Pensions - You're having a laugh
- Thread starter seriams
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sunrock
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Isn`t the pension age going to rise to 68years in the future according to Lenihan?
Sounds crazy to have someone aged 67 working whilst a lot of qualified 25 year olds are on the dole .
Well I suppose someone has to pay for our politicians pensions and all the lotto severance packages/pensions of the likes of Nally,the FAS md and the bank executives who resigned.
I would have no problem with that proposal if the politicians pensions began at 68 also.
I remember in the 80s when jobs were scarce we had a lot of breadwinners who were 60+ supporting a family that included unemployed children in their 20s and 30s all living at home.And of course they were under pressure to keep going until pension age or they dropped dead.
This proposal by Lenihan is like something from the twylight zone.
Sounds crazy to have someone aged 67 working whilst a lot of qualified 25 year olds are on the dole .
Well I suppose someone has to pay for our politicians pensions and all the lotto severance packages/pensions of the likes of Nally,the FAS md and the bank executives who resigned.
I would have no problem with that proposal if the politicians pensions began at 68 also.
I remember in the 80s when jobs were scarce we had a lot of breadwinners who were 60+ supporting a family that included unemployed children in their 20s and 30s all living at home.And of course they were under pressure to keep going until pension age or they dropped dead.
This proposal by Lenihan is like something from the twylight zone.
If you are under 49, you will have to work an extra three years.
I believe from listening to Hanafin that there will be a suite of funds and providers to choose from.
I for one thing think the idea is good but the application of it is muddled.
I cannot accept that Mary Hannafin and her colleagues can take an impartial and objective decision on pensions knowing that TD's, Senators and Ministers are not affected. Then again, they are not subject to our tax rates either.
I find it incredible that they are not being more constructive with the new proposals. For instance, it is already accepted that Gardai cannot be expected to pound the beat and the criminals at 65, but, workers doing other jobs where there is a lot of manual lifting and
other physical work, e.g. nurses, construction workers, county council workers, are now expected to work till 68! Could there not be a graded increase in contributions for these workers to enable them retire earlier?
It is also infuriating to see the new pension investments apparently being given to the insurance companies and therefore the banks to manage. Besides the management costs and fees and their abysmal track record for existing pension funds, it is a perverse award to them after already dumping on the taxpayer in the past year.
I find it incredible that they are not being more constructive with the new proposals. For instance, it is already accepted that Gardai cannot be expected to pound the beat and the criminals at 65, but, workers doing other jobs where there is a lot of manual lifting and
other physical work, e.g. nurses, construction workers, county council workers, are now expected to work till 68! Could there not be a graded increase in contributions for these workers to enable them retire earlier?
It is also infuriating to see the new pension investments apparently being given to the insurance companies and therefore the banks to manage. Besides the management costs and fees and their abysmal track record for existing pension funds, it is a perverse award to them after already dumping on the taxpayer in the past year.
The "providers" will be chosen on the basis of the size of their contributions to the FF party, so everybody's happy!
In fact, those providers should be made to make a statement that they have not made any political conributions, as should all the banks that are receiving funding from the Government.
Hanafin was asked what happens when an employee retires from their work at 65, and they have to wait for three years for their state pension. She replied, as she did to a number of perfectly reasonable questions, "Well, that is yet to be worked out". Another half-baked scheme from this half-baked government.
There is one thing I will defend the Gov in, and thats they have to address this problem as it will be major in the years to come. Any Gov that ignores the pension timebomb of the future will suffer big style, and will have to tax their young people and working population to death.
I agree with forcing people to contribute towards a pension, but not will making people work to 68yrs old.
I agree with forcing people to contribute towards a pension, but not will making people work to 68yrs old.
PyritePete
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Me too Seriams. I have posted on another thread that I would rather pay off the mortgage sooner and work for a few years mortgage free and save this money. Now I will have more years to work. Result
No one is making anyone work to 68.
