Pension at 70.

https://www.boards.ie/discussion/comment/119657760#Comment_119657760

whats so special about 65?

and, if 65 was suitable decades ago when by and large health in that age bracket and life expectancy generally have improved, dont you think it natural that it's worth considering in context?

Strumms

https://www.boards.ie/discussion/comment/119646561#Comment_119646561

a lot of people say staying on till 70 won’t be of the mindset to adapt to changing or more modern or just different work practices…. I’ve known people who hit 60ish and were just cruising, putting in time, so post 65…. I can imagine for a cohort will be in their minds, semi retired…Missing more days due to illness, general ill-health…etc..

2011

https://www.boards.ie/discussion/comment/119657283#Comment_119657283

I can think of a few reasons such as:

1) Experience

2) Relationships they built with important clients

3) Qualifications

4) Proven track record

5) Mentoring skills

Obviously it depends very much on the role. I work in an engineering consultancy and my employer is doing everything possible to encourage staff to stay on longer. We have some great graduates coming through but not enough of them and they don’t have the experience yet.

DLink

https://www.boards.ie/discussion/comment/119657931#Comment_119657931

I've a few years left until I reach 66, and I'm ready to retire now.

Working for money is a mug's game...

• 20 days of holiday leave per year, having to ask / beg for time off and hoping it fits in with your manager's schedule
• Goals and Objectives - FFS, just give me my money, I don't want to upskill for your benefit but on my personal time
• Dealing with idiots who's only goal in life is to make you as miserable as possible

I could go on, but I for one want to get off the hamster wheel as soon as possible.

I've paid enough tax and made enough Americans rich, thank you very much. Once the mortgage is paid (I should have it cleared by my early 60's, sooner if possible), I'll be coasting to retirement... maybe if I do just enough work not to get fired they'll pay me off with early retirement just to get rid of me.

Long story short, I want out of the mug's game called "work", and I'll be considering all options to get away from it ASAP!

lisasimpson

Think its good the "option" is there now rather than just pushing out the age. I hope to retire once kids are finished college and see more of the world etc as ive worked hard enough. Started paying into a pension at 22. When covid struck and it was clear i wouldnt be returning to office any time soon i opted to add a percentage of my salary each to it which the company matched. In the next couple of years i will be stepping away from full time to parttime/agency work when the kids start school due to childcare during school breaks.

Not everyone is lucky to be in the position. Plenty of people will be still paying mortgages or stuck in uncertain rental situation and would be happy to work longer.

Then there will be another group like an uncle of mine who retired at 65 and was not ready for it. He found himself bored silly even though he was involved in his local church grp and had grandkids nearby. Still tips away a small bit in the area he worked in just to put down the time

We also needs to look at the forced retirement ages of certain state workers ie army gardai etc. Now i know due to the nature of the job nowadays many gardai are more than happy to go once age is reached. But surely they should be given.the option of non physical none front line work if they wish to continue up to 65 or whatever

2011

https://www.boards.ie/discussion/comment/119658309#Comment_119658309

Would you accept that this story of misery in the workplace does not apply to everyone?

Do think that some people would like the extra pay from working, it’s not just about getting a marginally improved state pension? Some are in highly paid professions

Did it occur to you that some people actually enjoy their jobs?

DLink

Would you accept that this story of misery in the workplace does not apply to everyone?

• Yes, but the non-miserable ones are the ones who make other people's working lives miserable because they're full of great ideas or work harder / faster, showing the rest of us up.

Do think that some people would like the extra pay from working, it’s not just about getting a marginally improved state pension? Some are in highly paid professions

• Yes, but I've had enough, and I know loads more who want out as well. Once the mortgage is paid I'll be happy to live off the government. Working is a mug's game, you'll regret working to 70 on your death bed... no one ever says I should have worked harder or longer. All you're doing is helping the government to reduce the amount of your tax money that they are paying back to you.

Did it occur to you that some people actually enjoy their jobs?

• Yes, but I despise (almost) anyone who shows an interest in, or enjoys, their job. You're there for the money because that's the way the system is rigged, no more, no less. Anyone who enjoys their job needs a good slap, they're too happy-clappy for my liking. Earn your money with the least amount of effort and go home.

I hate the fact that I have to work and prostitute myself for money, but that pays the mortgage and it pays for the holidays. As soon as the mortgage is cleared I'll be looking to get my tax back as soon as possible.

