PyritePete
Registered User
- Messages
- 380
I am reading all these replies with great interest and some confusion. My husband is on 80k, PAYE earner.
Why is the pension crisis bad enough ?
Most people aren't preparing for their retirement and there will (soon) come a point when government can't afford to pay a decent pension (when the numbers in employment aren't large enough to support the growing numbers of retirees).
From this and a few other comments, I don't think you realise that contributions to PRSAs can be increased, reduced, or suspended indefinitely without penalty.Also, I'm am free to change and adjust to suit my needs over the years to come.
And hope the buyer/market hasn't taken the new rules into account when valuing your property?if I own a property and have rented it out and rules change I can decide to sell up.
If the EU forces that Ireland changes its way how multinationals are taxed I doubt that that many working immigrants will continue to come here...That argument has been doing the rounds for years, true, elderly population set to double or triple in next twenty years but sure they are thousands of young foreign workers coming to work and pay their taxes here who will no doubt multiply in numbers in years to come.
My wife earns less than 30k - but has now started after my insistence as well a private pension. She makes only very small contributions - but it is better than nothing. Many people in Ireland have no "financial education". Or prefer to spend now more instead of saving for the future as Pension age lies far into the future and they don't see the importance of saving.Fact of the matter is over half of private sector workers in this country have no pension provision made because their can't afford it due to earning salary of €30,000 or less. It's not because they are badly advised.
As for why so many people don't fund pensions...the State Pension is probably adequate for a huge amount of people. Retiring on €12,000 a year when you've earned €25,000 a year is arguably no hardship.
It's not there, and won't be there in 22 years.
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