draiochtanois wrote: » This post has been deleted.
NewCorkLad wrote: » Right:rolleyes:
KomradeBishop wrote: » I understand fraud and ripping people off, and the flaws with the financial/economic industries models, better than anyone on the thread - likely better than anyone on the whole forum, as I've spent years reading up on this stuff, and know plenty of reliable sources for researching this. So you can forget trying to pull the "I work in the industry, therefore I have an 'intellectual/professional authority' trump card" nonsense. Do most people with a pension actually do that, or do they remain ignorant of that? Largely the latter. Everyone has a choice, but very few people have the knowledge - which is my point. I actually disagree that people should rely on being better informed about finances, because it's something people should not be getting into, unless they are an expert - as otherwise they carry a significant risk of being screwed over. Last sentence there is a straw-man.
Playboy wrote: » I'm very confused I know lots of individuals who have recently retired and who have had private pensions as well as contributory pensions. They seem quite happy and are enjoying their life. When are they going to get screwed over and ripped off? I need to warn them.
KomradeBishop wrote: » Anyone who presents me, as arguing that all pensions are a scam, is deliberately creating a straw-man/misrepresentation of my views, to make them easier to attack.
KomradeBishop wrote: » Point out a single post, where instead of making an argument, I've tried to use that knowledge as a 'trump card'.
KomradeBishop wrote: » Don't believe the fantastical promises of huge returns. A lot of people get completely screwed over by pension funds, and the financial industry overall (the industry is based around dozens of different kinds of legalized fraud, aimed at screwing people over - making shítty investments to create high 'on-paper'/illusory profits that justify huge salaries/fees, high among them - so just stay away unless you know precisely what you're doing).
NewCorkLad wrote: » That seems like a fairly blanket statement condemning pension providers and the financial industry overall.
Deleted User wrote: » still hasn't answered simple question from pages back about how they plan to fund their future grandiose paranoid tabloid-level nonsense response to any other poster. ladies and gentlemen, komradebishop
QuinDixie wrote: » But, Pension providers will eventually will have same problem that healthcare providers have, more going out than going in and private pension payments will decrease heavily in the coming years.
PeteK* wrote: » Thanks for explaining all of that At the end, when you retire, what do you actually get if those were the figures? Do you get a lump sum or a weekly addition to your normal pension, or both?
kazamo wrote: » You could use the calculator on the Pension Authority website to get an indication.http://www.pensionsauthority.ie/en/Calculators/Pensions_Calculator/ I used the earlier info and got to a 6,900 annual contribution and retiring at 68. With that, it gives a 25k pension per anum which is half salary. Only catch is the 25k includes the old age pension of 12k which if doomsayers here are correct in saying the contributory old age pension is for a major chop, maybe down to 13k plus an unknown amount.
KomradeBishop wrote: » Portfolio theory is marketing, it bears no resemblance to the real world, where unexpected events happen to wipe out large amounts of value from individual investments - without that being restored in the next market 'upswing'. Really, start googling 'portfolio theory criticism' and the like - it is total nonsense.
FURET wrote: » How many years do you have to go until age 68? People who are 38 need to understand that by the time they're 68, 25k will only be worth less than 12k in today's money.
kazamo wrote: » Re 38 year old not understanding inflation....no comment.
Ronnie Worried Workaholic wrote: » Big difference. Your pension is paid from your contributions plus employers contribution for you, plus investment. It is not paid by money currently being paid in by others. This just shows how little people understand pensions.
Ronnie Worried Workaholic wrote: » It was the expression "need to understand" not "don't understand". Big difference.
QuinDixie wrote: » I understand pensions. Witness the billions lost just recently in the markets, that includes private and public pension pots. Pensions are a pyramid scheme, the thing is to retire in the next few years because as numbers paying in = numbers paying out both private and public pensions will be cut / taxed heavily as occurs in the UK. We will fall into line as our pop. ages.
kazamo wrote: » wow, you must be bored
Ronnie Worried Workaholic wrote: » Not at all. But why pick someone up on an expression by twisting what was said? You obviously just like to stir things. :)
Ronnie Worried Workaholic wrote: » No. The fund funds your pension and is Not dependent on new members to finance your retirement. The situation with the state pension is different of course but we are talking private pensions here. It is not a pyramid scheme in any sense of the term. My own scheme has many more drawing pension than those still contributing and it is performing very well. You do not understand pensions.
conorh91 wrote: » Obviously you know your own affairs better than anyone here, but would you not wait until you're earning more money before contributing to a pension? I don't intend to start paying into a pension until I'm earning about €35k, because until that stage, I won't be able to afford an adequately substantial contribution. At present, since my salary is so modest, even any modest sacrifice would hurt my finances a lot. If you're optimistic of your earning power increasing in the future, I think it's sometimes advisable to wait until that starts to happen before contributing to your pension.
![Photo of [Deleted User]](https://wb.vanillicon.com/v2/b1a8522b26abe4367117071263a70671.svg)
