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What's your job & salary

masterboy123

I am not sure if there is a thread already on this. But a lot of my friends lost their job during this covid period. So,
What's your job and your annual salary?

I will start first.

Healthcare sector and €75K.

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Paul_Mc1988

anplaya27 wrote: »

How is that possible? You use your level 5 or 6 credits to allow you to do a 3 year level 7 in a social/healthcare area. Plenty of the students in my class did a level 6 so they could do a level 7 and were all doing the full course.

You need to go on placement in year two and three of a level 7 social care/ healthcare area degree. I dont think you can skip those. Sure if you fail them you fail the whole year. Social care and electrical engineering are two completely different professions with different requirements so you cant compare.

You of course can do a one year add on to gain your level 8 but that's after completing the 3 years first in level 7.

I said in a previous post I was not too up to speed on the social type degree side. On the engineering side its possible as I skipped the first year of a 3 year BEng and could have skipped the majority of the second but taught the learning curve of would be too high. I was able to this as I qualified as an electrician with a 120 credit full level 6

tails_naf

Interested Observer wrote: »

Oversimplified but:

1) Invest in NASDAQ:
I earn 1k gross, I take home about 650. I invest it in the NASDAQ for 5 years and it grows 198%, leaving me with ~2k in total and ~1350 in gains. I pay 40% exit tax on the gains and end up with a total of 650 + 810 = 1460

2) I put it in my pension:
I earn 1k gross to go into my pension: (I think) I pay USC and PRSI at 11% so 890 goes into the pension. My employer matches it and it's already more than the above without any gains calculated...

My point is, we pay pension providers to invest, and they do it poorly. If they could even match the NASDAQ, then all of the benefits you have above, plus the better return would be great, so the providers are the scam, as we have to use them to get the govt tax breaks, etc

You also don't get the employer match on AVCs, so you only get the tax break. So the 890 you put in via AVC, and you get the 50% return, plus fees, and you make ~1300. That's below the same money into the NASDAQ you calculated, and that's free and clear of exit tax at the other side. So your numbers work because your employer matches, so do not work for AVCs, and not because anything the pension provider did.

You also pay to take money out of a pension at the end, if you want to get at it. An annunity is taxed as income tax, and only 200k is tax free as a lump sum, if you cash in more you'll pay tax. SO don't be fooled thst there is no tax to pay, and in many cases that fund will die with you.

It would be a lot better is pension providers had to give decent returns, but the system has incentivised them to not need to.

anplaya27

Paul_Mc1988 wrote: »

A social type degree not particularly social care.

No if you read her post she has a level 6. A lot of colleges will allow you to skip the first 2 years of level
7 and allow you to do the final year if you have a full credit L6

Example an electrical who get a level 6 when they complete their apprenticeship can do 1 year get a L7 electricial engineering degree

How is that possible? You use your level 5 or 6 credits to allow you to do a 3 year level 7 in a social/healthcare area. Plenty of the students in my class did a level 6 so they could do a level 7 and were all doing the full course.

You need to go on placement in year two and three of a level 7 social care/ healthcare area degree. I dont think you can skip those. Sure if you fail them you fail the whole year. Social care and electrical engineering are two completely different professions with different requirements so you cant compare.

You of course can do a one year add on to gain your level 8 but that's after completing the 3 years first in level 7.

twowheelsonly

TheAnalyst_ wrote: »

Data 220k

Nice drop from the 245 you used to be on.

HillCloudHop

Why are people investing in ETFs in Ireland outside a pension? Deemed disposal every 8 years destroys compound gains. No other country on earth has this ridiculous rule.

Investment trusts are the way to go. Taxed as stocks. You can buy regularly and hold for decades without selling.

[Deleted User]

tails_naf wrote: »

And the NASDAQ has grown 198% over the same time. Still think it's an amazing investment?

