Pensions Age to ..... 72 !?

jmreire

https://www.boards.ie/discussion/comment/118159596#Comment_118159596

The self driving car glitches will be overcome in time. Once they start "Computerizing" the roads so that they interact with the onboard computers in the vehicles, those present problems will be overcome. Even at the moment, sign recognition is becoming standard and will automatically apply the brakes if you go over the limit or too close to the vehicle in front or rear. It will also react if you drift out of your lane. I think I read some where that in the newest Chinese City built from the ground up, was designed with transportation in mind, the vehicles interact with the roads.

The obvious mega-loss of jobs came with loss of production line jobs, vehicle assembly being one of the main ones. That was a particularly painful transition in US ( and others, Cork etc) car manufacturing cities. But I fully agree with you on the overall benefits. I hope that you are right about automation bringing more and not less employment. It will all hinge on the workforce changing to adapt to the new working environments.

jmreire

https://www.boards.ie/discussion/comment/118159197#Comment_118159197

Oh the frugality of his life style is beyond question. I've known him many years. He lives alone in an old house, way off the beaten track. Just himself and his dog and has been living like this for years. His only extravagance being the car which he needs. And believe me Mad_maxx, when he tells me he finds it hard at times, and has to count the pennies, I believe him. He is not for sure saving €100+ each week, unlike your Mother ( good luck to her, BTW )Neither is he complaining mind, and considers the pension here in Ireland to be better than in most country's. But for sure when he retired, and started living as a pensioner, he found a big difference. Now maybe that story still will not add up for you, but in that case the only way you will find out for sure is if you ever find yourself in a similar situation.

Tony EH

https://www.boards.ie/discussion/comment/117991956#Comment_117991956

WORK expectancy is far less though.

That's the problem.

Most companies already are loath to hire people in their 50's, never mind their 60's and 70's.

Tony EH

https://www.boards.ie/discussion/comment/117992978#Comment_117992978

It'll take much more than that.

Companies don't hire older people in the main. Getting a job in your 50's is MUCH harder to do than in your 30's and until that changes any fanciful notions of working into your 70's will die when it meets that reality.

Plus, while we may be "living" longer, it doesn't negate the physical problems that are associated with ageing. Your eyesight gets worse. Your hearing gets worse. The plumbing starts to deteriorate in a very real way and those break downs steam roll the older we get.

These kind of raise the pension age proposals won't end with more older people working. It'll just end with more older people living miserably.

Jim2007

https://www.boards.ie/discussion/comment/118183895#Comment_118183895

They won’t have a choice though. The entire population is getting older if there aren’t enough young people to support the pension system they are not available to work.

Tony EH

https://www.boards.ie/discussion/comment/118183991#Comment_118183991

Who won't have a choice?

ILoveYourVibes

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

this.....plus harder and harder for women to get back into the work force after kids.

JoChervil

https://www.boards.ie/discussion/comment/118183991#Comment_118183991

I think companies using technology should be taxed more (the less people they hire) and this should go towards pensions. Why only company owners should benefit from it?

Machine's PRSI

cnocbui

https://www.boards.ie/discussion/comment/118185065#Comment_118185065

Just make a companies taxatiion rate, inversely proportional to the average benefit received by the top 5% of employees in the company. That should put the wolf among the fat cats.

https://www.boards.ie/discussion/comment/118183991#Comment_118183991

Productivity per worker/per person has increased massively since retirement became a thing. It's not all about the sheer ratio of workers to retires. Especially with increased automation.

For the USA:

Social Security already weathered a much more dramatic change in the worker-to-retiree ratio when it went from 18-to-1 in 1950 to 4-to-1 in 1965 without collapsing. Compared to that change in just 15 years, the far less dramatic change from today’s 3-to-1 ratio to 2080’s 2-to-1 ratio is less daunting. To understand why, we have to look at the bigger picture.

