Pensions Age to ..... 72 !?

Life expectancy is increasing but people's physical ability is not. You can increase the life span all you want but if a tradesman can no longer lift things, or an IT person's hands have arthritis and can no longer do small part work what can you do?

People's medical health and physical decline are not always linked. Do you really expect a 72 year old to be able to push a pallet truck around, in a full time job?

Jim2007

https://www.boards.ie/discussion/comment/117991757#Comment_117991757

Very unlikely if you look at the demographics, the entire workforce is getting older. I expect Ireland will find itself in the same situate as other Europe countries with an older workforce - efforts will be made to get people to continue working past retirement age, encourage housewives to return to the work force part time etc....

dotsman

https://www.boards.ie/discussion/comment/117993637#Comment_117993637

You know, people who have left wing economic political views.

https://www.boards.ie/discussion/comment/117993478#Comment_117993478

which means most of the PS won’t be affected for decades.

Fann Linn

https://www.boards.ie/discussion/comment/117992465#Comment_117992465

No they wouldn't. Idiotic post.

Fann Linn

https://www.boards.ie/discussion/comment/117992561#Comment_117992561

Or ' Arbeit Macht Frei'.

knipex

https://www.boards.ie/discussion/comment/117991742#Comment_117991742

You want the state to giv eyou a pension for 15 years but you do not want to pay the cost of doing so ??

We are getting to a stage where there are more and more people looking for a state pension every year and fewfer and fewer peopel workign to pay for the pension..

Anyone thats prom,isign you that you can retuiire at 65 and pay noe more to support that right is just creatign a bigger problem that you to face later on and fu*kign it up for everyone coming behind you.

knipex

https://www.boards.ie/discussion/comment/117992077#Comment_117992077

Who exactly is goign to pay for the pensions fot this "large pensioner class" ??

The number of people working for each person drawing a pension is falling. Eitehr everyone pays alot more into a pension fund or the pension becomes a gaint ponzi scheme.

It it completely unsustainable as it stands..

jimmycrackcorm

https://www.boards.ie/discussion/comment/117993634#Comment_117993634

People seem to be missing a key point when they start saying "I'll switch to SF because they promise to keep retirement at 65", and that point is that the increased pension age is not coming from the government per se, but from the Dept of Finance telling the government. The very same Dept of Finance who will tell an incoming SF government, as they are saying right now, that there won't be money by 2040 to pay for pensions.

So SF might stick with it as a populist policy in the short term but they can't ultimately get away from the simple numerical facts. The longer they put off increasing it the more painful it will be in the future.

Life expectancy is rapidly increasing, to ignore that fact is pure folly. Another key point to consider is why is 65 the "correct" age for retirement? The reason was again based on life expectancy initially so pension payments might just average 10 years or maybe less, so logically if people are living longer than 65 it really is just an arbitrary age.

Already banks have been giving mortgages to people payable until 70 years of age because they know the reality is people will be working until that.

https://www.boards.ie/discussion/comment/117994407#Comment_117994407

Hope you aren’t trying to make some ham fisted attempt at a comparison, dude.

Sonic the Shaghog

https://www.boards.ie/discussion/comment/117992628#Comment_117992628

This it exactly the same thing I see.

I know ones on 30k plus and by the time they should be starting a private pension they are now getting married, having to pay mortgage and then a few kids come along. Even if they have a reasonable mortgage with the costs of everything going up if they paid in weekly what we get told is needed for a private pension they wouldn't have the cash to fix the car etc if they get caught out

A couple would want to be making 40k plus each to be able to live comfortably and put away a tidy amount for the private pension. What's more I've a friend on 45k and his pension will be worth about €300 a week when he retires and he's aghast at the thought he probably won't get his contributory €220 on top

I reckon we'll see a means tested state pension. If your private pension is equal to or more than the state then nothing for you

One thing I do see is another "emergency tax" to be added to people's private pensions in future too

Montage of Feck

It's only a matter of time before Soylent Green style end of life facilities become a reality anyway.

conorhal

Let's not forget that the pension age of 70 was set when the first state pension was introduced by Otto Von Bismark in Germany when the average male life expectancy was 36.... it was later lowered to 65 in 1916. So there you go, Government, forever taxing you in the hope you never live to collect.

In many ways the Dail is intent on returning to that tradition of preferring you drop dead at your desk and then they can riffle through your pockets to take what's left before you're even cold.

