many years ago the one bit of advise I got was that no matter how good or bad your pension performs, when you get to your retirement you will be glad you did start one.


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    #84
    Sam Kade
    Registered Users Posts: 12,313 ✭✭✭✭Sam Kade


    Agent Smyth wrote: »
    When I was thinking of starting a pension many years ago the one bit of advise I got was that no matter how good or bad your pension performs, when you get to your retirement you will be glad you did start one.

    If you get to retirement ;)


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    #85
    CabanSail
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 9,047 CMod ✭✭✭✭CabanSail


    smash wrote: »
    You could also argue that depending on their level of wealth, they've contributed more in their life time than a few thousand "modest" people have.

    You could argue that, but it would be irrelevant.


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    #86
    Agent Smyth
    Registered Users Posts: 714 ✭✭✭Agent Smyth


    Sam Kade wrote: »
    If you get to retirement ;)

    That's a very good point and one of the reasons why I mostly retired in 2011
    at the tender age of 44 :D


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    #87
    Geuze
    Registered Users Posts: 13,138 ✭✭✭✭Geuze


    esforum wrote: »
    its not temporary for everyone and its still a smack in the face.

    The pension levy on pension fund assets is temporary, and has been abolished, thankfully.


    Levy on private pension funds
    There was a levy of 0.6% on the market value of assets which are managed in pension funds and pension plans approved under Irish tax legislation. (These include occupational pension schemes, Retirement Annuity Contracts and Personal Retirement Savings Accounts). This levy applied until the end of 2014. In 2014 an extra levy of 0.15% was introduced. This meant that the total pension levy in 2014 was 0.75% and the levy in 2015 is 0.15%. It was announced in Budget 2016 that this levy will be abolished.




    You may be thinking about the PRD, paid by the PS??


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    #88
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    CabanSail wrote: »
    You could argue that, but it would be irrelevant.

    No it wouldn't. They've earned their wealth.


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    #89
    Irish Stones
    Registered Users Posts: 2,307 ✭✭✭Irish Stones


    esforum wrote: »
    Taxing pensions. **** me if thats not bending over the working man and then asking them to supply the vaseline.

    I work all my life, pay tax, pay into a private pension (which is now subject to a levy in some cases) and you have the audacity to continue to take money of me because I actually planned for my future? You bastards!

    Don't know about you Irish, but we Italian can move to Portugal after retirement and have our pension cheque in the whole, not a tax on it for 10 years.
    There in Portugal you can rent an apartment for about 200 euro and buy food for a much lower sum of money monthly. A low pension can worth much more over there.
    It seems that several thousands Italian pensioners have already moved there, where the climate is rather good, the culture isn't very dissimilar to ours and the food is good too.
    Any idea if Ireland has such an agreement with Portugal or some other country around?


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    #90
    Allinall
    Registered Users Posts: 6,575 ✭✭✭Allinall


    smash wrote: »
    If you consider the tax you pay on everything you pay for after you get your net pay then you could work it out at way above and beyond 50%.

    That's tax on spending, not earnings.


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    #91
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    CabanSail wrote: »
    You could argue that, but it would be irrelevant.

    I would say its very relevant. If you earned more when you worked you paid much more tax you should therefore be entitled to a proportionally higher tax free return on retirement.


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