So pension age is finally going back up to 70? With an option to retire at 66.
Suppose someone is unable, or unwilling to wait until 70, from the years 66 – 70 will the pensioner have to rely on social welfare?
And will this not cost the state just as much?
Working people pay PRSI towards their pension, and for anyone who has worked for 35-40 years, surely they have more than covered 20 years of pension even if it hasn’t been wisely invested by the government?
Teachers, Nurses, Gardaí, and other Civil Servants pay PRSI, and into a pension fund, and a pension levy (which is still payable on the pension ) have covered their pensions for old age. The money paid into the pension fund is already taxed at source, and taxed again on pension money paid out in old age!
So, whilst it may look like these “elite” are being paid generous pensions by the government, they have, in fact, already paid into this fund for 35-40 years.
Meanwhile, Social Welfare is abused wholesale. Some people never work.
Could this latest government initiative be another bad management scenario?
Is all this pension money going into the “tax pot”, and being used for other purposes, leaving the worker (the payer of all taxes) to paddle their own canoe when he or she retires?
These are the people who bailed out our country in crisis. These are the people who bought and paid for their houses. The very houses the government then want to take from them if they should need nursing home care.
These are also the people who scrimped and saved to educate their families – who subsequently had to emigrate to make a living.
Does nobody in government know why our census figures show such a hole in the number of young people?
They are all abroad!
Provide jobs and bring them home, and your pension problem is solved. More young and middle aged people will be paying taxes and our economy will be able to support those who need it most.
Also perhaps it’s time to tackle the scandal of Social Welfare, and be brave enough to sort out the work dodgers.