Did anyone join the great resignation in the last year and why? - Thinking i'll just retire in June

JimmyVik

Did anyone join the great resignation in the last year and why? - Thinking i'll just retire in June myself.

My brother and his wife did it last year and they are loving it.

Im just sick of all the tax im paying. Ive had enough. My cousin just down here the other day telling me how he made €2000 last week painting and it was just an average week for him, and didnt pay a penny tax, plus he is a career doler so he gets that and their house for free too. Ive just had enough. Im basically paying for hi house and his dole with the tax that gets extracted out of me, while he is rolling in it.

Anyway, rant over. Was just curious if anyone just up and quit recently to see how they found it.

Viscount Aggro

Yes, I did the "rage quit" last year, retired early.

I had enough of the corporate world.

bucketybuck

I'm not retiring, but I have resigned and will be moving on shortly.

A dissatisfaction with Ireland was growing beforehand but the pandemic response really drove home to me just how much I detest the cowardly culture that has developed here. Lost a lot of respect for the Irish people so I'm going to leave them to it.

Cuddlesworth

https://www.boards.ie/discussion/comment/118746246#Comment_118746246

Don't let the door hit you on the way out

daheff

no -but i will be this year.

tired of the company gaslighting me and not providing adequate resources to cover the workload. I don't get paid enough to deal with this sh1t.

well i guess I'll quit and take up painting

bucketybuck

https://www.boards.ie/discussion/comment/118746264#Comment_118746264

I hope that made you feel better.

Unless of course you only said it because of those sky high insurance premiums.

Another couple of years before I can afford to retire, unfortunately, but if I could do it now, I would.

My section has lost five staff since October to resignation. None yet replaced. All under 40s who moved to private sector employment offering better money and/or 100% remote working.

BingCrosbee

Got redundancy 3 years ago, couldn’t believe it and my pension. Loving the simple life and I snake in for the odd pint or three during the week to prove that I’m retired. I was just lucky that’s all.

JimmyVik

Yeah, i think June it is. I'll go to Portugal for a few months and try it on for size. Still have a child over here though, so i'll be making regular trips back and vbring them over for the holidays when possible too. At least i have a room in the parents house for when i come back top Ireland.

Just really tired of being bled dry with taxes and stealth taxes all over the place.

I'm in my 30s with mortgage and young kids so won't be resigning any time soon. I've finally twigged that I should lump into my pension so upping my AVCs incrementally, will hit the max soon enough and going to keep it that way. Not really thinking of retirement at the moment or when I might go for it, be nice to have the option from 60-ish onwards if I can get enough into my pension fund.

JimmyVik

Definitely max out the pension.

Thats what i did and the only reason i can even think of retiring.

I should be able to get at my pension in about a year and savings will do me for a while anyway.

Cavan_King

What's the max amount someone in their 30s can put into pension?

JimmyVik

https://www.boards.ie/discussion/comment/118750419#Comment_118750419

20% of salary. You could put more if you want but wouldnt get the tax relief on it and then you might end up paying more tax on the way out than on the way in.

So stick to the 20%

Dial Hard

I'm not retiring (if only) but I am leaving my job for a new one next month. Better money, better hours, better culture. I'm currently two months into my three month notice period and work haven't been able to hire a replacement yet. A lot of companies are in for a hard land this year when it comes to staff turnover.

BrianD3

A few things have happened in recent years which have made me question where I am in life. Illness and death of family members, being treated very poorly by my (public sector) employer, the reaction to Covid, discovering the true extent of the shambles that is health and social care in this country when attempting to access services.

I believe various social contracts are now broken. Previously I'd have been goodie two shoes type but now, if I could earn 2 grand a week "tax free" like the OP's cousin and get away with it, I would.

I probably wouldn't get away with it/don't have the balls and I don't have tradesman skills anyway.

What I absolutely will do is reject consumerism and corporate ladder climbing. F*ck the nonsense about being a "productive member of society". Live frugally and retire. Spend as little as possible. Withdraw. Avoid.

We are living in a bullsh*t world and the only way to win at this absurd game is not to play it. Retirement is a key part of that.

Where I worked in the public service, there was some very serious bullying going in. It badly affected others as well as myself. During some verbal self-defence (there had been physical self-defence at one point!) I suffered a neurogenic heart attack, which could have killed me, known as Takotsubo Cardiomyopathy. I went unconscious in the hospital. Was second staff member to suffer a heart attack whilst at work in very small work-place.