Oversimplified but:

1) Invest in NASDAQ:
I earn 1k gross, I take home about 650. I invest it in the NASDAQ for 5 years and it grows 198%, leaving me with ~2k in total and ~1350 in gains. I pay 40% exit tax on the gains and end up with a total of 650 + 810 = 1460

2) I put it in my pension:
I earn 1k gross to go into my pension: (I think) I pay USC and PRSI at 11% so 890 goes into the pension. My employer matches it and it's already more than the above without any gains calculated...

Andrea B.

Deleted post in case of colleagues identifying me. Sorry.

helloquestion

35k base or 40k with bonuses, MNC company am 25 years old, with bachelors degree

Geuze

reubenreuben wrote: »

While I see the benefit of pensions having one myself, the other side of this argument is that it is only any good if you survive to use it.

The average length of retirement is 18.2 years in 2008.

domrush

reubenreuben wrote: »

While I see the benefit of pensions having one myself, the other side of this argument is that it is only any good if you survive to use it.

Most contributory pensions go to your dependents in the event of a death.

Why save for anything at all if this is your view point?

Padre_Pio

Average life expectancy in Ireland is 82.

Retirement age is 66. 16 years of retirement on average.

While the retirement age is guaranteed to rise, so will life expectancy.
The people who are dying at 82 today were born when Hitler was marching armies into Poland. Antibiotics had only been discovered 10 years previous.

tails_naf

Buddy Bubs wrote: »

Well there's mine. See pic attached. 54% growth over the last 5 years. Plus the tax relief I get. Plus my employers contribution.

I know I pay charges on that but it's still very significant returns.

And the NASDAQ has grown 198% over the same time. Still think it's an amazing investment?

Buddy Bubs

tails_naf wrote: »

My employer matches my contrib plus 2 % up to 8%, I put in 8%, they put in 10%. The maths is easy to work out. No. Lies, but if it was not for that contribution match making it a good deal, the return would be poor.

Well there's mine. See pic attached. 54% growth over the last 5 years. Plus the tax relief I get. Plus my employers contribution.

I know I pay charges on that but it's still very significant returns.

tails_naf

Buddy Bubs wrote: »

For someone that thinks pensions are a waste of time, putting 18k into it in a year seems a strange thing to do. Or a lie.

My employer matches my contrib plus 2 % up to 8%, I put in 8%, they put in 10%. The maths is easy to work out. No. Lies, but if it was not for that contribution match making it a good deal, the return would be poor.

tails_naf

Creamy Goodness wrote: »

Whatever people thinking people are telling lies here, saying that pensions are a waste of time is perhaps the biggest lie of the thread so far.

Pension providers have no incentive to perform well on the funds they offer. You have to buy one of their funds to get the tax breaks, they get paid exactly the same if they perform well or not. For the average Joe, they are the only option, but show me one with a good return, please before you tell me how great they are

Buddy Bubs

tails_naf wrote: »

Sure, but if it's astandard/ private pension (i.e. Not defined benefit) I'd bet in real terms that income is a small portion of his final salary, despite pretty large contributions over the years. I put in over 18k last year (employer and employee), yet my projected return per annum is pitiful, less tha 20k in today's money. So contribute for 40 years and get paid back less, for 25 (if you live that long). Nice.

For someone that thinks pensions are a waste of time, putting 18k into it in a year seems a strange thing to do. Or a lie.

Iguarantee

Buddy Bubs wrote: »

My pension fund turns 300 euro into 500 euro automatically every month. Then it gets invested.
Try beat that

Executive pension? Snap!

OEP

tails_naf wrote: »

Thats the problem, the folks (pension providers in Ireland) who do them are doing them wrong. They get paid the same % from my pension pot no mater if the fund has a good or bad return. In most cases the 'management' they are doing is buying a vanguard fund anyway, so they are just middlemen taking a cut. When the NASDAQ outperorms a 'growth' fund significantly, its clear these are a scam. You can bet folks with real money are not using it for AVCs, but are getting it properly invested. As it happens I do pay into a pension fund, but only as my employer matches employee contributions, so that's a good return despite the funds poor performances on average.

