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Pension at 70.

  • 20-09-2022 8:26am
    Registered Users Posts: 7,731 ✭✭✭realdanbreen

    So there is a proposal apparently to increase the state pension to €315 provided one keeps working until they are 70 years old. What happens if you are currently getting the pension but are also working? Will you get €315 when you hit 70?



  • Registered Users Posts: 3,066 ✭✭✭phormium

    Unlikely I would think as I presume a person of pensionable age now is already drawing theirs as well as working, in the new system you wouldn't actually be drawing it at all until 70 so would have saved the state 4 yrs pension payments at that stage.

  • Registered Users Posts: 8,223 ✭✭✭893bet

    And contributed tax for that 4 years.

    I think it’s a progressive idea. Wont suit everyone of course.

  • Registered Users Posts: 7,731 ✭✭✭realdanbreen

    That's my point. If you are still working you are paying paye,prsi,usc, so why should your pension be the same as the guy who stops at 66?

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  • You wont get unemployment benefit at 66. If you need at state payment you'll get the state pension at 66.

    From an employer's POV it's a tricky one. From a productivity pov people will start slowing down and produce less, but will still need to be kept on (unless the employer can make a case around a number of areas such as succession planning).

    From a society point of its hard to see the impact that it WILL have. White collar workers will be able to make a far stronger case to be kept in employment (not as physically demanding). But more physically demanding roles will be less conducive to working to 70. Will this create a larger inequality gap, wealthwise?

  • Posts: 6,192 ✭✭✭ Addison Unsightly Owl

    If someone gets sick/let go at 66 and wants to continue to work/seek work

    What then do they get,as someone in above position on paper at least aspires to work until 70??

    ,seems grossly unfair to me to then deny them the higher rate due to circumstances outside of their control.....hard to argue against case that,whole thing is predesigned to fail into creating more wealth inequality

  • Registered Users Posts: 27,613 ✭✭✭✭Wanderer78

    should be increased for everyone, most of the money would be spent straight into the economy....

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  • Registered Users Posts: 627 ✭✭✭DLink

    Thanks for the tip, I never thought of that 🙂

  • Registered Users Posts: 454 ✭✭Shauna677

    It be good for people who are physically fit and healthy and also for prople who may not have enough prsi contributions for full pension at 66. They are given few more years to catch up also there would be many people with good priivate pension they can live off of until they reach 70.

  • Registered Users Posts: 17,250 ✭✭✭✭bucketybuck

    If I reach retirement age I fully expect to get exactly the same as the state has given me my entire life.

    Sweet **** all.

    Until then I guess I'll just have to keep paying that higher tax rate while still paying privately for whatever I need, because thats how it works in this country. No free houses for the likes of us.

  • Registered Users Posts: 454 ✭✭Shauna677

    If someone gets sick at 66 and it looks likely to be long term then they simple will not be able to work full stop.

  • Registered Users Posts: 7,731 ✭✭✭realdanbreen

  • Registered Users Posts: 9,971 ✭✭✭Dodge

    Literally can’t have a thread on boards without someone using the phrase “free houses”.

  • Registered Users Posts: 12,251 ✭✭✭✭Geuze

    Why can't you get the PS pension when you retire at 60?

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  • Registered Users Posts: 7,731 ✭✭✭realdanbreen

    Or "virtue signalling " and of course the "carers"!

  • Posts: 8,856 ✭✭✭ Collins Faint Cross

    It’s not a gamble I’d take TBH - you could probably pick up some cash work that would get you the extra payment in the meantime - and extra moneys just not worth 5 years of wait- for some maybe but if you’re totally dependent on the state pension come retirement you’d better start saving the cents and pennies now coz either way you’re feiced

  • Registered Users Posts: 5,343 ✭✭✭Gusser09

    I came in post April 2004. If I'd have been in 2 months earlier I'd have qualified for that package. Regardless of years served I won't get pension until I'm 65. But I also qualify for the contributory pension too.

    AVC's lads. That's the tax efficient way to beat this.

  • Registered Users Posts: 5,343 ✭✭✭Gusser09

    That's very negative although I'd agree to and extent. I'll be paying into my AVC 25 years by the time I hit 60. The amount of people I know who work in the construction sector or gig economy that have no pension provisions made is alarming. They all seem to be flush with cash though which is the surprise. I think we need much better education about pensions in school.

  • Posts: 0 [Deleted User]

    Congrats on having got through life without ever having to avail of any of the services provided by the State! It's a shame that you missed out on our excellent primary, secondary and third-level education services, but congrats are due to your parents for home-schooling you.

    And it's hardly the State's fault that you failed to avail of the free Covid vaccinations that it so kindly provided.

  • Registered Users Posts: 1,228 ✭✭✭The Mighty Quinn

    Yeah, I said you'd worry for some, not all! You sound like you've the wheels in motion for a retirement at a decent age. Hopefully I will too. I'm working on it. Putting away money now for 30 years time is really tough sometimes, yet I grind on, like I have for the last 6 or 7 years since starting a private pension.

  • Registered Users Posts: 17,250 ✭✭✭✭bucketybuck

    Imagine deciding to type all that out and hit submit, I mean, you can't possibly have thought it served any purpose?

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  • Registered Users Posts: 1,850 ✭✭✭tinytobe

    I'd gladly work until age 75, provided I am still healthy, that somebody is willing to hire me, not blacklist me, and treat me halfway fairly.

    Sadly, I doubt that that's going to be the case.

    Also, sadly, that a lot probably feel the same way.