Retirement.

tayto lover

Tigerandahalf wrote: »

Fair play to you if you can retire at 54. But it begs the question of how someone can pay into a private pension and retire at that age living for possibly another 40 years. I can only see a bubble.

Who said I was 54? You didn't include the VAT.

ytpe2r5bxkn0c1

Tigerandahalf wrote: »

Fair play to you if you can retire at 54. But it begs the question of how someone can pay into a private pension and retire at that age living for possibly another 40 years. I can only see a bubble.

His situation is almost identical to mine but I was 54 when I retired. It's down to management of the investment. My fund will safely see me through. The last big recession didn't affect my pension investment for more than 18 months and it's well back on track with sustainable growth.

Spanish Eyes

Dominik Important Busboy wrote: »

I don't. Indeed I feel so strongly regarding the unfairness of much of the system that I never applied for state pension, home care package - electricity allowances etc - or medical card, free travel and such. I think all should be means tested, regardless of age.

I admire your statement. But honestly, if you are entitled from PRSI contributions to the State Pension, over 70s med card (not saying you are over 70 btw aagh!), and free travel why not avail?

I would not ever be the only maverick in the Village on this. Sorry.

khaldrogo

The Backwards Man wrote:

Do you ever think about it? I think about it now and again, only 30 years, 97 days and 50 minutes to go for me. I'm going to lock up the house, put it up for sale, travel the world and never look back.

At 37 years of age I've only been thinking about my retirement for the last 20 years!!!

I can swim any time I want. I can go away midweek at the drop of a hat. I can do my planned world bike trip at my leisure........among other things. Can't wait!

ytpe2r5bxkn0c1

Spanish Eyes wrote: »

I admire your statement. But honestly, if you are entitled from PRSI contributions to the State Pension, over 70s med card (not saying you are over 70 btw aagh!), and free travel why not avail?

I would not ever be the only maverick in the Village on this. Sorry.

I'm 73. I don't need them. I visit my GP at most once a year, am on no medication and have no public transport around here even if I wanted to avail of it, which I don't.

maryishere

Dominik Important Busboy wrote: »

His situation is almost identical to mine but I was 54 when I retired.

Fair play to you but most private sector workers cannot afford to retire at 54, given they may live for another 40 years or so..

spurious

I took cost neutral retirement at 50. Have 300 a week pension. Things are a bit tight but I could not stick working in the sector I was teaching in anymore.

Had I been in a school where I was given even occasional classes who wanted to learn or achieve it might have been different. I grew tired of the violence, aggression and threats, all accompanied by cuts in pay and conditions.

I dont miss it at all.

Spanish Eyes

Dominik Important Busboy wrote: »

I'm 73. I don't need them. I visit my GP at most once a year, am on no medication and have no public transport around here even if I wanted to avail of it, which I don't.

Admirable.

But I would claim the State Pension and put it a fund for something, the grandkids, the godchildren, the dogs and cats home, something. Honestly.

Sorry if that offends, just thinking it is yours anyway.

But you are unique, it has to be said!

Spanish Eyes

spurious wrote: »

I took cost neutral retirement at 50. Have 300 a week pension. Things are a bit tight but I could not stick working in the sector I was teaching in anymore.

Had I been in a school where I was given even occasional classes who wanted to learn or achieve it might have been different. I grew tired of the violence, aggression and threats, all accompanied by cuts in pay and conditions.

I dont miss it at all.

I don't think there is anything better than peace of mind.

I don't know what age you are now, or your life arrangements, but I am sure with your qualifications, the world would be your oyster on your own terms. Grinds, abroad, whatever. Best of luck anyway.

Better to have the shoulders go down, than go up for someone else's benefit!

ytpe2r5bxkn0c1

Spanish Eyes wrote: »

Admirable.

But I would claim the State Pension and put it a fund for something, the grandkids, the godchildren, the dogs and cats home, something. Honestly.

Sorry if that offends, just thinking it is yours anyway.

But you are unique, it has to be said!

