Dairy Chitchat 4, an udder new thread.

Thought I saw a ghost there.

CCertainly i did see one out of the corner of my 👁 🧐 miss the likes of the justice on here was a great poster/moderator

Look ye probably won't like it, but

The trouble is, when one partner dies and you are left to run a house and car on sub 300 a week, it's near poverty.

Lads on here, asking why didn't they invest and have private pensions.

Well in the majority of houses the woman stayed at home and reared a big family and laboured on the farm, for no wage. A lot of families educated their children to third level on 30 or 40 cows on that income alone.

So even the thicker of the posters here should figure out why they didn't build up massive pensions in the 80s and 90s ect.

Mean while you have posters here, telling how his milk made over 70000 in June, another that everyone of his cows produces 9000ls so nearly 5000 euro.

Don't let your parents in poverty, so you can buy a 150000 tractor and a 70k Audi in the same year

😀

I think its only right the farm should paid towards living expenses of parents, as said before some of the older generation didn't really have the opportunity to build up private pension

I was very lucky here farm was signed over when I was relatively young so had the opportunity to invest knowing I had long term security. But it was always made clear I was responsible for topping up old age pension to certain level, so both my parents are still taking a wage from farm. It's not in writing but they and my siblings trust I will honor my word.

Families don't talk enough about succession and it ends up left in a kind of grey area and nobody knows what's happening. Therefore it's never planned properly and can end up in a huge mess both emotionally and financially.

Where a farming operation has been expanded / improved by the ould lads, when handing over to the young buck they are certainly entitled to be supported in retirement.

It's rare that the demand is clear and made up front. Most of these agreements are intentionally vague to leave room to squeeze the child at a later date when they are less likely to be able to back out.

I was chatting to a man, six months ago. He's like myself 50 cows and wife working and running and racing with kids.

He is also helping an elderly uncle and his wife who has suckers. I was saying it was a bit of nuisance to him and would it be easier if they leased the place to him.

He laughed and said ain't it hard enough to rear my family on 50 cows, without having to keep the uncle and his wife as well. He would need another 30 cows and housing and extend the milking parlour to make it pay.

So it's a tough one

Is there still a hang up from the crash in 09 or whenever it was. Share prices wiped out. House values wiped out. Talking to a couple of lads in their 40s and was surprised that they had no pension.

I’ve been paying into a pension since my early 20s through my job at time and off my own back since started farming …monthly payment ,set amounts but over last 5 years it’s been topped up a fair bit yearly when compiling accounts and finalising tax

I’m in mid 40s too and few friends I’d know well some don’t have a pension ….some because they can’t afford it for a variety of reasons ,others because they have investement properties and this can’t afford Money to tension but see better return from property …..lots in there 40s with kids/mortgages /chikd care etc just don’t have the spare cash for a pension.i often look at my pension pot and see what will be there when I retire and it’ll be a nice sum ……but I mightn’t even make it that far and won’t be able to enjoy it and retirement 😂😂😂

500k would be approx 400 per week before taxes. Depends on your situation really, if you have your house paid off and kids educated, you're in a decent position.

Would recommend everyone talk to a financial advisor. I went from putting 600 a month to 1000 a month at no extra cost because of tax relief.

While a private pension is great to have don’t forget the government have in the past raided them. It could well happen again

Has anyone lost on a pension fund i mean really lost like its worth less than they paid in im thinking of putting money into a pension to save tax its either that or buy another fendt which i dont need just looking at the one i have it was some waste of money as i hate tractors with a passion was nearly better giving it to the taxman.

True - folks and farms were more self sufficient back a few decades too, sadly we seem to have lost that to a large degree. I'm eyeing up reteirment within the next decade too and have been looking at ways in cutting back outside inputs both in relation to the farm itself and daily household expenses. Its suprising why you can save if you do some research on the like of favourite foods etc. eg. Was spending up to 10 euro a week on berries for breakfast and dessert, then started growing my own raspberries and collecting/ freezing stuff from the ditches.Nice few hundred saved yearly there!! My current partner's father has experience as a butcher so next project is to raise some pigs for my own use and feed on mainly food waste from my own kitchen,near neighbours and a lad nearby who runs a farm shop.

Speaking of debt and loans, I paid down a nice chunk of the mortage after a few years of not doing anything with some modest savings I had from a property I sold when I first got married. Its better than any investment I know cos I have significantly shortend my current mortage term and saved close to 40k in interest payments!!