Pension at 70.

realdanbreen · 20-09-2022 8:26am #1

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?

phormium · 20-09-2022 8:27am

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.

893bet · 20-09-2022 8:30am

https://www.boards.ie/discussion/comment/119640251#Comment_119640251

And contributed tax for that 4 years.

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

Masala · 20-09-2022 8:35am

ME….I getting out at 66!!! Already past the big 60 number and finding the body and mind slowing down….

phormium · 20-09-2022 9:17am

https://www.boards.ie/discussion/comment/119640270#Comment_119640270

Be very job dependent, the average manual worker won't be doing it I imagine although I had a plasterer do a job lately and I'd say he wasn't far off 70! The old manual work is great for keeping you fitter maybe provided it's not too hard, the builder on site was 66 and flying around the place like a young lad, I know cos he told me he would be drawing his pension that summer.

It's a good idea though because many jobs could be continued on and many people want to as well, the key of course is doing away with the mandatory retirement age, that's what kicked a lot of people out who didn't want to go.

realdanbreen · 20-09-2022 10:06am

https://www.boards.ie/discussion/comment/119640256#Comment_119640256

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?

[Deleted User] · 20-09-2022 10:13am

Everyone will just sign on dole/yellow slips at 65 be "actively seeking work" and then take the higher payment at 70

Poorly taught out virtue signalling imo

DLink · 20-09-2022 10:15am

I'm out the gap at 66, earlier if possible.

I was very annoyed when they increased the compulsory retirement age from 65, but if this news means they stop messing around with the retirement age and leave it at 66, then I'll be happy enough with that.

I'd much rather spend my time (at a minimum) sitting at home picking my hole getting my tax back via the pension, or if money allows, taking cheap flights to get away from this place, maybe even move to somewhere cheap and sunny for a few months of the year.

There's no way I'll stay working to 70, all the while dreaming of the travel I'd like to do, only for me to die or for my knees to give out the day after I retire, gotta do the travel while you're still lucid & mobile.

All of the above options are preferable to staying at work, helping to make someone else richer.

[Deleted User] · 20-09-2022 10:36am

https://www.boards.ie/discussion/comment/119640661#Comment_119640661

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?

[Deleted User] · 20-09-2022 10:41am

https://www.boards.ie/discussion/comment/119640743#Comment_119640743

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

Wanderer78 · 20-09-2022 10:42am

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

DLink · 20-09-2022 10:57am

https://www.boards.ie/discussion/comment/119640661#Comment_119640661

Thanks for the tip, I never thought of that 🙂

Shauna677 · 20-09-2022 10:58am

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.

bucketybuck · 20-09-2022 10:58am

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.

Shauna677 · 20-09-2022 11:00am

https://www.boards.ie/discussion/comment/119640765#Comment_119640765

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.

Gusser09 · 20-09-2022 11:01am

I'll be out when I'm 60 at the oldest. I'll have worked for 45 years at that stage. Life is for living. I won't be able to draw down my Public Service Pension until I'm 65 and I'll get the SCP when I'm 66. I'll have a gratuity payment though and a decent AVC chunk to keep me going until then. I might even get a bit of part time work doing little to nothing for cash in hand. I'll downsize the house also to free up another 200k or so.

I hate work as it is. Not really the work I do or people I work with but the routine. The need to be somewhere on given dates and fixed times etc. I'd much prefer to get 15 years on my own terms than working until 70 living until 85 and not being able to travel as freely etc.

realdanbreen · 20-09-2022 11:04am

https://www.boards.ie/discussion/comment/119640661#Comment_119640661

? I mean how would that even work?

[Deleted User] · 20-09-2022 12:13pm

https://www.boards.ie/discussion/comment/119640843#Comment_119640843

Glad I'm not the only one, all this talk about working until 70, my mother died in her 50s, my father, in a physically demanding job worked until his early 60s, was worn out by the time he packed it in

Dodge · 20-09-2022 12:18pm

https://www.boards.ie/discussion/comment/119640833#Comment_119640833

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

Geuze · 20-09-2022 12:21pm

https://www.boards.ie/discussion/comment/119640843#Comment_119640843

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

Knine · 20-09-2022 12:33pm

Finally though Carers who cannot work may get recognised & it took them long enough.

realdanbreen · 20-09-2022 1:34pm

https://www.boards.ie/discussion/comment/119641183#Comment_119641183

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

The Mighty Quinn · 20-09-2022 1:51pm

Listening to the way some people talk about this, you'd worry for them.

Convinced they're going to retire at 55 or 60 and spend 20+ years travelling and living the high life. Then these same people will tell you that they haven't started their pensions yet because of the cost of living, and shur it's too expensive, and who has the money for a pension.

They're 40 or more and convinced that it'll all come together in the 10 years before retirement, they'll save enough to have a champagne lifestyle in spite of the fact that the 20 odd years they've already spent working hasn't left them with much of a 'pot', and more likely to be paying off car loans and holiday loans and bathroom loans.

Many many many people will be working until 70 whether they want to or not.

[Deleted User] · 20-09-2022 1:58pm

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

Gusser09 · 20-09-2022 1:59pm

https://www.boards.ie/discussion/comment/119641193#Comment_119641193

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.

DLink · 20-09-2022 2:01pm

https://www.boards.ie/discussion/comment/119641634#Comment_119641634

Some of us will have our mortgages paid by 60, and have no loans to clear.

I will admit that my pension pot isn't big, but I'm retiring as soon as possible. Like I said earlier, I'd rather sit at home and pick my hole while getting my tax back via the pension, than keep working to make someone else richer.

If I can travel when retired, that'll be a bonus, but I'll be just as happy to sit at home and have the state pay me for the privilege of sitting at home. Once I'm getting money and not having to set an alarm for work, I'll be happy.

Gusser09 · 20-09-2022 2:04pm

https://www.boards.ie/discussion/comment/119641634#Comment_119641634

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.

[Deleted User] · 20-09-2022 2:04pm

https://www.boards.ie/discussion/comment/119640833#Comment_119640833

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.

The Mighty Quinn · 20-09-2022 2:06pm

https://www.boards.ie/discussion/comment/119641732#Comment_119641732

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.