The one thing I would plan for your retirement in 20+ years is that the state pension will be means tested. IMO this is coming like a steam train.
The one thing I would plan for your retirement in 20+ years is that the state pension will be means tested. IMO this is coming like a steam train.
This is off-topic.
Note that there are two State pensions - the contributory PRSI-based State Pension, and the means-tested non-contributory State Pension.
You seem to suggest that in time the main PRSI pension will be abolished, and that the State Pension will only be paid to people with low incomes, who pass a means-test.
Note that this would mean workers paying much less PRSI, as the SI fund would not have to pay 4-5bn on pensions.
Query - I work 45 years for, say, Dunnes Stores, with no work pension - what happens at age 66/67?
NB: there are economic reasons for a compulsory SI pension.
Also not that, to my knowledge, no country has a purely means-tested State Pension.
Query - I work 45 years for, say, Dunnes Stores, with no work pension - what happens at age 66/67?
Folks,
We have savings of €275K but do not really want to touch any of this as it is a next egg.
The funds we have built up of €275K is in addition to the equity we have in our properties. All of these funds are on bank deposit/state savings (on reasonable rates at the moment, will need to look at reinvestment options as these mature due to current low interest rate environment).
All my pension funding is invested in medium - high risk level equity funds. My general plan is to move 10% to bonds/cash each year from age 55 onwards.
Retiring early is certainly something I would like to be able to do. Stepping back from full time work at age 60 and perhaps getting involved in a lower paying position in a different industry/sector/part time would certainly be a plan I would have in my head.
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