Rely on those f!£%rs for nothing.

https://www.boards.ie/discussion/comment/117994436#Comment_117994436

I don’t think you read my answer. Read my answer again. there will be private pensions, probably forced, there will be top ups, there will be a reduced state pension for most.

what we won’t ever have, unless society collapses, is no State pension for everybody.

is_that_so

https://www.boards.ie/discussion/comment/117993259#Comment_117993259

I doubt that was true as it was about 26 years in Stone Age times and barely above 30 in the 18th century. Life expectancy does drop when more people than usual die at a younger age, as with COVID. The evidence would be the UN projections for 2100. Here's Western Europe below.

https://population.un.org/wpp/Graphs/926

knipex

https://www.boards.ie/discussion/comment/117994516#Comment_117994516

I dont see you achknowledging that if the age isn't reduced then the pension will have to be reduced

You mention that people who contributed to their own pension getting their state pension cut and those with lesser pensions getting topped up, nothing about the pension having to be cut.

This is somethign that needs to be driven home to people..

jimmycrackcorm

https://www.boards.ie/discussion/comment/117993406#Comment_117993406

In 1950 it was 65, in 2021 is just over 82, in 2040 it'll be 85.

If you have a child born now, then it's very likely they will live to 90-100.

https://www.boards.ie/discussion/comment/117994566#Comment_117994566

People are not going to magically live for ever. The average is increasing because we can battle cancers, asthma, pollution, workplace deaths, etc.

There is an upper limit before old age just does its thing.

namloc1980

What'll happen eventually is the state pension will be means tested. If you have a private pension that exceeds the state pension per week then you won't get a state pension. If the private pension provides lower than the state pension you'll get the difference only.

y0ssar1an22

need to wait till the voting demographic changes before messing with pensions. thats a strong voting block.

did they not bring in mandatory private sector pensions a few years ago?

https://www.boards.ie/discussion/comment/117994629#Comment_117994629

That would just discourage people from taking out private pensions, since you’d have to be confident your private pension would be worth vastly more than the state pension; you’d be making private pension contributions and paying prsi, when you could just pay prsi and get the same pension in the end.

namloc1980

https://www.boards.ie/discussion/comment/117994670#Comment_117994670

I don't personally see the incentive in a €200 or so per week pension. I mean it's poverty line stuff.

if the state pension is cut for people with private pensions, that is a state pension cut. Eventually we will force the pension and most people will have some private payout

And the pension age will probably rise, but I don’t see 72.

Why is everything so dramatic in the internet. You said there would be no state pension for anybody. That’s not possible without a major political and economic change.

https://www.boards.ie/discussion/comment/117994566#Comment_117994566

Naw. The rate of change is slowing down or reversing.

https://www.boards.ie/discussion/comment/117994730#Comment_117994730

Well it’s not so bad if you have a mortgage paid off and some savings

https://www.boards.ie/discussion/comment/117994670#Comment_117994670

Private pensions will become obligatory. Should have happened by now.

….

https://www.boards.ie/discussion/comment/117994730#Comment_117994730

The non-contributory state pension is I think about €237 a week. Contributory is more. But take 237, which is over 12k a year. Under your scheme, if you take out a private pension, the first 12k you get every year is just what you would have got for the state pension, and you had to make private contributions on top of paying prsi (to pay for state pensions, among other things but that’s the big ticket item). So basically you paid prsi just for the benefit of others, while you made provisions for yourself with a private pension. That’s penalising people for taking out a private pension, which is the opposite of what we want to do if we want people to make provisions for themselves.

https://www.boards.ie/discussion/comment/117994782#Comment_117994782

Yeah, I remember when they decided private health insurance would become obligatory.

Galwayguy35

Bigger worry for me is they will try some way to tax private pensions that a lot of us have set up and are paying in to.

y0ssar1an22

https://www.boards.ie/discussion/comment/117994847#Comment_117994847

thats a worry of mine also. i have a pension that i pay into monthly, also have friends of the same age who dont.

in 20 years time (or whatever), could you possibly be denied the state pension cos you have your own?

maybe i'd be better off spending now on coke and hookers.

AckwelFoley

https://www.boards.ie/discussion/comment/117994144#Comment_117994144

True, to some extent.

I know people in their 50s that are wrecked from drinking and bad lifestyle

My own father is 76. Is idea of retirement was quitting his full time job and reducing working hours to 40 hours a week.

I know another man in his 90s still working.

True, you can't do what you could do in you're 30s but there's ways and means for sure.

I'm mid 40s. I'll stop working the day before I die hopefully. Otherwise my head will go to shite and I'll die anyway sitting around