Not offended in the slightest.

Grandkids will be looked after as is. Dog's home? No.

I give it to a cause already - OAPs, Unemployed etc benefit from it.

Tigerandahalf

spurious wrote: »

I took cost neutral retirement at 50. Have 300 a week pension. Things are a bit tight but I could not stick working in the sector I was teaching in anymore.

Had I been in a school where I was given even occasional classes who wanted to learn or achieve it might have been different. I grew tired of the violence, aggression and threats, all accompanied by cuts in pay and conditions.

I dont miss it at all.

Teaching is not an easy game to be in when you push on especially in disadvantaged schools.
€300 p/w is not bad if you have no mortgage or rent.
Were you not tempted to live abroad somewhere sunnier where your money would go further?
You could still live to 100 - it is a long time to be fully retired.

Geuze

Permabear wrote: »

This post had been deleted.

No I don't.

But note that the over 70s GMS is now means-tested.

Geuze

tayto lover wrote: »

I also believe that Medical Cards have been granted far too easily. Means test them. I would curtail the number of doctors visits. Maybe cut it down to 1 per month. Personally I visit a doctor on average of twice a year.

Med cards are means-tested.

Spanish Eyes

Dominik Important Busboy wrote: »

Not offended in the slightest.

Grandkids will be looked after as is. Dog's home? No.

I give it to a cause already - OAPs, Unemployed etc benefit from it.

Do you actually have a choice to refuse the State Pension? I think it comes automatically when you reach the age. Anyway, not having a go. Just hoping mine comes auto when the time comes if it does!

Geuze

A Tyrant Named Miltiades! wrote: »

Yeah, that's true about the new calculations.

Well even a €20,000 annual pension (gross) would be at the lower end of public service pensions, yet would take a private saver about €800k to buy that very, very modest pension.

So while the benefits of the public service pensions have dropped in value, they're still a massive perk of the job.

On that note, off I trundle to publicjobs.ie

Plenty of PS pensions are well under 20k.

I saw one last week, 20 years service, PS pension is 310 pm, under 4k pa.

Job was catering supervisor, in charge of maybe 5-6 staff.

Geuze

Spanish Eyes wrote: »

Do you actually have a choice to refuse the State Pension? I think it comes automatically when you reach the age. Anyway, not having a go. Just hoping mine comes auto when the time comes if it does!

State Pension is not automatic.

Not everybody over 66 gets it.

Tens of thousands of people over 66 do not receive a SP.

Spanish Eyes

Geuze wrote: »

No I don't.

But note that the over 70s GMS is now means-tested.

It isn't. It is Universal.

Geuze

Dominik Important Busboy wrote: »

I don't. Indeed I feel so strongly regarding the unfairness of much of the system that I never applied for state pension, home care package - electricity allowances etc - or medical card, free travel and such. I think all should be means tested, regardless of age.

Cont SP is based on PRSI contributions, not means-tested.

If you suggest making all SP means-tested, then you are calling for the end of social insurance.

tayto lover

Geuze wrote: »

Med cards are means-tested.

Good. They should limit the number of doctors visits. Nothing as bad as people with MC's running to the doctor with the slightest sniffle.
I often wonder if some doctors encourage it.

I have my bloods done once a year and only go again if I have a serious complaint.

Spanish Eyes

Geuze wrote: »

State Pension is not automatic.

Not everybody over 66 gets it.

Tens of thousands of people over 66 do not receive a SP.

Yes they do, it is either automatic or means tested. It is either Contributory or non Contributory, the latter is means tested. But everyone gets it one way or another, age based.

Geuze

Spanish Eyes wrote: »

It isn't. It is Universal.

It was, for a while.

These were known as the "golden" med cards, as GPs were paid a lot per person over 70.

Then the means-test was introduced [or re-introduced?]

https://www.hse.ie/eng/services/list/1/schemes/mc/focuson/70medicalcard.281010.shortcut.html

Now, initially the limits were set high, at 700/1400 pw, so 95% of those over 70 still qualified.

