# Is Ireland a less than ideal country for early retirement?



## Dylapi (30 Aug 2017)

I heard that people looking to retire at an age younger than most will find it more difficult here. Is this true and why? Thanks


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## galway_blow_in (30 Aug 2017)

no state in europe treats the elderly better , beit those who only have the state pension or those with significant savings , DIRT is lower for seniors , as is income tax 

they are also about the most powerful voting bloc in the country bar none , every party courts their vote vigorously and will happily leave others ( including children ) out in the cold so as to maintain and increase supports to pensioners


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## Cervelo (30 Aug 2017)

I would think it's no more difficult than anywhere else, but it depends on many factors.
What age is younger and what have you heard that makes it so difficult ??


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## Jim2007 (30 Aug 2017)

Well one thing to factor in is that you don't have to meet any financial requirements to retire early in your home country.  You can retire early to any other EU/EEA/CH country only if you meet their minimum financial requirements of an income stream to live on.


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## fistophobia (30 Aug 2017)

The odds are certainly stacked against willing early retirees. There are a few websites to research this idea, with a handful of Irish contributors.
Govt. dont want people retiring early - want you to keep toiling, generating tax revenues, staying in debt and buying more stuff.

You would need a large fund of money or properties to do it.
Pension funds are only accessible from age 50. Are you talking about younger that this?


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## Dylapi (2 Sep 2017)

One of the reasons I read was due to the 41% tax on investment income gains. With this, you would need to work almost twice as much as other countries if investing the money into index funds etc. And yes I mean younger than 50, say early 40's


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## DeeKie (2 Sep 2017)

fistophobia said:


> The odds are certainly stacked against willing early retirees. There are a few websites to research this idea, with a handful of Irish contributors.
> Govt. dont want people retiring early - want you to keep toiling, generating tax revenues, staying in debt and buying more stuff.
> 
> You would need a large fund of money or properties to do it.
> Pension funds are only accessible from age 50. Are you talking about younger that this?


What websites?


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## Gordon Gekko (2 Sep 2017)

Dylapi said:


> One of the reasons I read was due to the 41% tax on investment income gains. With this, you would need to work almost twice as much as other countries if investing the money into index funds etc. And yes I mean younger than 50, say early 40's



There is no tax on investments within a pension fund.


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## fistophobia (3 Sep 2017)

Websites such as Mr Money Mustache, Early Retirement Extreme, The Firestarter.

or send me a private message and we can talk... I have done what you are asking about. Its hard, but possible.


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## Cervelo (3 Sep 2017)

I think for me as an early retiree the most difficult thing to deal with in Ireland is not the taxes or the cost of living here but the lousy and unpredictable weather


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## Gordon Gekko (3 Sep 2017)

Surely early retirement is no more or less challenging in Ireland than in any other jurisdiction?

The tax relief available for pension funding is great...my sense that a combination of inertia and gombeen investing are at the root of the problem.


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## fistophobia (3 Sep 2017)

GG, we are talking about early retirement, well before age 50. Pensions are not relevant as they cant be touched before this age. The solutions lie elsewhere.


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## Gordon Gekko (3 Sep 2017)

fistophobia said:


> GG, we are talking about early retirement, well before age 50. Pensions are not relevant as they cant be touched before this age. The solutions lie elsewhere.



Unless the person plans to commit harakiri when they reach the half-century, pensions are very relevant.

For the tiny minority who can and want to retire before 50, a pension can sustain them post 50.


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## Cervelo (3 Sep 2017)

I would agree with GG about pensions been very relevant to early retirees and would advise where possible to max out pension contributions before retiring.

And GG, "dont call me Shirley" (sorry couldn't resist)


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## Leper (8 Sep 2017)

I know this thread is about "Early" Retirement. Also, some contributors have kept money matters away from the thread.  I am interested in the thread on a matter of fronts because I will be retiring soon.  I have started the process already i.e. reduced my working week to four days and will reduce further before I head into the blue yonder. I am training my replacement and she has some independence on my extra day off (decision making).

I should point out here that I retired some years ago aged 48 from another job.  I had a good financial package to leave my job and took it. I did no preparation whatsoever. It was an almost instant decision and I settled into Early Retirement like a Sahara Bedouin into life in the Antarctic and soon found myself competing for several Public Service jobs which resulted in me having a choice from three.  I think I picked the wrong one, but no matter, I am facing full retirement on my 65th birthday. I have no choice and will fully retire.

This time I have some solid plans in place that should tie us over OK. I am not entitled to an old age pension from SW, but my wife is. We won't starve but neither will we be heading to Las Vegas at weekends. We will be spending several months of each year abroad (I hope!). We own an apartment in Spain and will use it on-and-off between October to May and rent it out whenever possible. Most retirees don't have a holiday home abroad, but you can rent a 2 bedroom apartment in a good Spanish resort location for €600 per month in the off seasons.  You live cheaper in Spain and at any given time you are only a couple of hours away from Ireland. This is an option for everybody and the warmer weather will be welcome. We plan not to abandon Ireland altogether and have agreed that the hurling championship has always been important to us and we'll be here at least for all of that. (Sounds cheesy, I know, but that's us).

We have children and grandchildren so we plan spending more time with them. We have been getting fitter since earlier this year and plan to take on a few of the Irish cycling greenways. We've done some hillwalking too over the past few years. We're foodies and both of us have done some courses. We enjoy visiting different areas of Ireland now and again.  We will be doing more visiting shortly. Mrs Lep retires a few months after me. I speak good Spanish and Mrs Lep after a two-bit course thinks she can correct my Spanish grammar. Somethings will never change!

I'm beginning to ramble on and before I get accused of commandeering the thread I'll answer the main question - Ireland is a terrific place in which to retire especially if you are an active participant and not waiting for somebody else to make something happen for you. You set your own limits. We all have our dreams. Make them as real as you can. The alternative is not worth considering.


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## Deiseblue (9 Sep 2017)

Brilliant place to retire if you are lucky , both myself & my wife retired early from Bank of Ireland & banked a tax free sum of €300,000 between us .
I retired at 52 & gross approx 30k per annum with my wife grossing more having worked longer & if spared both of us can also claim the OAP & both of us were able to claim jobseekers, mine ceased after 18 months but my wife continues to claim after ceasing working part time.
Blessed to be a DB pensioner & a member of a Union who negotiated the above conditions.
Off to Portugal shortly for the winter.


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## Cervelo (10 Sep 2017)

Well done Deiseblue, nice to read a sucess story rather than the doom and gloom stories that are on AAM
Enjoy the winter in Portugal


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