Deferring your State Pension (Contributory) - break even point is age 88

S class said:
Practical mathematics. financial planning and all aspects of money handling should be taught in our schools as a seseparate subject
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Home economics, business studies, or accounting for example?
 
ClubMan said:
Ok, I thought that it was paid every Xmas.

But 52 x €289.30 = €15,044 which is still different to what's in the previous table.
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It's actually 52.18 weeks per year or 29.09 fortnights, to account for 365 days per year and the leap year day

365 x 4 years + 1 leap day = 365.25 average over 4 years / 7 days per week = 52.18
 
TheJackal said:
It's actually 52.18 weeks per year or 29.09 fortnights, to account for 365 days per year and the leap year day

365 x 4 years + 1 leap day = 365.25 average over 4 years / 7 days per week = 52.18
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Really? Where does the DSP outline that payment calculation method?
 
ClubMan said:
Really? Where does the DSP outline that payment calculation method?
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It doesn't matter if they say it or not, it's the way things are.
On average there are 52.18 Fridays in every year, so on average they are paying 52.18 times the weekly rate per year.
 
S class said:
None of these are leaving cert core subjects.
Great if somebody can do all these, but a core subject dealing with personal finance should be mandatory for all students.
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I suspect that some sections of society would view universal financial literacy with something approaching alarm
 
Dr Strangelove said:
Almost no one seems to have noticed it but the state pension contributory has seen an inflation-adjusted decline over the last number of years too:
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Plenty of talk about the cost of living crisis which is what this amounts to. Compensated for by extra double payments and various other payments from the state.
 
I know cases of people not drawing the pension while working which of course is possible and allowable.
 
Not drawing the pension isn't the same as actually actively deferring it. Someone doing the former will lose out if they passively fail to claim it for more that 6 months. That's the maximum backdating period for late claims.

Incorrect information corrected below:

Deferring your State Pension (Contributory) - break even point is age 88

Practical mathematics. financial planning and all aspects of money handling should be taught in our schools as a seseparate subject Home economics, business studies, or accounting for example?
www.askaboutmoney.com
 
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I think that not claiming the pension up to age 70 is automatically a deferral.

If a person over age 70 doesn't claim their pension they would loose out by being only allowed 6 months backdating.
 
S class said:
I think that not claiming the pension up to age 70 is automatically a deferral.
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Sorry, my mistake. Looks like you are correct. I thought that one had to inform the department before normal pension age that one was deferring the classroom but that doesn't seem to be the case.

Deferring your State Pension (Contributory)

You can start to claim your State Pension (Contributory) at any age between 66 and 70. This page explains who can defer (delay) their State Pension (Contributory), rates for different age groups, and how to apply.
www.citizensinformation.ie www.citizensinformation.ie
 
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