2011

• Yes, but the non-miserable ones are the ones who make other people's working lives miserable because they're full of great ideas or work harder / faster, showing the rest of us up.
• So rather that enabling people that want to work for longer to do so you think they should be forced to retire becasue they are "full of great ideas or work / faster, showing the rest of us up"? This makes no sense. Your bizarre tactic will not block irritating people from the workplace.
• Yes, but I've had enough, and I know loads more who want out as well. Once the mortgage is paid I'll be happy to live off the government. Working is a mug's game, you'll regret working to 70 on your death bed... no one ever says I should have worked harder or longer. All you're doing is helping the government to reduce the amount of your tax money that they are paying back to you.
• If this is your view this is exactly why you should have the option of retiring sooner. If some of us work for longer than you it is to your advantage as we contribute more to the econemy, pay more tax and drain less from the pension fund.
• Yes, but I despise (almost) anyone who shows an interest in, or enjoys, their job. You're there for the money because that's the way the system is rigged, no more, no less. Anyone who enjoys their job needs a good slap, they're too happy-clappy for my liking. Earn your money with the least amount of effort and go home.
• See previous response.

I hate the fact that I have to work and prostitute myself for money, but that pays the mortgage and it pays for the holidays. As soon as the mortgage is cleared I'll be looking to get my tax back as soon as possible.

Good for you. I understand this view, but many simply can't afford to do this. I think the key message here is that people should have the choice of retiring when older, it should not be forced on anyone.

kippy

https://www.boards.ie/discussion/comment/119658309#Comment_119658309

Looks like you've worked for years in a job you've hated. Granted a lot of people have a similiar story and needs often must.

In that case I can see why you'd want to retire. There are many others who work in jobs they get plenty satisfaction from - not necessarily high paid jobs but jobs that they enjoy.

I often see people in their 30's and 40's look forward to their retirement and to me it's unfortunate.

https://www.boards.ie/discussion/comment/119658312#Comment_119658312

Some, jobs like the gardai, defence forces etc we should be aiming to keep young. Do what some foreign Armies do and give them 22 years and you've earned a partial pension so you can leave.

You can stay if you can still pass fitness tests done in order to join up.

The only ones still working past 65 would be the the ranks in charge who haven't been on the streets in 20 years. This compounds old thinking in an organisation that needs reform, new thinking and a general freshen up to put it mildly.

https://www.boards.ie/discussion/comment/119658389#Comment_119658389

4/10

Stovepipe

https://www.boards.ie/discussion/comment/119642101#Comment_119642101

That's entirely the State's fault. When they showed a bit of sense and stored money away for a rainy day, a few years back, they waited a few years and then blew it, like a punter in Vegas. NPRF, it was called. They should have followed the Norwegian example and ringfenced the profits from oil and gas, in a protected fund, to pay for pensions. The ongoing rhetoric is that people are being uppity and insisting on living longer than the old "75" benchmark for average age of deaths after retirement. How dare they live into their 80s?! Guess what? They have every right to. I've been working since I was 18, contributing from Day 1 and I'll have the 13,000 when I get the chance, thanks very much. I've earned it and what's more, the 13,000 will go back into circulation anyway, which is what the pension naysayers in the Govt don't mention, when they are trying to ram in this work to 70 crap. If they'd any brains, they urge people to get out early, not later.

DLink

https://www.boards.ie/discussion/comment/119658465#Comment_119658465

I hate working, full stop, the sooner I get out, the better.

I said I hate people with "great ideas" because they just make work more miserable, and I just want to get away from them and that attitude, that wasn't exactly a pension rant, just a general anti-work rant in response to your first question.

I'm happy that the pension age has been fixed at 66 for now, but now that 70 is out there, it could become the default before you know it. Stay working all you want, once I can get out at 65-ish.

Did I say I hate working? Once things remain at 66 for now I'll accept it and struggle on, I'm just afraid that 70 becomes the age by the time I get to it.

DLink

https://www.boards.ie/discussion/comment/119658615#Comment_119658615

I want out as soon as, I've had enough, no job will make me happy, I have no job satisfaction and I have had it with the entire concept of working for money.

Call it childish if you will, but that's the way it is, I just want off the treadmill.

DLink

https://www.boards.ie/discussion/comment/119659001#Comment_119659001

I'd have given it 7/10, where did you dock points?

VinLieger

https://www.boards.ie/discussion/comment/119653737#Comment_119653737

Theres no forecasting about it, currently our worker to retiree ratio is just about 5:1, by 2040 it will be 3:1 and by 2050 it will be 2:1, there will not be enough workers paying taxes to fund all the people retiring and trying to draw down their state pension if the system is kept in its current state.

