State Pension Forecasting ....

The social ins the Irish taxpayer is charged at the moment pays for social welfare, inc pensions, health, etc. I can see the pension report due out around June '21 coming back with a recommendation that pensions be taken out of this payment. This will reduce what people pay every week but a new payment will come into place for pensions into the future. What people have saved in paying into PRSI they will now pay into this new system @ a slightly higher rate than what they've saved in PRSI. It'll be a smooth enough transition with people probably feeling it's a good deal and not too high falluting to follow and understand. The Ex Revenue Chairwoman heading up this report understands exactly how it all works and I would expect something along those lines
 

agree , the old are prioritised over the young at every turn in Ireland , reform of the state pension will be resisted at all costs , the likes of FF would hand the keys to the country over to China before cutting the Old age pension
 
galway_blow_in said:
agree , the old are prioritised over the young at every turn in Ireland , reform of the state pension will be resisted at all costs , the likes of FF would hand the keys to the country over to China before cutting the Old age pension
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I'm in the lucky position of having an occupational pension and I've recently qualified for the full contributory State Old Age Pension.
Personally , although it would be a disappointment, I would have no quibble with the concept of means testing thereby going a long way to protecting those who need the maximum OAP in order to barely survive.
Alternatively I'm willing to loosen my " death grip " on the State by volunteering to be young again !
 
galway_blow_in said:
agree , the old are prioritised over the young at every turn in Ireland , reform of the state pension will be resisted at all costs , the likes of FF would hand the keys to the country over to China before cutting the Old age pension
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What do you suggest should be the amount paid to pensioners?
 
galway_blow_in said:
a couple here receive 500 euro per week between them , the same does not happen with a couple on the state pension in the UK ( X2 ) so the difference is more than 25% in many cases
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Older people at much more likely to end up in hospital and bring the health system to collapse. Vaccinating older people and healthcare workers makes perfect sense and is international practice.
 
noproblem said:
At least you answered the question and thank you for that. Very little to give old people today for what they did for everyone. I'd suggest no pensioner should get less than €300.00 per week, that should be a minimum to just live/survive.
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Maybe there could be some committee if well meaning middle class people who could divide them into deserving and undeserving and act accordingly.
 
galway_blow_in said:
certainly no more than 200 per week
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Absolute electoral poison, any Government in situ at the time considering reducing the maximum contributory OAP so drastically could I think consider means testing first - less poisonous but only marginally.
Meanwhile the ever populist Sinn Fein would sit back contemplating being able to form a Government unaided in the near future.
 
noproblem said:
The social ins the Irish taxpayer is charged at the moment pays for social welfare, inc pensions, health, etc.
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PRSI does not pay for healthcare.

Healthcare is financed by taxes.

The only h/c paid for by PRSI is Treatment benefit.
 
Just a note / point:


There are two main State pensions at the moment

(1) contributory, based on SI conts - I will call this SPC

(2) non-contributory, means-tested


If somebody is claiming that the SPC may or should be means-tested, are they saying that:

abolish the SPC, and only have a non-con pension?


If that happened, then SI conts would have to be cut, as SI conts pay for the SPC
 
Not sure about the means testing. I'd like to consider it a tax rebate on the "riskier" ex-pension investments we have to pursue for a meagre return after punitive taxes . So I won't feel guilty......if I get that far...
 
noproblem said:
At least you answered the question and thank you for that. Very little to give old people today for what they did for everyone. I'd suggest no pensioner should get less than €300.00 per week, that should be a minimum to just live/survive.
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well i strongly disagree , 200 is plenty to live on when there are so many other perks on top including free travel , medical card , tv licence , fuel allowance , the list is long

my mother manages to save about a hundred euro per week on her state pension
 

i fully accept it wont happen , the government caved in over wealthy pensioners and medical cards circa 2009 , they arent going to reduce the state pension no matter how bad things are
 
Her children and grandchildren mustn't be getting too much on birthdays or for that sake any other celebration either. No wonder you want them to suffer
 
Saving €100 euro a week , as a pensioner myself what with internet gambling, fine dining , relaxed afternoon pints , a penchant for nice clothes , trips to the continent with mates for top class football games , two months in the sun with my wife and a new car I think I’d struggle slightly to save.
The stereotypical view of pensioners spending their lives indoors , reading Ireland’s Own by the light of a guttering candle whilst drinking endless cups of tea and saving avidly for a decent funeral is a thing of the past.
Obviously with the pandemic it’s easy to save currently but if spared I’m looking forward to a massive blow out when it’s allowed.
To hell with saving I say !
 

I'm not saying pensioner's shouldn't spend but the state pension is welfare at the end of the day
 
galway_blow_in said:
I'm not saying pensioner's shouldn't spend but the state pension is welfare at the end of the day
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There are two pensions:
  1. A means-tested non-contributory pension
  2. A non-means-tested contributory pension
The contributory state pension is of course a social welfare payment funded on a pay-as-you-go basis. But you only get it after a lifetime of paying social insurance contributions (PRSI). Many people can and do stay in work longer so that they build up an entitlement here.

It is not by any means a hand-out or charity.
 
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