Those limits were cut to 600 / 1200, and are now 500 / 900 pw.

https://www.hse.ie/eng/services/list/1/schemes/mc/forms/medcardgpvisitcardguidelinesaged70over.pdf

Geuze

Medical Cards for People Aged 70 and Over



Everyone aged 70 or over who applies for a medical card is subject to a means test. Read the National Assessment Guidelines




From 5th August 2015 everyone aged 70 or over, ordinarily resident in Ireland, will be eligible for free GP care regardless of income. All people aged 70 or over who do not have a Medical Card or GP Visit card can register to access this service.

Register online at gpvisitcard.ie or download the registration form.

Read more about GP Visit Card Over 70s

Medical Card Applications for everyone in this age group are now processed centrally in our Client Registration Service, Finglas, Dublin 11.

Information is available on this website an

Geuze

Spanish Eyes wrote: »

It isn't. It is Universal.

What you might be thinking about is the GP visit card, which is now automatic for all those over 70.

Geuze

Spanish Eyes wrote: »

Yes they do, it is either automatic or means tested. It is either Contributory or non Contributory, the latter is means tested. But everyone gets it one way or another, age based.

Incorrect.

My father is 71, never paid full-rate PRSI, and so does not receive a State Pension.

There are thousands more like him.

Spanish Eyes

Geuze wrote: »

It was, for a while.

These were known as the "golden" med cards, as GPs were paid a lot per person over 70.

Then the means-test was introduced [or re-introduced?]

https://www.hse.ie/eng/services/list/1/schemes/mc/focuson/70medicalcard.281010.shortcut.html

Now, initially the limits were set high, at 700/1400 pw, so 95% of those over 70 still qualified.

Those limits were cut to 600 / 1200, and are now 500 / 900 pw.

My old lady has means, thank god it pays for her care, she is not eligible for Fair Deal. But she gets the over 70s GP service, and no application/means test was required.

TBH it was the only thing the old lady got from the State apart from the OaP.

Ever. Taking it thanks.

Geuze

Spanish Eyes wrote: »

Yes they do, it is either automatic or means tested. It is either Contributory or non Contributory, the latter is means tested. But everyone gets it one way or another, age based.

Have a read of the DSP stats to see how many State Pensions are in payment.

Then compare that to the number of people aged over 66.


None of my father's colleagues receive State Pensions, as they did not pay full-rate PRSI.

Indeed, I also have retired ex-colleagues who do not receive State Pensions.

Geuze

Imagine you arrive in Ireland aged 60, from the UK.

You will not get a CSP, as you don't have enough PRSI paid.

You have other income, so you won't get a non-con SP.

I know several people like this.

They do not receive State Pensions.

There are thousands of people like them

Spanish Eyes

Geuze wrote: »

Incorrect.

My father is 71, never paid full-rate PRSI, and so does not receive a State Pension.

There are thousands more like him.

But on a means test he would qualify for a pension then?

If I am reading you right, he never contributed, and maybe his means are above the threshold now for eligibility for a State non contributory pension. Am I right or what.

Geuze

Yes, he has a work pension, so would not qualify for a non-con State pension.

Geuze

Geuze wrote: »

Plenty of PS pensions are well under 20k.

fair enough, but people on those very, very low pensions aren't really relevant to private pension schemes anyway, since they wouldn't reasonably be able to afford them in most cases. I don't think anyone can begrudge them such tiny public service pensions.

I'm only talking about the public sector being an attractive workplace in terms of those who are already contributing to qualifying pensions plans in the private sector. Obviously, it doesn't mean that a airline-leasing solicitor is going to go work as a catering lady. But she might look for a public job in an advisory role, once she sees the relatively generous, largely unfunded, pensions of offer.

tayto lover wrote: »

Good. They should limit the number of doctors visits. Nothing as bad as people with MC's running to the doctor with the slightest sniffle.

Nothing as bad...

Nothing as bad?