Rather than dealing with the very serious bullying issue, they offered me retirement in full pension. The way they dealt with my colleague was to transfer her. Eventually the bullies were redeployed, but one was returned to supervising staff part-time.

I would have done a better service to have acted on my instincts and to take a legal case. The only trouble was that my health was already extremely fragile and that could have literally killed me.

We may have sone seriously well able Ukrainians only too glad to walk into the jobs we reject, so I wouldn’t get too complacent.

https://www.boards.ie/discussion/comment/118750419#Comment_118750419

You can put as much as you like in but the tax benefits stop at 20% of your salary and if you earn over 115k then you won't benefit on anything over that either. In your 40s it goes up to 25%.

https://www.boards.ie/discussion/comment/118750376#Comment_118750376

Yeah, I am definitely going to max it out and keep it there, I'm up to 16% of my salary now and will move it to 20% probably by this time next year. Just doing it in stages because all at once feels like a big hit. I've contributed nearly half as much in the past 2 years as I did in all my previous working life through higher wage and higher contributions. It's not leaving a huge amount of space for other savings but the mortgage and bills are all being paid.

Cavan_King

I'm coming at it from an angle where I'm in late 30s and have only five years left on my mortgage. The mortgage was meant to be 30 years but I'll have cut it down to 15 by the time I clear it. Would I be better stop the extra mortgage repayments now and start putting money into pension? My pension is little or nothing - only started five years ago at 50 a month. I do have an investment property too with six years mortgage left on it. My plan was to clear the two mortgages and then I'd start lumping into pension.

I am going to get full financial advice before the year end but I'm waiting to change jobs and doing my homework at the minute.

https://www.boards.ie/discussion/comment/118755450#Comment_118755450

You're missing out on pretty significant tax benefits by putting the money towards your mortgage rather than your pension.

Viscount Aggro

I cut my living expenses about 5 years, and I mean really cut.

Was saving 100% of salary between pension and bank savings.

Ended up with enough to leave the world of work for good.

Wanderer78

https://www.boards.ie/discussion/2058236231/did-anyone-join-the-great-resignation-in-the-last-year-and-why-thinking-ill-just-retire-in-june

how do they manage not to pay taxes on their consumables?

Cavan_King

https://www.boards.ie/discussion/comment/118755479#Comment_118755479

I was in a job for the last six years where I'll earn funds that I won't earn again. My contract is now up this Summer so when I had the extra funds coming in, and knew that wouldn't last forever, I thought the best move was to clear the mortgage as much as possible.

My understanding is that I can always lump extra into the pension for a few back years if I wish to? I think I've seen Eoin McGee saying you can max out 3 or 4 years back.

generic_throwaway

https://www.boards.ie/discussion/comment/118755527#Comment_118755527

They probably don't avoid it. Guess why.

Wanderer78

https://www.boards.ie/discussion/comment/118756312#Comment_118756312

was wondering how they are feeding themselves alright!

JimmyVik

https://www.boards.ie/discussion/comment/118755527#Comment_118755527

This again. Really???

Wanderer78

https://www.boards.ie/discussion/comment/118756589#Comment_118756589

yup, this again! wheres the free consumables?

JimmyVik

https://www.boards.ie/discussion/comment/118755450#Comment_118755450

You get 40% on whatever you put into your pension.

Max out your pension. Leave the investment mortgage the way it is. You can write the interest off the tax.

Max out your pension first and then if you still have money to spare then pay it off your main PPR mortgage.

yagan

The pandemic actually left us mortgage free thanks to inheritance so I'm job searching now for a three day week with a short commute.

Herself loves her job but she too is talking about scaling it back to four days aswell. We've lived abroad for decades so we'd be extremely happy with a cheap low key retirement. Health is definitely our number priority now and a day of bliss is one not driving anywhere.

Wanderer78

https://www.boards.ie/discussion/comment/118756699#Comment_118756699

best of luck, great plan

yagan

https://www.boards.ie/discussion/comment/118756708#Comment_118756708

Well it tinged with a bit of sadness, but hey, it's been a shîte two years for everyone.