The decisions is being made that the old age pension will only be paid from age 68.
The first state pension was brought in 100 years ago and payable only from age 70, at a time when most people were dead before they reached 60.
People have to start realising that there is no magic pot of money.
The options are:
1) Keep the pension age as is and reduce the amount
2) Raise the age from which it is payable
3) Tax the hell out of people throughout their working lives
There's a lot of reactionary comment here about how inept the government is and how evil pension providers are.
Rather than rush in with the usual cliched rants maybe people need to get the concept straight in their heads that:
1) Showing a bit of maturity in their working lives by saving for retirement is no bad thing
2) Staying with the current system will ultimately become unsustainable as the population ages
Fianna Fail don't cause the floods, Fianna Fail are powerless to do anything about the ageing of the population in this country.
People need to grow up and accept economic realities rather than persist with childish conspiracy theories.
The decisions is being made that the old age pension will only be paid from age 68.
The first state pension was brought in 100 years ago and payable only from age 70, at a time when most people were dead before they reached 60.
People have to start realising that there is no magic pot of money.
The options are:
1) Keep the pension age as is and reduce the amount
2) Raise the age from which it is payable
3) Tax the hell out of people throughout their working lives
There's a lot of reactionary comment here about how inept the government is and how evil pension providers are.
Rather than rush in with the usual cliched rants maybe people need to get the concept straight in their heads that:
1) Showing a bit of maturity in their working lives by saving for retirement is no bad thing
2) Staying with the current system will ultimately become unsustainable as the population ages
Fianna Fail don't cause the floods, Fianna Fail are powerless to do anything about the ageing of the population in this country.
People need to grow up and accept economic realities rather than persist with childish conspiracy theories.
Isn't being personally unaffected by your decisions the best way to stay impartial?
Now you're having a laugh. Unaffected does not mean impartial if part of the decision making was to leave yourself unaffected! "I will increase everyone's tax rate to 60% but leave mine untouched - I am unaffected, therefore impartial therefore I have made a good decision" - seriously? If they were in a situation where there was no way they could be affected no matter what decision they made, then they could be impartial.
PyritePete
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sunrock
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So someone in 2020 who retires at 65,maybe because he/she is not up to the job anymore or more likely is let go by his employer now has to wait until 68 until he/she gets the pension.Are the dole offices going to be full of old people 65,66, and 67 all signing on and declaring their availability for work.
If it is such a good idea why don`t Mary Hannifin up the pension age with immeadiate effect. It really is targeting the vulnerable hitting the younger people with half dole payments and making older people wait until they are 68.
Reduce the pension rate if need be ,but stop this ludicrious idea of making people work until they are 68,whilst we have over 400000 unemployed,most of whom are qualified young people.
Of course it is all very well for the likes of DER KAISER to say they dont have to work until they are 68 but what exactly are they going to live on?
If it is such a good idea why don`t Mary Hannifin up the pension age with immeadiate effect. It really is targeting the vulnerable hitting the younger people with half dole payments and making older people wait until they are 68.
Reduce the pension rate if need be ,but stop this ludicrious idea of making people work until they are 68,whilst we have over 400000 unemployed,most of whom are qualified young people.
Of course it is all very well for the likes of DER KAISER to say they dont have to work until they are 68 but what exactly are they going to live on?
The only way Mary Hannafin can affect herself is through public sector pension reform, I believe they're looking into that.
So I believe she was unaffected in respect of potential changes to the amount of the state pension or the age at which it would commence
SAVINGS.
It's all well and good for you guys to say keep the pension at its current level from the current age.
But that will mean each taxpayer pays €6k a year in taxes to pay for it rather than the €2k a year it costs at the moment.
Why let the facts get in the way of a good rant though...
Jaysus, DerKaiser, THAT'S lateral thinking! While I think your reasoning is wacky, the weekly Friday pint philosophizing session would be all the richer with your contributions.