Oh, I don't know ... pneumonia, deprivation, old-age poverty? I can think of plenty of worse things than someone getting their knickers in a twist in the waiting room of a G.P.'s clinic, in fairness.

I often wonder if some doctors encourage it.

GPs are paid a fixed fee per GMS patient, regardless of whether the patient visits daily or annually, or even never. So they have absolutely no reason to encourage excessive visits, nor do they benefit financially from it. As a corollary of that, the State doesn't lose out, either.

Spanish Eyes

Geuze wrote: »

Yes, he has a work pension, so would not qualify for a non-con State pension.

I am very sympathetic, don't get me wrong, but statutory State Pensions are paid out based on full PRSI contributions.

I cannot understand why Dad is not eligible for the full State Pension if he has worked all his life. Surely he had PRSI contributions.

Is there something you are not telling us!

Beasty

I will have qualified for 2 State Pensions, and already have in place one defined benefit pension and one defined contribution pension when I do reach retirement age (although there's every chance I will have different retirement ages for each!)

tayto lover

[QUOTE=A


Nothing as bad...

Nothing as bad?

Oh, I don't know ... pneumonia, deprivation, old-age poverty? I can think of plenty of worse things than someone getting their knickers in a twist in the waiting room of a G.P.'s clinic, in fairness.

.[/QUOTE]

I'm glad you agree with me. You should only go to the GP when you're really sick ...... not with a sniffle.

tayto lover

Beasty wrote: »

I will have qualified for 2 State Pensions, and already have in place one defined benefit pension and one defined contribution pension when I do reach retirement age (although there's every chance I will have different retirement ages for each!)

You won't get the full amount of all of them though.

Geuze

Spanish Eyes wrote: »

I am very sympathetic, don't get me wrong, but statutory State Pensions are paid out based on full PRSI contributions.

I cannot understand why Dad is not eligible for the full State Pension if he has worked all his life. Surely he had PRSI contributions.

Is there something you are not telling us!

Public servants hired pre 1995 did not pay full-rate PRSI.

So tens of thousands of PS never paid full-rate PRSI.

This is common and normal.

They don't get State Pensions.

They get work pensions.

Spanish Eyes

Geuze wrote: »

Public servants hired pre 1995 did not pay full-rate PRSI.

So tens of thousands of PS never paid full-rate PRSI.

This is common and normal.

They don't get State Pensions.

They get work pensions.

Drip Feed.

But ok I understand now. Why didn't you say that in the first place?

Beasty

tayto lover wrote: »

You won't get the full amount of all of them though.

Depends how long I live - might not get anything out of them, but there will still be something left for the family!!

But no, my 2 state pensions are not going to be full pensions and if means-tested I won't get anything from them. My defined benefit pension stopped accruing a few years ago, but has a substantial amount built up. Since that stopped I've basically optimised my Irish tax relief by investing in an Irish DC pension. I've also invested in memorabilia (sport and music), art and property (a holiday home that is let out, and another that only family use, and I've bought my dad's house for him). I've money in other funds/investments and will probably buy some agricultural land over the next year or two.

Geuze

Spanish Eyes wrote: »

Drip Feed.

But ok I understand now. Why didn't you say that in the first place?

No reason.

Please note there are many reasons why people over 66 might not be receiving State Pensions, this is just one reason.

WoollyRedHat

Did you ever hear about the lady who lived in the shoe? She used to be a cobbler....

Or how about the baker? He finally has made enough dough and is now rolling in it.

Spanish Eyes

Geuze wrote: »

Public servants hired pre 1995 did not pay full-rate PRSI.

So tens of thousands of PS never paid full-rate PRSI.

This is common and normal.

They don't get State Pensions.

They get work pensions.

Yes dear, I have figured out that Dad was a pre 95er. As are many.

But present day PS are in the same boat surely? Their pension is topped up by State Pension to equal what they are entitled to similar to a pre 95er?

I don't see any difference there do you?

Geuze

Yes, if a pre and pst 95er both do 40 years service, then the total pension(s) will be the same.

