What's your job & salary

Bobeagleburger

The state pension won't be going anywhere. Imagine the party that tries to get rid of it. Political suicide.

Saying that, I wouldnt be relying on it solely as you'll get by only, and probably won't have much spare change after bills are paid.

Viscount Aggro

I saved 4K per month for the last 8 years, invested in ETFs along the way, 50/50 global equity/bond.. left work last year, going to live in Sicily, low cost.

The Mighty Quinn

I don't think the state pension will cease to exist, but I do think it'll be raised only intermittently, eaten away by inflation to the point its not much of an addition to a private pension.

I'm 35 and about €50K in a private pension, hopefully adding about €10K/annum. There are people here who would kill for that, and there at people here who will roll their eyes and scorn how underfunded it is.

I do my best. Finding pension money is a constant effort. Young family, mortgage, cars, health insurance etc.

My biggest fear would be retiring and still renting. I'm 5 years into a mortgage and while anything can happen, I hope this can be seen through and I'll have my own place by retirement. The thought of suddenly halving my income and paying rent is frightening, and feels like a problem lying in wait for many many people currently under 40 in Ireland.

codrulz

inflation will continue to eat into the state pension and it will not be raised by governments on par. The reality is if you're going to be solely reliant on the state pension you'll be living out your old age in a life of poverty. It's just not enough, and it will only get worse.

As for political suicide, its quite simple to envisage pension cuts or changes during a future financial/economic crisis... You only have to go back to 2015 to see the Government still raiding pensions, totalling over €2.3B taken from Irish pensions. A colossal sum, especially when you factor in the effect of compounding that was missed.

Finally, the landscape will be very different in 40+ years. People are saving less, having children older, buying houses later and delaying pension contributions. This will lead to an inevitable crisis down the line where there is a huge funding gap.

Interested Observer

https://www.boards.ie/discussion/comment/118790238#Comment_118790238

Pretty easy solution for you is to not put anything into your pension then. Nobody is making you. Why are you complaining?

Montage of Feck

https://www.boards.ie/discussion/comment/118799311#Comment_118799311

Your being unfair, its more a case of fucked if you do and fucked if you don't.

https://www.boards.ie/discussion/comment/118795454#Comment_118795454

The government, not only in Ireland but across Europe, will have to do something. When the huge cohort of those renters in their 40s, with no prospect of home ownership and minimal pensions, retire, we will have a level of destitution like we’ve not seen before in modern times. The state will have no choice but to cover the costs of a basic level of living for a substantial segment of the population

whether through the existing state pension, a universal basic income, or some other mechanism, the money will have to be given out. It is utterly unavoidable

Jim2007

https://www.boards.ie/discussion/comment/118795328#Comment_118795328

It is not a question of politics, it a question of demographics. The pension system is, like most Western European systems, a pay as you go system and we won't have the work force to sustain it, in other words you can't tax a workforce that does not exist. And with every country in the same situation, you can't even invite in guest workers.....

The math just will not add up.

Jim2007

https://www.boards.ie/discussion/comment/118790238#Comment_118790238

All of those allowances and benefits are based on a pay as you go system. None of your contributions over a 40 year working life goes to paying your pension or benefits. You have a declining work force and you have the same situation in most other countries so there simply will not be enough workers to tax in order to pay your pension. It is up to you what you want to do because in the end no one will care what your situation is, they will be concentrating on their own situation.

Interested Observer

https://www.boards.ie/discussion/comment/118801559#Comment_118801559

I don't really think either of these things are true, I don't see how you're "fucked if you do" given the massive tax benefit that's given to pension contributions, note you don't have to put in 20% and every little bit helps, and I also don't see why people shouldn't have some responsibility to ensure they will be comfortable in retirement.

Gael23

Software just a shdw under €40k basic plus bonus and benefits

RandomViewer

Last 6 months must have hit hard on many, there's 2 incomes coming into my household and I've noticed quite a jump in weekly costs. Outgoings would be small compared to many

The Mighty Quinn

https://www.boards.ie/discussion/comment/118809350#Comment_118809350

Unbelievable.

Weekly shop gone up, petrol gone up, utility bills way up, income hasn't changed. There's no "disposable" anymore

cuddlebutt

Health care assistant in intellectual disability day unit.