The real issue is how many workers there will be going forward, how productive they will be in the future, and how much will be produced per person—workers and non-workers.

https://www.epi.org/publication/ib208/

Now it's a different matter as to how systems handle that increased productivity

Does it filter to workers, how much is it taxed etc.

It's too easy to just say the solution is you must work until you're in your 70s.

Or be a real hero and follow this advice http://news.bbc.co.uk/1/hi/sci/tech/4726300.stm

Tony EH

https://www.boards.ie/discussion/comment/118185854#Comment_118185854

The reality is that few people are going to be able to work in their 70's even if we are existing for longer. Imagine some poor old geezer with cataracts, half deaf, arthritis in their hands and a bad back trying to do a days work...assuming that they can even find it in the first place.

FFS 😆

dublin49

near retirement myself so interested in this topic.One thing I find amusing is the dichotomy between the government intention to increase the retirement age and the actual reality on the ground at least among my family and friends where the norm is to get retirement done before reaching 65.I suspect one area that will become more common in the future is the release of equity by trading down from the 3/4 bed Semi into an apartment.I think while a couple can manage reasonably well on two state pensions it would be hard for an individual to manage on a single state pension.

Strumms

What happens in 26 years from now..

Because in 26 year from 1995 to 2021 the population of this country has grown by about 1.4 million people... it’s a grim picture.

People advocating gifting money away to poorer countries disabling our ability to live a safe, comfortable life with adequate healthcare, policing as well as housing....

all going to probably influence a pension age closer to 80 in time.

be like the US and walk into a Spar with a couple of 79 year olds on the checkout and stocking the shelves. Ridiculous... sacrificing our wellbeing to support the wellbeing of others.

The falling home ownership rate is a big problem for the future too, as dublin49 mentions the number selling up for cash will increase. But further down the line the majority will be faced with ever increasing rents

jmreire

https://www.boards.ie/discussion/comment/118188709#Comment_118188709

And no property to fund the nursing home costs. IE: Fair Deal scheme.

AndrewJRenko

https://www.boards.ie/discussion/comment/118186566#Comment_118186566

Look over there! Let's blame the people starving in Africa, and pretend that we're not being exploited by landlords, individual and professional, and business operators, and the billionaires who get richer and richer, in good times and bad;

https://www.rte.ie/news/business/2021/0125/1191804-oxfam-pandemic-billionaires-inequality/

Strumms

Of course we are being exploited by landlords, but supply and demand in their eyes.... if there is a shortage of cars being made you’d be paying 50,000 for a fiesta.

because of the ever expanding population and demand ....not only are we putting the gun to our woke ass heads we are pulling the trigger 5 times...we are being screwed on...

• healthcare
• housing
• low Garda numbers when a greater population requires more
• over congested roads about 18 out of 24 hours
• Investing public money in public transport that immediately won’t be fit for purpose for the demand placed on it (metro) as well as existing services that already aren’t at peak times anyway but occasionally off peak too...

1 bullet left..

pension age can not rise to 72... will it ? Maybe but I think this country is fast becoming a very unhealthy, unsafe, unrewarding, unfair place to live..

ggmat799

https://www.boards.ie/discussion/comment/117991817#Comment_117991817

What worse they can do? We are already facing the worse case scenario

ggmat799

https://www.boards.ie/discussion/comment/117992043#Comment_117992043

Post COVID downturn is bound to happen, now or in next 10 year. So much money has been printed across the world with no real gain in GDP/output, Inflation is at all time high, Asian markets are at peak for no apparent reason, Unemployment is High. Result, Pension funds values will crash and pensions savings wiped out like in 2009, unless you are in safest investment category.

LeeroyJ.

https://www.boards.ie/discussion/comment/118198319#Comment_118198319

If you are in the younger age brackets, you have plenty of time for markets to recover, if you are in the older brackets, you should be adjusting your risks accordingly with or without COVID. They have survived 2 world wars and multiple economic crisis, and the trend is that it always bounces back and grows.