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Are you going to retire at 66

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Comments

  • Registered Users, Registered Users 2 Posts: 1,667 ✭✭✭Kalimah


    Me too! It’ll be shortly before I turn 65. Off to college then to do the degree I never got the chance to do at 18.



  • Registered Users, Registered Users 2 Posts: 1,619 ✭✭✭AyeGer


    Hopefully retire at 62, I won’t have my full pension but I’ll make do. I’d be gone in the morning if I win the lottery.



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    The state giving gold plated pensions to Gardai, teachers etc - often their pensions are more than what people in the private sector get for actually working - means the state has far less money for housing, the ordinary old age pension etc.



  • Registered Users, Registered Users 2, Paid Member Posts: 19,887 ✭✭✭✭elperello


    The three professions I listed involve shift work 24/7/365 involving considerable stress and sometimes personal danger.

    AGS and Fire Service don't have any private sector equivalent.

    There are nurses working in the private sector.

    Teachers don't have the same stresses but they are highly qualified and have a very responsible job.

    After 40 years service they get c. €40 k p.a.

    They don't get the State Pension.



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    People get paid extra for working unsocial hours etc, and plenty of people in the private sector have to work weekends too. But they do not have job security, a six figure tax free lump sum on retirement or a pension of over 40,000.



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  • Registered Users, Registered Users 2, Paid Member Posts: 19,887 ✭✭✭✭elperello


    You're not comparing like with like.

    It's not just unsocial hours, it's chasing criminals , togging out in breathing apparatus to go into a burning building, nursing a patient to the end and comforting grieving relatives.

    Public Service don't get bonuses, share options or in case of AGS and Fire Service the option to move and do the same job for a different employer.



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    Many jobs have undesirable aspects the odd time. Most public servants do not chase criminals or go in to burning buildings : is it your opinion that only jobs that are dangerous should get golden pensions? If so Gardai and firemen should not get golden pensions as statistically they are not dangerous compared to logging workers, roofers, commercial fishermen etc.

    The vast majority in the private sector do not get share options or bonuses. Everyone in every job can change career at some stage in their lives if they so wish or emigrate if they cannot get a job in Ireland.



  • Registered Users, Registered Users 2, Paid Member Posts: 19,887 ✭✭✭✭elperello


    You started out complaining about AGS and nurses "golden pensions".

    I'm saying that they deserve the pensions they get and I added Firefighters to the list.

    These are people who are key essential workers to the rest of the community.

    Rather than trying to reduce the entitlements of one group we should be working towards a better retirement for all.

    Auto-enrolment is a step in the right direction.

    Auto-enrolment https://share.google/uEhDSfaGBsNUGIdpe



  • Registered Users, Registered Users 2 Posts: 329 ✭✭MadeInKerry


    I picked my job based on the amount they contribute to my pension as well as salary.

    Malibu probably didnt, so he/she thinks that anyone who did choose a career in part because of things like that should lose it, because he/she didnt get it with where he/she went.



  • Registered Users, Registered Users 2, Paid Member Posts: 19,887 ✭✭✭✭elperello


    I have no idea what the other posters situation is but I've made my own retirement arrangements and I hope I live to enjoy them for a long time.

    Also I know that I wouldn't last a shift in one of those professions.

    They'd be the last ones whose pension conditions I'd be complaining about.



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  • Registered Users, Registered Users 2, Paid Member Posts: 25,000 ✭✭✭✭Sleepy


    I'd retire tomorrow if I could afford to!

    My mortgage will be cleared a few weeks before my 66th birthday so it'll all be down to what (if any) social welfare pension is still available and how my private pension has performed as to whether I'll be able to retire or not. A bigger worry is whether I'll still be able to find decent work at that stage as my industry (IT) is notorious for ageism…



  • Registered Users, Registered Users 2 Posts: 1,611 ✭✭✭JohnDoe2025


    Where are you getting the 40k on average from?



  • Registered Users, Registered Users 2 Posts: 1,611 ✭✭✭JohnDoe2025


    Gardai cannot retire at 49. You clearly don't understand the rules.



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    If you look up the rules, for gardai who joined before 1st April 2004, they can retire on full pension after 30 years service.



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    50% of final salary annually is over 40k.,

    plus tax free lump sum of 18 months salary.

    It was not me who valued the pension pot, it was the Irish Times, link given earlier. 8 years ago it was valued at euro 1,799,454. It would be worth more now.

    Point is, retirement can be great, but a big pension to enjoy it with makes it even better.



  • Registered Users, Registered Users 2 Posts: 2,616 ✭✭✭Vizzy


    According to your own figures( see post 154) the average Garda salary is €67,500. Half of that is not "over 40K"



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    As is well known, and as confirmed in the paper and online, "If you started in the public service before April 1, 2013, your pension is generally based on your salary at retirement ("final salary") and your total years of service. "

    So if you served 30 years in the Gardai (40 years in rest of p.s.) the 50% is based on finishing / final salary.

    For many years it was joked certain popular people got promotions just before retirement just to give them a better pension. Which it did.

