Agreed but I was responding to @Conan comment on the Pension Commission proposal that PRSI should continue to be paid after 66.
Agreed but I was responding to @Conan comment on the Pension Commission proposal that PRSI should continue to be paid after 66.At this point, the rest is just speculation.
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.But the only hard information that we have to date is that:
the state pension age will remain 66people who continue working beyond this age will get a ‘bonus’ for each year they stay in employmentHeather Humphreys and her officials are still working on the new system which will be announced later this year.At this point, the rest is just speculation.
As you said yourself earlier in this thread, "I guess we’ll just have to wait for the detail."!
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.
In some cases, do they not also go into widows pensions?Their contributions are used to pay the pensions of those who receive pensions at the time
A lot of people think that their PRSI contributions are put aside into a cookie jar to pay THEIR pension when they retire - this is not the case.
All PRSI contributions are used to pay the pensions and other social welfare payments immediately
Pensions are paid from the contributions of those working - at the moment there are 4-5 workers paying in per pension being paid out but in 20 years it will be 2-3 workers paying in per pension being paid out. Something will have to give - either higher PRSI, lower pension or longer working life or a combination of these
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?But the only hard information that we have to date is that:
the state pension age will remain 66people who continue working beyond this age will get a ‘bonus’ for each year they stay in employmentHeather Humphreys and her officials are still working on the new system which will be announced later this year.At this point, the rest is just speculation.
As you said yourself earlier in this thread, "I guess we’ll just have to wait for the detail."!
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?
"Sinn Féin leader Mary Lou McDonald described the proposal as a “almost a Trojan horse to raise the pension age in reality to the age of 70″. She said working people of all ages “will be very very unsettled to hear that in a civilised, prosperous, indeed a wealthy society the age of retirement, the choice of retirement is at the age of 65 not 70. It seems to me the Government are trying to pull a manoeuvre”."
"Manoeuvres" and Sinn Fein in the one sentence, a very dangerous combination indeed.Looks as though Mary Lou's spin doctors weren't around this morning when she came out with with the following bizzare claim:
But maybe she was thinking of Shergar!
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.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?
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.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:
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.www.rte.ie
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.Looks as though Mary Lou's spin doctors weren't around this morning when she came out with with the following bizzare claim:
I wonder whether the "Trojan horse" that she was referring to was called Shergar!
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.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.
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.
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.
That's a UK figure. Probably similar here. It states "male" rather than "men" and the biggest age group is 15-24.19% of men, 12% of women die before they reach the age of 65.
I wonder where their contributions go?.
The good news is that if you hit 65 in good health your life expectancy is in the 90's
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.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.
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