Agreed but I was responding to @Conan comment on the Pension Commission proposal that PRSI should continue to be paid after 66.
State Pension - deferral proposal, up to age 70
- Thread starter fayf
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Unless SF get in at the next election , which seems very likely , and they reduce state pension age to 65 , if they keep their promise. Don't agree with their pension proposals , but its very likely it will happen as its a big selling point for them at the voting booth.
Presumably the changes in PRSI would need to be included in the 2022 Finance Bill; and the changes in State Pensions will require an amendment to the Pensions Act - both of will have been enacted long before (if) the Magic Money Tree Party takes control .
Some proposals on this:
“
The weekly State pension would increase from €253 for 66-year-olds to €266 for 67-year-olds; €281 for 68-year-olds; €297 for 69-year-olds; and €315 for 70-year-olds - a combined 24% increase.”
www.rte.ie
It would take circa 20 years, to recoup the lost annual state pension, if you retired say 1 year after 66, probably not worth it, if want to retire at or before 66, but may suit others who want to work on, after 66.
EDIT:
Above proposals, now approved:
www.rte.ie
“
The weekly State pension would increase from €253 for 66-year-olds to €266 for 67-year-olds; €281 for 68-year-olds; €297 for 69-year-olds; and €315 for 70-year-olds - a combined 24% increase.”
Pension age stays at 66, carers included in new reforms
The State pension age will remain at 66 and people will be offered the choice to work until 70 in return for higher payments, Minister for Social Protection Heather Humphreys has confirmed.
It would take circa 20 years, to recoup the lost annual state pension, if you retired say 1 year after 66, probably not worth it, if want to retire at or before 66, but may suit others who want to work on, after 66.
EDIT:
Above proposals, now approved:
Pension age stays at 66, carers included in new reforms
The State pension age will remain at 66 and people will be offered the choice to work until 70 in return for higher payments, Minister for Social Protection Heather Humphreys has confirmed.
Last edited:
time to plan
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Blackrock1
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what about someone who reached 66 and didnt have enough stamps but has continued to work, will they now qualify by virtue of earning extra stamps beyond 66?
If they reach the magic 520 then presumably they will ...... unless the rules are changed, of course! In which regard, I was interested to hear Heather mentioning the total contributions approach being phased in (over the next decade - at long last!) during her interview on the RTE lunchtime news.
"Manoeuvres" and Sinn Fein in the one sentence, a very dangerous combination indeed.
Such details, when they work them out, will be interesting. I'd like to have seen an option to take an actuarially reduced state pension before 66.
Has the full text of what was approved been released yet? There is a lot of details missing currently, and while using todays Euro figures helps a reader, depending on how it is actually written there is room for the 70 year old payment becoming the new baseline overtime.Some proposals on this:
“
The weekly State pension would increase from €253 for 66-year-olds to €266 for 67-year-olds; €281 for 68-year-olds; €297 for 69-year-olds; and €315 for 70-year-olds - a combined 24% increase.”
Pension age stays at 66, carers included in new reforms
The State pension age will remain at 66 and people will be offered the choice to work until 70 in return for higher payments, Minister for Social Protection Heather Humphreys has confirmed.
It would take circa 20 years, to recoup the lost annual state pension, if you retired say 1 year after 66, probably not worth it, if want to retire at or before 66, but may suit others who want to work on, after 66.
EDIT:
Above proposals, now approved:
Pension age stays at 66, carers included in new reforms
The State pension age will remain at 66 and people will be offered the choice to work until 70 in return for higher payments, Minister for Social Protection Heather Humphreys has confirmed.
Ya, Mary Lou, as usual, leaves out wholly relevant information, like, its unbelievable, but there are actually some, who want to work beyond 65, this plan is far from perfect, but certainly adds more options/choices.
There are also those, who don’t have enough in Private pension, or don’t have one at all, and have an option here, to work beyond 66, and end up with up to, an extra €3.2 k per year, if they are able & willing, to continue working. That relatively modest extra amount, can make a big difference.
In most cases, a minimum of 520 paid contributions is required to get even the minimum State Pension. Under the Total Contribution Approach, 10 years of contributions will get 10/40ths (25%) of a pension, ie c€63pw.
LDFerguson
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I heard yesterday that part of these new plans include - finally - the move to having only the Total Contributions Approach from 2024, but with a phase-in period.
'twas truly depressing to hear Minister Heather Humphries kicking that particular can as far down the road as possible.
That's a UK figure. Probably similar here. It states "male" rather than "men" and the biggest age group is 15-24.
Possibly it also includes those under 15 too. And therefore the contributions come from a limited number within the 19%.
The good news is that if you hit 65 in good health your life expectancy is in the 90's
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Steven Barrett
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The Pensions Roadmap 2018-2023 recommended this. It is something that is agreed by all to be implemented. Here we are in 2022 and it's still not implemented and they won't implement it for 6 years after the recommendation.
As for the State pension, the only real benefit I can see for deferring your State pension is if you don't have enough stamps.
But the whole handling of the State pension is a mess, ever since it became a political issue. The solution is now to tax people more to pay for keeping the pension age at 66. Mary Lou wants to bring it back to 65. The transitory pension is gone since 2014. She didn't say anything about it at the time. Nor did she say anything in 2011 when legislation increased the pension age to 67 from 2021. These changes were logical and would save future generations billions. Now the politicians are involved, future generations are going to be lumbered with the cost of paying for these pensions.
Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
Ive seen comments about this proposal with people mentioning losing out on money as you are not claiming the pension.. but you could say that about every social welfare payment..
eg if im unemployed for 10 years vs being employed for thise 10 years I dont get the social welfare payments..but personally i dont feel that im missing out..
In my situation asof now my mortgage will end in my lates 60s..
If i can continue to work on reasonable salary, make AVCs then to me thats a good thing.. better than being forced to retire..
I genuinely dont understand the negativity around this
eg if im unemployed for 10 years vs being employed for thise 10 years I dont get the social welfare payments..but personally i dont feel that im missing out..
In my situation asof now my mortgage will end in my lates 60s..
If i can continue to work on reasonable salary, make AVCs then to me thats a good thing.. better than being forced to retire..
I genuinely dont understand the negativity around this