Folks with real money don't pay 40% income tax on the money they invest though, it's done through companies

Buddy Bubs

tails_naf wrote: »

Thats the problem, the folks (pension providers in Ireland) who do them are doing them wrong. They get paid the same % from my pension pot no mater if the fund has a good or bad return. In most cases the 'management' they are doing is buying a vanguard fund anyway, so they are just middlemen taking a cut. When the NASDAQ outperorms a 'growth' fund significantly, its clear these are a scam. You can bet folks with real money are not using it for AVCs, but are getting it properly invested. As it happens I do pay into a pension fund, but only as my employer matches employee contributions, so that's a good return despite the funds poor performances on average.

My pension fund turns 300 euro into 500 euro automatically every month. Then it gets invested.
Try beat that

tails_naf

Geuze wrote: »

My father retired at 62/63.

His pensions provide him with income, and will do so for hopefully at least 25 years.

Sure, but if it's astandard/ private pension (i.e. Not defined benefit) I'd bet in real terms that income is a small portion of his final salary, despite pretty large contributions over the years. I put in over 18k last year (employer and employee), yet my projected return per annum is pitiful, less tha 20k in today's money. So contribute for 40 years and get paid back less, for 25 (if you live that long). Nice.

tails_naf

6 wrote: »

You're doing pensions wrong then.

Awful advice and I'd urge everyone to not listen to it tbh. In fact, it's probably the worst piece of financial advice I've read on here.

Thats the problem, the folks (pension providers in Ireland) who do them are doing them wrong. They get paid the same % from my pension pot no mater if the fund has a good or bad return. In most cases the 'management' they are doing is buying a vanguard fund anyway, so they are just middlemen taking a cut. When the NASDAQ outperorms a 'growth' fund significantly, its clear these are a scam. You can bet folks with real money are not using it for AVCs, but are getting it properly invested. As it happens I do pay into a pension fund, but only as my employer matches employee contributions, so that's a good return despite the funds poor performances on average.

Paul_Mc1988

Deeper Blue wrote: »

Most of them aren't real so I wouldn't worry

You have nothing to back up that statement. Nearly all my friends would clear 60k+ and quite a few on 90k+. We all work in tech/trade jobs. It's usually low earners who spout the BS as they picked low earning fields and need to lie to themselves to perk themselves up.

Creamy Goodness

Whatever people thinking people are telling lies here, saying that pensions are a waste of time is perhaps the biggest lie of the thread so far.

Geuze

HillCloudHop wrote: »

What good is a pension when you'll either be too old or dead to enjoy it?

My father retired at 62/63.

His pensions provide him with income, and will do so for hopefully at least 25 years.

[Deleted User]

HillCloudHop wrote: »

What good is a pension when you'll either be too old or dead to enjoy it?

You can tell us when you find out.

HillCloudHop

What good is a pension when you'll either be too old or dead to enjoy it?

[Deleted User]

fvp4 wrote: »

What’s that to you though?

In general if there is a reason for the meeting to be held there they can expense some but not all of the trip. Not the entry to the F1, unless that was for a client.

The real reason for the meeting to be held there is to provide an F1 junction for the husband and wife who run the business. They'll find a compliant client to bring along for the ride too. The joys of self-employed business ownership.

Dante

tails_naf wrote: »

Pensions are a pure scam, if you've money invest it independently, and skip the AVCs. Sure you get a bit of a tax break, but the returns are abysmal even when the general market returns are decent.

That is incredibly stupid advice.

[Deleted User]

tails_naf wrote: »

Pensions are a pure scam, if you've money invest it independently, and skip the AVCs. Sure you get a bit of a tax break, but the returns are abysmal even when the general market returns are decent.

You're doing pensions wrong then.

Awful advice and I'd urge everyone to not listen to it tbh. In fact, it's probably the worst piece of financial advice I've read on here.

domrush

tails_naf wrote: »

Pensions are a pure scam, if you've money invest it independently, and skip the AVCs. Sure you get a bit of a tax break, but the returns are abysmal even when the general market returns are decent.

Rubbish