Theres two ways to fix this specific problem of demographics, the first was for people to start having more children 10 years ago, but people have actually been having less. The second is a hell of a lot of immigration which will be insanely unpopular.

VinLieger

https://www.boards.ie/discussion/comment/119660156#Comment_119660156

Calling me a heroin addict is some fantastic grown up arguing...

Also where did I advocate for mass immigration? Im simply explaining that to keep the state pension system in its current state and have it functional in the next 20-30 years we need to somehow have a hell of a lot more young people who will work and pay taxes. As ive explained its already too late for people to start having more kids to fix this issue and in fact they are having less so explain to me please how you would solve this problem?

dublin49

coming up to retirement age and some thoughts,on a macro level they talk about extending the working life but all around me my peers are retiring well before 65,most public sector workers I know get out before 65.The new defined contribution pensions deliver paltry returns unless you seriously up your contributions for many years before retirement.I luckily had a 20 years span with a defined benefit Pension so that will soften the blow of the last 15 years on a pathetic defined contribution Pension.I think down the line the state Pension will be means tested to take private Pensions into account.Not saying its fair...The one silver lining ,excuse the pun is the government are terrified of the wrath of the Silver vote which makes change really difficult for them.And finally the state Pension to me seems pretty ok for a couple getting the 500 Euro a week especially if the have 10/15k annual from other sources ,not so attractive when its just one person getting 250 a week.

VinLieger

https://www.boards.ie/discussion/comment/119660220#Comment_119660220

Ahh fair enough. Yeah the issue is politicians are so deathly afraid of the grey vote they wont even admit there is a pension time bomb let alone start having honest discussions about how to fix it.

anewme

https://www.boards.ie/discussion/comment/119660194#Comment_119660194

Interesting to see the view of someone almost there.

You were lucky to keep 20 years of a DB Pension, most people I know lost theirs (with no compensation), only 1 person I know still has one

There is a really good thread on Ask About Money, more in the line of yourself with feedback from people who have retired and tips and advice.

I have still a way to go to retirement, but its nearly like I can see the finish line, but its still a good way off.

Agree re the silver vote.

https://www.boards.ie/discussion/comment/119660127#Comment_119660127

Immigration is a band aid fix because they will retire and because we increased the population the problem is bigger. It's also a very poor solution because we have no controls on our migration system. Just open borders with the EU. This is an important distinction because we cannot dictate age categories and assig n priority to younger people like the Australian skills and points based system.

Who gives a monkeys if we have a shortage of baristas or delivery drivers. An accommodation crisis trumps that anyway.

If migration was a solution we would not be looking at age 70 for a full pension.

The solutions are in productivity increases not population increases. Productivity increases the pie. Population is how much you divide the pie. To an extent policy at government and eu levels determine the size of a person's slice.

How is migration supposed to solve our pensions crisis when it's a net detractor anyway...

https://www.reuters.com/article/us-europe-migration-idUSKBN1GY053

To be extra clear it is damaging our economy.

The accommodation problem has been around since pre gfc and predates the recent larger scale migrant numbers.

If housing costs hadn't of been so nutty over the past 20 years just think of how much extra could have been diverted to pensions.

There is more than 1 elephant in the room but one is feeding the others to make them larger.

VinLieger

https://www.boards.ie/discussion/comment/119661973#Comment_119661973

Im not advocating for mass immigration but you seem to have missed the point that more production cannot fill the hole that is the fact our age demographics will not allow the current state pension system to work in 20 years let alone 30. A ratio of 3 workers to to every retiree will not be sustainable no matter how much you want to increase productivity as its about how much tax every worker is paying to then give out in state pensions to the retirees.

My argument is that the only solution to fix our demogrpahics is immigration, but obviously thats not a solution as it will break so many more things. So we have to start talking about how the state pension system is no longer fit for purpose but again nobody over the age of 60 is willing to entertain that discussion and for that reason politicians are deathly afraid of even glancing at this problem.

cute geoge

I am 48 ,worked manually with over 30 years ,I did not get carried away with celtic tiger .I have paid an almighty amount of tax and prsi especially with last 10 years .I am prudent and fairly well set up ,I look around at my pears and i would say 80 % of them are likewise .If there was no pension at 66 it would not put them out too much like they will be giving half back in income tax at least .I still would like to see pesion set at 66 but probably the pesion wont rise with inflation .I think Pascal Donoghue wont even increase s.w. inline with inflation instead he will give double payments leading up to Christmas .I think this is great idea because s.w. rates are far too high anyway!!