JimmyVik

https://www.boards.ie/discussion/comment/118756608#Comment_118756608

We are all Vat payers. But please do defend those who dont pay tax on their earnings. Its only the rest of us who have to subsidize them.

RedXIV

Coming up on 1 year anniversary of a switch and delighted that I made the move. Mid 30s here and only starting the mortgage journey so not retiring any time soon but I don't mind that as long as the job is ok, I'd get bored very easily if I retired now.

But I'd LOVE to be able to let my long suffering wife retire. Watching her slave away as a nurse during the last few years for pennies is ridiculous

Wanderer78

https://www.boards.ie/discussion/comment/118756761#Comment_118756761

sorry about that, tis still a great plan though, life is certainly way too short to be working it all away

Wanderer78

https://www.boards.ie/discussion/comment/118756793#Comment_118756793

funnily enough, its yourself that actually started the thread, attempting to ridicule your relative, claiming they paid no taxes, and pay no rent! yes they should be paying income taxes like the rest of us, but lets be factual if making claims about others!

MacronvFrugals

Didnt join it but am 27 now and started to max out the 15% into my pension in April 2020, maybe covid spurred me into setting it up with soul destroying corporate BS, in addition the missus and i decided to keep living at home, cut all unnecessary spending like getting rid of cars (onto Gomo) etc and saved as much as possible to have a very good deposit. Its been fairly **** but we have have 25-30% deposit for a gaf in a decent part of Dublin when the time comes.

We're both lucky working in tech so maxing the pensions and stuff like that, being teenagers during the GFC ingrained an almost northern European level of financial prudence for us both.

JimmyVik

https://www.boards.ie/discussion/comment/118756882#Comment_118756882

Really? Can you not just give over and get off your crusade for the wasters who are costing us all. Its tiring.

Thats all i have to say to you on it. Not going to feed you anymore. Plenty of other threads for you to go and troll.

generic_throwaway

https://www.boards.ie/discussion/comment/118756882#Comment_118756882

They pay no taxes other than those they cannot evade. This of course is why we need to have regressive indirect taxes in the first place - spongers like this are punishing low earners and the unemployed.

I'd go out on a limb and suggest you don't work either, given your non-stop posting here throughout the day for years.

Cavan_King

https://www.boards.ie/discussion/comment/118756610#Comment_118756610

Oh I'm leaving the investment mortgage alone. It's on a tracker as was bought in 2008. Six years left on it. 20 year mortgage.

How many years back can I go with pension payments?

https://www.boards.ie/discussion/comment/118757634#Comment_118757634

According to Revenue, looks like one year, with a lump sum contribution.

You may pay a once-off or special pension contribution after the end of a tax year, but before the following 31 October. If you do, you can choose, on or before 31 October, to have the tax relief for the contributions allowed in the earlier tax year. When you use the Revenue Online Service (ROS), the deadlines for paying contributions and making this choice are extended.

JimmyVik

https://www.boards.ie/discussion/comment/118757634#Comment_118757634

I think up to 31st October this year you can pay AVCs for 2021 and so on.

https://www.boards.ie/discussion/comment/118746246#Comment_118746246

I'm curious to know what you mean by the cowardly culture that has developed in Ireland. I think I know what you mean but could you elaborate? Also, where did you move to and how does it compare so far?

6 1/2 years till I retire. Have to wait cos I Hhaveave a public service pension and avcs, I also have money, doing nothing at the moment.

I'm not a big spender and will be quite content with what I have when I retire.

https://www.boards.ie/discussion/comment/118756798#Comment_118756798

Give over, nurses are not paid pennies and are about to have their working week shortened. Due to their 3 day work week, they automatically get allowances for unsocial hours.

RedXIV

https://www.boards.ie/discussion/comment/118788168#Comment_118788168

I work in tech and have a nice office job (when we had offices) with all the perks that go with a modern multinational tech job. If something didn't go my way in work, I'd get an email from a project manager asking what my new deadline was. I'm on over 2.5x her salary and if something goes wrong on her job, people die. She works shifts that have on-call elements too and as a result has worked days that were 22 hours long with maybe 2 short breaks. She doesn't manage to work 3 day weeks, 4 minimum. She works night shifts. She's missed Christmas's and birthdays of our kids. She has to pay over 100 quid a year for a "pin" to be allowed earn a salary that's a fraction of mine. I know I'm luckier than most but I still think nurses are screwed.