Hi All.
I am just posting a query for my father in law regarding a pension. He is 64 years of age and has worked hard all his life in the construction industry as a labourer. He owns his own house which is worth around €350,000 and in time he might sell it and move into a smaller house and pocket the difference to help him in his retirement. Hypothetically let’s say he sells his house for €350,000 and buys a smaller house for €200,000 and then keeps the €150,000 to help him get through retirement.
The problem is despite working all of his life he only has 17 years of PRSI contributions and for the rest of those years he was paid cash by his employers. He more or less admits himself that he was uneducated in these matters and if he had his time back he would do things very differently and insist the employer put him through the books, but it is what it is. As a result I think he won’t be entitled to a contributory old age pension. His wife is still alive and she also works part time but as she was at home rearing children for many years she won’t have enough PRSI contributions for a contributory pension either, They also have very little saving and no private pensions. What do you think is there best options going into retirement ?
I am just posting a query for my father in law regarding a pension. He is 64 years of age and has worked hard all his life in the construction industry as a labourer. He owns his own house which is worth around €350,000 and in time he might sell it and move into a smaller house and pocket the difference to help him in his retirement. Hypothetically let’s say he sells his house for €350,000 and buys a smaller house for €200,000 and then keeps the €150,000 to help him get through retirement.
The problem is despite working all of his life he only has 17 years of PRSI contributions and for the rest of those years he was paid cash by his employers. He more or less admits himself that he was uneducated in these matters and if he had his time back he would do things very differently and insist the employer put him through the books, but it is what it is. As a result I think he won’t be entitled to a contributory old age pension. His wife is still alive and she also works part time but as she was at home rearing children for many years she won’t have enough PRSI contributions for a contributory pension either, They also have very little saving and no private pensions. What do you think is there best options going into retirement ?