    Of course it changed for people starting in the p.s. after April 2013 as it was totally unsustainable. But contracts with pre April 2013 people cannot be changed.



  • Registered Users, Registered Users 2 Posts: 2,616 ✭✭✭Vizzy


    So, you are suggesting that any Garda who is retiring is not on the average salary, but the average applies to every other Garda?

    Rubbish, that's not how averages work.



  • Registered Users, Registered Users 2, Paid Member Posts: 3,878 ✭✭✭Dublin Calling


    For many years it was joked certain popular people got promotions just before retirement just to give them a better pension. Which it did.

    In the ESB it was said to be standing practice.



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    Because of promotions, increments etc, Gardai tend to earn more the longer they serve. Nothing wrong with that, they have more experience. Any Gardai at retirement age earns more per year than they did 10, 15, 20, 25 years previously. Hence why the pensions for those who started before April 2013 are the most valuable.



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  • Registered Users, Registered Users 2, Paid Member Posts: 8,543 ✭✭✭facehugger99


    I think it’s you who doesn’t understand how averages work.

    A Garda near retirement is very likely on a salary higher than the average. a Garda near the start of their career is on a lower than average salary.



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    That is what I said, a Garda near retirement is on a far higher salary than a Garda starting off.

    A Garda retiring say next week, after 30 years service, and who is currently on a salary of say 100,000 a year, will get 150,000 tax free and an annual pension of 50,000 per year. Which will increase over the years as general Garda pay does.

    A public servant who has completed their term of duty (40 years) and who is currently on 100k a year, also gets 150k tax free and 50k a year. If you are on 150k a year, you get 225k tax free and 75k a year pension.

    Such people are in a good position to help their kids buy a house if they want to, pay the deposit anyway.



  • Registered Users, Registered Users 2, Paid Member Posts: 25,000 ✭✭✭✭Sleepy


    Oh ffs. That public servants get better pensions than private sector workers isn't a problem with the public sector: it's a problem with working conditions in the private sector.



  • Registered Users, Registered Users 2 Posts: 9,037 ✭✭✭BrianD3


    There must be a recession on the way if posters are complaining about PS pensions. Boards might need to restart the Irish Economy forum and bring back Permabear and others to screech about clerical officers.

    Haven't heard much of that in the last 10 years. Plenty of mediocre people out there now (tradesmen, MNC employees) making so much money that they don't need a pension or to chase investment return. All they have to do is build up financial independence by not splurging on crap. Of course splurging on crap is exactly what they're doing. A lot of money being snorted up noses and plenty of idiots buying cars costing 50, 60, 70k+ (many of them EVs "to save money on fuel") on PCP every couple of years.



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    Working conditions in the private sector are OK (although many on close to the minimum wage may disagree with that).

    We are talking about pensions, which come out of all taxes collected.

    Do you think private sector employees should get the same, or even half, the pensions of Gardai and similar public servants? The Irish Times said the pension pot of the average retiring Gardai is worth close to 2 million euro. Link given.



  • Registered Users, Registered Users 2, Paid Member Posts: 25,000 ✭✭✭✭Sleepy


    The older state pension schemes were amazing. The new ones less so.

    I'm of the belief that, as a society, we reward capital far too much and labour far too little. I'd love to see private sector companies forced to provide proper pensions for their employees.



  • Registered Users, Registered Users 2 Posts: 432 ✭✭malibu4u


    Get real, this is not Russia. The vast majority of private sector self employed and employees up and down the country cannot afford to have a pension pot worth almost 2 million. Most businesses in the country would go bankrupt very quickly if they had to pay employees a six figure sum on retirement, plus golden pensions. Maybe they could, but you'd be paying ten euro for a bar of chocolate, 50 euro for a pint, 100 to get your puncture repaired, 3000 euro a week to get your child looked after in a creche etc.



  • Registered Users, Registered Users 2 Posts: 3,899 ✭✭✭C3PO


    For as long as I'm healthy, I'll be working!



  • Registered Users, Registered Users 2 Posts: 7,986 ✭✭✭yagan


    Well we did experience the demographic dividend where the amount of people of working age in employment was at its maximum compared to those retired and in below working age.

    As we as a nation get older the age dependency ratio starts to increase, so less of a pension pot to buy elections with.

    The trick is to plan structural things to prolong independent living after retirement. Not being car dependent is probably the most immediate thing we as individuals can take action about, especially if you're currently living outside urban areas with safe pedestrian access the basic essentials.



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  • Registered Users, Registered Users 2, Paid Member Posts: 8,543 ✭✭✭facehugger99


    That's not really the issue at all.

    Public service pensions are basically a ponzi scheme. They're paid out of current expenditure and the entire system relies on replacing workers at a faster rate than existing ones are retiring. Given demographic trends it's likely unsustainable in the medium to long term. It's also one of the reasons the current Govt are so keen to open our borders to immigrants - both legal and illegal. This is obviously having a knock-on impact on housing, services and infrastructure.

    It's a gigantic elephant in the room but will be kicked down the road as far as possible by the politicians.



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