Yes but under the TCA more credits is always better, so why shouldn’t he try to accumulate more PRSI credits? (Maybe I’ve misunderstood you).You didn’t say when you will be 66, but assuming it’s around or after 2030, there will be no advantage in getting to “15 year band”.
That’s €6.63 a week for life from age 66. Would you take that for a one-off cost of €500? I would.Going from c14 years to 15 years (as originally suggested) would only increase the State Pension marginally - by 1/40th - assuming he will reach age 66 in or around 2030.
Don’t know you state of health, but average life expectancy for a male retiring at 6( is almost 20 years and for women about 23 years. And those numbers are improving all the time.Thank you gents for your inputs. I didn't realise that change was happening. Another plan/notion foiled!!
So I'll be getting alot less than I would currently stand to if I turned state-pension age and got into that system before 2030. Sick of getting stung because of my age bracket at every turn by government changes on both sides of the water! I'm not state pension age until 2040. I'll do the maths but I don't honestly expect a long life beyond state pension age tbh so debatable if it'll be worth contributing if I am allowed! Thanks again.
I don't expect to drop down at 68,.. Health is generally fine but family history of heart issues etc I would be amazed to see 80. I am struggling to find what you've both said in print. Have you any links to the information please?
Disappointing news though! Basically whereas if I'd 15 years of full contributions I'd get €173 PW under current rules, I'd get just under €100 after the changes. A huge amount (about €50k) if I did live to 80!
Appreciate that Shirazman. But no more easy to swallow if you're the one affected by the catchment changes. In my case I've had several such things play to my disadvantage. This is just another. But appreciate the information. Cheers.
Still can't see any definitive plain-language text or example of the future state-pension pro-rata plans where entitlement is granted based on individual year's contributions ie 14/40th's in my case. The €500p/a voluntary contribution (if that's correct) could be worth the investment if I am to live on a few years past state age though. Will see!
I haven't heard such a rumour but it would indeed make sense, the value of 1/40th of a state pension for €500 a year is unbelievable. It would still be good value at €5,000.As for the €500 voluntary Class S contribution, it's rumoured that this may be increased in the budget too. We sure do live in exciting times!
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