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Retirement question

  • 11-10-2015 11:38PM
    #1
    Bananaleaf
    Registered Users, Registered Users 2 Posts: 2,923 ✭✭✭


    Hi there

    I'm just wondering how the whole pension thing goes.

    If I am teaching for, say 29 years and then I want to retire...

    I will have 29 years of service, which obv isn't a lot. I would be 55yrs old by then.

    What is the story with a pension for me. I don't pay into a private pension but is this already happening in my wages?

    Would I get anything at 55yrs when I decide to retire? Do I even retire at that age or just leave the teaching profession?

    I've posted before about my dislike of the profession :) I'm just looking at options. By the way, I would be mortgage free by 55

    Thanks
    B


Comments

  • #2
    dingding
    Registered Users, Registered Users 2 Posts: 4,960 ✭✭✭dingding


    http://cspensions.gov.ie/

    Pop your details into this modeler

    It should give you an approximate guide


  • #3
    Kristopherus
    Registered Users, Registered Users 2 Posts: 11,902 ✭✭✭✭Kristopherus


    Unless there is a package to encourage O/50 teachers to retire, then you will get an actuarilly reduced pension. Your lump sum may not be paid until you reach 60. There's lots of info at www.cspensions.gov.ie.


  • #4
    Bananaleaf
    Registered Users, Registered Users 2 Posts: 2,923 ✭✭✭Bananaleaf


    Thank you. I'm not sure 'retire' is even the right word. I guess I would be leaving the profession and maybe going to work elsewhere. I basically can't see myself being able for the hours and the workload (for health reasons) into my 50s

    So I imagine I wouldn't be picking this pension up until my 60s anyway - I would aim to be sustaining myself before then. But I would like to make sure that by doing so I will be leaving myself with enough when I get to my 60s

    Obviously this is quite a big deal and I will get financial advice closer to the time (I'm only 31 now) but just wondering at the moment if I would even be entitled to a teaching pension if I leave at 55 after only having come in at 24/25

    Thanks


  • #5
    TheDriver
    Registered Users, Registered Users 2 Posts: 12,874 ✭✭✭✭TheDriver


    Depend on if you are pre\post 2004 start. Also there are issues with working in public service if you are drawing a public service pension


  • #6
    spurious
    Moderators, Category Moderators, Education Moderators, Paid Member Posts: 27,424 CMod ✭✭✭✭spurious


    I've sent you a PM with some real world figures, Bananaleaf.


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