Not paid at the same age though.

elperello

tayto lover wrote: »

I'm glad you agree with me. You should only go to the GP when you're really sick ...... not with a sniffle.

I think that with older people especially it's better for them to go to the GP early rather than wait until they are in extremis. Better for their health and in the long run cheaper for the health service. The GP can treat the ailment in a timely fashion and possibly avoid hospitalisation which is very expensive.

edireland

Anyone had my experience of been treated 6 time by a HSE physiotherapist and just given hand outs.
A told it's best practice as it's proven the exercise is the only best long term solution.
I got no manipulation at all.
When I complained I was told I been doing this for years and even have private practice.

JustAThought

Had large pay in to my pension which was almost totally wiped out by the market crash. High risk /yield and property and banking investments 80% - the stock will not recover as the companies no longer exist. Am quite bitter. Should have paid the 70k off my mortgage.

I.took a few years off a few.years ago and was dead lucky - travelled, lived abroad and didnt work, did.things I wanted to, also did nothing -had a ball and was extremely happy. Im so grateful that I got to do all that while I was young and could really appreciate it - not old or sick or bitter or too late to appreciate it. I cannot imagine a life slaving a job I dislike remorselessly to just gain e200.state pension when I am 68 - or whatever age they raise it to.

In the meantime I intend to rent a second house to be my pension income - a far easier and more reliable bet than gambling on stocks and the dilligence of brokers -Gods not making any more land - hopefully I will have a monthly income.of 4 or 5k a month on a rental by then - which by then might be enough to have my socks darned and keep me in potatoes and poitín.

28 years 10 months booo yaaa

JustAThought

JustAThought wrote: »

Had large pay in to my pension which was almost totally wiped out by the market crash. High risk /yield and property and banking investments 80% - the stock will not recover as the companies no longer exist. Am quite bitter. Should have paid the 70k off my mortgage.

.....

S&p500 and ftse100 type index or etf funds should be the most risk any investors take in Imo. Anything else is gambling not investing.

Ginger83

Retired 3yrs ago at 32, enjoying it so far.

van_beano

17 years 8 months and I’m out the gap as a spritely 55 year old

4ensic15

JustAThought wrote: »

Had large pay in to my pension which was almost totally wiped out by the market crash. High risk /yield and property and banking investments 80% - the stock will not recover as the companies no longer exist. Am quite bitter. Should have paid the 70k off my mortgage.

I.took a few years off a few.years ago and was dead lucky - travelled, lived abroad and didnt work, did.things I wanted to, also did nothing -had a ball and was extremely happy. Im so grateful that I got to do all that while I was young and could really appreciate it - not old or sick or bitter or too late to appreciate it. I cannot imagine a life slaving a job I dislike remorselessly to just gain e200.state pension when I am 68 - or whatever age they raise it to.

In the meantime I intend to rent a second house to be my pension income - a far easier and more reliable bet than gambling on stocks and the dilligence of brokers -Gods not making any more land - hopefully I will have a monthly income.of 4 or 5k a month on a rental by then - which by then might be enough to have my socks darned and keep me in potatoes and poitín.

Must be some house to command a rental of 4 to 5k a month. Rent does not come constantly from rented properties. there are crashes in the market, bad tenants and repairs and renewals to be carried out. All your eggs would be in the one basket.

Graces7

JustAThought wrote: »

Had large pay in to my pension which was almost totally wiped out by the market crash. High risk /yield and property and banking investments 80% - the stock will not recover as the companies no longer exist. Am quite bitter. Should have paid the 70k off my mortgage.


In the meantime I intend to rent a second house to be my pension income - a far easier and more reliable bet than gambling on stocks and the dilligence of brokers -Gods not making any more land - hopefully I will have a monthly income.of 4 or 5k a month on a rental by then - which by then might be enough to have my socks darned and keep me in potatoes and poitín.

Maybe spend a while on the Accommodation and Property forum for a dose of reality re being a landlord