The thing is though that your fund would still be getting investment returns after retirement. If you're taking 4% per year (24k) and it's getting a 5% investment return it'll be worth more than €600k when you die. Good for the kids though I suppose.
Pensions Council: "€33k a year pension needed for 'comfortable' retirement"
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Yeah, that's kind of the way I think, do you need a big pension pot if you've no dependants or not planning on leaving it to someone
My plan is to have fairly well depleted my funds by 80, that's if I live that long and all that will be left of value is the house
which I suppose one of my nieces on my wife's side will get
You might as well have nothing left when it's time to go into the old folks home or the state will have it
Gordon Gekko
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Or invest and manage one’s wealth to endure that you have enough to pay for it yourself.
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Agree with you here GG for the most part as in I don't agree with the idea of offloading your assets so as to avoid the cost
If you cant afford a nursing home, fair enough the state has a mechanism to help with this
But if you can, pay the bill and don't be expecting other people to
If you cant afford a nursing home, fair enough the state has a mechanism to help with this
But if you can, pay the bill and don't be expecting other people to
SquirrelChaser
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Or just stay at home instead? Most people in their 80s and beyond have no need to be in a nursing home.
Gordon Gekko
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It seems somewhat circular in that if you have a decent level of income and assets, you get tax relief at the 40% rate so the cost of nursing home care isn’t that bad relative to having to game the system or lose some of the value of your assets.
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Dr Strangelove
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I looked at the thread and enjoyed it! You saved 800 kWh electricity with the free Sunday but some of this would have been normal usage like fridge, TV, etc. Even if I generously assume 600 kWh was usage you shifted to Sunday from other times that's still only a saving of €150 per annum at a marginal unit of 25c.
That kind of saving is about four days of a state pension. It's might be worth it for someone on a low income but for the rest of us it sounds like a bit too much effort.
Thank you,
Hope you will enjoy the next update and how I got on with the EV plan without owning an EV, which will come as soon as I get the final bill from BG
I think you may need to go back and reread my post #44
I'm not sure what or even where the "marginal unit of 25c is coming from and how it is relevant in the scheme of things when I've quoted the exact rates that were available at the time
With regards to the 880Kw of "Free electricity" I had two choices of plans at the time, both had the exact same unit prices but one had free electricity of up to 100kw per month. So that's an instant saving no matter what your usage pattern is
What we did do is move as much electricity usage to maximise the potential savings which resulted in the saving of €607 for the 11 months compared to standard non smart meter plan
In addition to that had I not gone with the free electricity smart plan and charged it to myself at the peak rate I still would have saved €141.62 compared to the non smart plan thus proving in my mind that the smart meter plans do offer savings over the non smart meter plans
With regards to whether it was worth it or not, well I think I've answered that question
Note to the Mods
Is there any chance we could move this discussion from this thread to my thread as I feel its distracting from what the OP had intended the thread to be about
Think I've just worked out where your getting the "marginal unit of 25c" from
I'm thinking your using todays rate while I'm referencing the rates that were available to me in December '22