3 days a week 21K Gross

I like the job but been in it so long it's lost its appeal, no longer have job satisfaction and burn out is huge.

Lots of problems from management who don't know how to manage.

There's more managers managing managers and having meetings about having meetings, spoofing, buzz wording crap.

There's nepotism and cronyism.

As I said I did like being on the ground doing the dirty work. But you're only as good as your last shift when you're in this sector.

kaymin

https://www.boards.ie/discussion/comment/118801731#Comment_118801731

It wasn't always a pay as you go system and probably isn't supposed to be - the state had a pension fund of about €20+b before 2008 which it squandered.

Also since when has the state balanced the books. A lack of tax receipts hasn't stopped it spending in the past.

Jim2007

https://www.boards.ie/discussion/comment/118812259#Comment_118812259

The past is exactly that, the past. If you don't have the tax base to do it, it will not happen. You can't borrow if everyone knows you don't have the ability to pay it back. Most bonds end up being held by pension funds and public institutions that have a regularity requirement to only hold high quality bonds.

Politicians are not in the habit of bring home the bad news and the only reason politicians all over Europe are starting to bring up and deal with this uncomfortable reality is because there is no other option.

AndrewJRenko

https://www.boards.ie/discussion/comment/118812259#Comment_118812259

Squandered? It was used to cover banking and developer debts, without which our banking system would probably have collapsed.

Creamy Goodness

https://www.boards.ie/discussion/comment/118809935#Comment_118809935

If you're not getting yearly pay rises to cover inflation you're actually getting a pay-cut. My company noticed this this year more than most (in a highly skilled in-demand market) and most people got a 7-15% pay rise to help cover it.

Do appreciate it's easier said than done but it's an interesting way to look at inflation/pay increases especially when inflation is super high rn.

The Mighty Quinn

https://www.boards.ie/discussion/comment/118813211#Comment_118813211

Have got 2-3% rises each year. I imagine this year will be no different. I'd be shocked if there was a 5%+ rise.

Mynydd2

close to 87k in mnc + 15% bonus target per year. Project management area. 3.75% pay rise this year.

kaymin

No, it was used to fund a buy high, sell low strategy of bank assets and collateral which we are reaping the benefits of now.

The banks would not have failed because the state guaranteed their debts, even the riskier junior and mezzanine debt which should have been wiped out. The state even sold debt that was owed to itself for cent in the euro only to have to redeem it at the full par value. Foreign investment funds were laughing all the way to the bank at the stupidity of FF/ FG.

RandomViewer

https://www.boards.ie/discussion/comment/118813211#Comment_118813211

3% which was eaten by tax issues from 2020 Covid payments

carrollsno1

https://www.boards.ie/discussion/comment/118816958#Comment_118816958

Is there any difference in the amount of tax paid between people who recieved PUP and those who didnt?

Creamy Goodness

https://www.boards.ie/discussion/comment/118817315#Comment_118817315

Not that I know of, not unless it pushed you into a higher tax band unexpectedly, however there may have been a lump sum tax payment (as PUP was tax free payment) if the employee didn't account for this at the time.

But just looking at it at an annual level there would be zero difference, depends on the lens the OP is looking through. A persons cashflow can affect their thinking of income tax even though it evens out over the full tax year.

RandomViewer

https://www.boards.ie/discussion/comment/118817315#Comment_118817315

Underpayment because of EWSS, work claimed for the scheme and topped up wages, first 3 months in 2020 weren't taxed so liable for shortfall for next few years

JimmyVik

My salary this year is about 10% less than it was last year even though i make the same money.

The power of inflation :)

RandomViewer

https://www.boards.ie/discussion/comment/118815974#Comment_118815974

I don't think there was stupidity, a lot of cronies made money from the decisions of FF/FG, certain minister even went on American TV to spook some bondholders into selling off at bad money

theshiek

Pornstar.....I work pro-boner

AndrewJRenko

https://www.boards.ie/discussion/comment/118815974#Comment_118815974

Do you have an actual clue about how bank guarantees work?

kaymin

https://www.boards.ie/discussion/comment/118845307#Comment_118845307

Yes