Garda wife: 'There are weeks I can't put food on the table'

serotoninsid said:
Well, the 'net situation' is currently being dissected over on the 'money makeover' thread that the individual concerned has started.
Click to expand...

Forgive me if I have misunderstood but I didn't think the garda's wife in question has actually come on to AAM and posted but rather that "someone" started the money makeover thread to allow the more in-depth analysis of figures and questions to be posed.
 

take away €4,775 in the pension levy and c.€3,250 in pension contributions aswell though for the public sector employee
 
Have a look at taxcalc.eu which I have always found to be the most accurate calculator.
 
orka said:
Have a look at taxcalc.eu which I have always found to be the most accurate calculator.
Click to expand...

The difference seems to be related to a pension contribution of €3,387 on the .EU site which isn't on the .IE site.

It can't be changed on the .EU site either

What is this figure made up of

The Pension Levy is €4,775
 
Janet said:
but rather that "someone" started the money makeover thread to allow the more in-depth analysis of figures and questions to be posed.
Click to expand...

and in line with that it would be great if one of the posters on this thread who know what tax a man would pay on an income of 50K we might progress on that discussion. So far I cannot even figure out the income.

Thanks to whoever posted that other thread. It's a much better way of figuring out if 75K or indeed 65K is a lot to live on.

(Not sure who Emily is though).
 
DB74 said:
The difference seems to be related to a pension contribution of €3,387 on the .EU site which isn't on the .IE site.

It can't be changed on the .EU site either

What is this figure made up of

The Pension Levy is €4,775
Click to expand...
Public sector workers (full class A prsi) recruited after 1995 have had to pay pension contributions even before the pension levy (see the FAQ on cspensions.gov.ie). I'm not sure if the garda scheme is the same but I think they have some contribution to make.
 
Ok, if that's the case - thanks for clarifying. It would be far better if it was the person concerned - as further clarification is needed in order to determine with a little bit more precision - the situation of that individual and possible solutions to their financial predicament...
 
I think Orka has raised a brilliant point.

A couple of questions stand out:
1) Should public servants be allowed opt out of future pension accruals in return for no pension levy or pension contribution?
2) If debt forgiveness comes in, will there will be very little to incentivise someone with a fairly average mortgage and a salary of €65k continuing to work versus just throwing in the towel and having their debt written off?

Could we do a Mrs Cornflakes scenario where the family are not working, have had their mortgage written off, etc and see how they compare?
 
DerKaiser said:
Could we do a Mrs Cornflakes scenario where the family are not working, have had their mortgage written off, etc and see how they compare?
Click to expand...
I'm sure we could if all the details were provided - but as yet, that doesn't seem to be the case over on the money makeover thread.
 
serotoninsid said:
I'm sure we could if all the details were provided - but as yet, that doesn't seem to be the case over on the money makeover thread.
Click to expand...

Indeed we do not have all the details. The pension contribution in particular is very hard to pin down.
 

At last somebody is talking some sense
I had been tempted to do those sums myself
I think the real issue is that people compare Gross salaries and think: "Oh he's earning twice what I'm earning... lucky __insert_derogatory_term__"

If people were all just dealing in NET salaries that would be a fair comparison, but the reality is we all talk in Gross... €60k/pa gross is not twice €30k/pa by the time you get to the Net line on the payslip
 

Another excellent point.

It's really interesting to look at this level of salary pre and post retirement.

As stated above €51k delivers €35.7k net to someone in the public service under 65.

If that person has a 66% pension of €34k on retiring at the age of 65, their take home will be €31.2k.

I find this astounding. I know this particular person will need plenty of money in retirement as they will still be paying the mortgage, but in normal cases where the kids get jobs and the mortgage is paid off and there are no commute costs, the level of expenditure would probably fall by €15k+ meaning disposable income actually rises significantly on retirement!
 

Saying that the kids will have jobs is a bit of a crystal ball job (talking in general, not about this case). There are many cases where the kids are only in their early 20s, which can mean unemployed or still in college. You can also have a situation where grandkids have come along but the kids are not able to manage financially just yet, particularly with couples having their kids later this is quite common (as in, the grandparents in this case, if they have their children in their 30s, then their children will only be in their early 20s when the grandparents retire).

My parents are retired and finding that they have more disposable income than they ever had. As they get older, may need more care I am very relieved that financially things are easy for them now. They struggled to make ends meet for years, it's nice to see them relax now.
 

Note that PS pensions are 50% of wages, assuming full service.

But yes, there are retired teachers on 700 pw pension, more than new teachers make.
 
The original reporter on this must read blogs etc as she came back on the radio with Marian Finucane about this. Did anyone hear what she said?
 
You must log in or register to reply here.
Menu
Log in
Register