Is that a joke?Would the 18 year old not be advised to wait until he's 55 to start a pension. At that age there is a lot of tax benefits which increase as you age and that's the time to then put in the money.
Especially given previous tax raids on pensions (Here's looking at you Michael Noonan).
No. The general rule of thumb is "as early as possible" but many would qualify that with "once housing has been sorted (e.g. a property purchase) and there are no high cost unsecured debts outstanding".Would the 18 year old not be advised to wait until he's 55 to start a pension.
There is significant tax relief available at any age.At that age there is a lot of tax benefits which increase as you age and that's the time to then put in the money.
What "raids"? The pension levy 2011-2015? What others? The pension levy wouldn't have significantly altered the fact that saving for retirement via a pension was generally a prudent step to take.Especially given previous tax raids on pensions (Here's looking at you Michael Noonan).
No. The joke was played by Noonan on the pension savers he robbed.Is that a joke?
Are you referring to the pension levy or something else?No. The joke was played by Noonan on the pension savers he robbed.
Are you referring to the higher tax relief limits on contributions the older you get? Why do these matter if you don't trust anybody? How does starting a pension later mitigate such conspiracy theories?No I was not joking. My sibling and I were discussing this and how good the tax benefits were when you are older. We also discussed how we don't trust the government or the pension providers (nod to Cork car crowd and Waterford Glass, or a nod over there to Enron I think it was).
Even if that was true - and that's definitely debatable - what has that got to do with Ireland?And we concluded the UK is hell bent on destroying pensions.
What evidence do you have for such a theory?Plus that all these schemes are a money racket for those running them, as in devising ways to get money out of the money you put in.
One that runs counter to many facts.This is no a rant, it's an opinion.
And not benefit from the generous tax reliefs on contributions, on growth, and on encashment? Sounds like cutting off your nose to spite your face to me.And clearly I think pensions are a good thing. But I'm mighty glad to have our pension money tied up in our own property. Where we can make all decisions.
I'm just astonished that someone can rack up nearly 15k posts here and believe that an 18 year-old should wait until they're around 10 years from retirement before starting a pension. Incredible.No I was not joking.
Read their reasoning - it makes no sense and is grounded in conspiracy theories.I'm just astonished that someone can rack up nearly 15k posts here and believe that an 18 year-old should wait until they're around 10 years from retirement before starting a pension. Incredible.
You are entirely correct not to trust the Irish government.We also discussed how we don't trust the government
It wasn’t a raid, it was a tax.Despite Noonan's raid on pensions, a pension is still by far the most tax-efficient method of saving.
When did this happen? I must have missed it…The Irish government is totally untrustworthy.
The 2 billion euro forcefully removed from Irish workers pensions was used to reduce vat for the hospitality industry to 9%.
Funds from workers pensions were used to reduce the restaurant and hotel bills of the better off portion of the population who could afford this lifestyle.
Charges for users of lap dancing venues were also reduced to 9% vat using workers pension funds.
Yes a government could impose levies on any of these investments.But they are probably more likely to raid people who own shares or properly directly through wealth taxes, CGT, restrictions on the right to sell, etc.
You were probably enjoying a meal in an expensive restaurant when it was announced.When did this happen? I must have missed it…
The 2 billion euro forcefully removed from Irish workers pensions was used to reduce vat for the hospitality industry to 9%.
These investors are free to switch their wealth somewhere else if they feel that they are being unfairly taxed.
37 years is a long time especially in governance, how do you know now if the tax benefits that we enjoy now will still be there in 37 yearsModerator's note: Moved from another thread
Would the 18 year old not be advised to wait until he's 55 to start a pension. At that age there is a lot of tax benefits which increase as you age and that's the time to then put in the money.
Especially given previous tax raids on pensions (Here's looking at you Michael Noonan).
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