By the middle of this century the old age dependency ratio is projected to double from the current level to around 46%.
Is it remotely plausible that the State would be in a position to means-test such a high proportion of the population? It would be a logistical and political nightmare.
Failing to save for retirement out of a fear that you could lose a State benefit would be extremely foolish.
I respect your opinion Sarenco but the reality it the government took over 2 Billion from private pension funds ,i don’t remember people on the streets rioting like what would happen in other european countries .
I personally know many intelligent people that won’t fund a pension for fear of it been raided or means tested in future , everyone knows we are heading for a pension crisis there is no chance I am putting money away as i strongly believe that the government will interfere with it . It can be argued that it is foolish to save for a pension in Ireland when the government have shown disregard for people’s private pensions.
You just have to look at housing , if your prudent in this country you end up paying for those that are not , a pension crisis is looming the ones that have saved will fund the ones that haven’t one way or another .