Daddy Ireland
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One second Eoin mentioned x amount of money in pension should the guy work to 65 and then hands him an envelope showing him to be financially independent at 59. I too would have like to see more of the calculations.Not sure what to make of this weeks show, they seem like a normal family that just needs a small bit of financial housekeeping and they will continue to trudge along like any other family in their position
What isn't adding up for me is Eoin's financial independence assessment that they can reduce it in 14 years from 73 to 59 and be "Financial independent" with two kids under the age of 20
I know we are only getting a snap shot of the whole story but I would have like to see more of the calculations that allowed Eoin to make this claim because to me it just doesn't add up
I too would have like to see more of the calculations.
Note Eoin said Financial Independent at 59,not retired but having a plan if you had to,
I think the point Eoin was making was if the changed the way they were living/saving and took advantage of the pension contributions tax break of course they will be in a better position to retire years earlier,Eoin's understanding of "Financial independence" is
"Every person has a day in their life when they have created enough wealth, where they don't have to worry about money again and don't have to work"
Eoin did the "maths" for this couple and he came up with 73 at the beginning of the show but by the end of the show he some how got that down to 59
Eoin is not advising this couple that if they "had" to retire they could but rather that they are going to able to retire at 59 or at least that was my understanding of the show
I agree ,He has a very nice manner. I enjoyed it. I also like (and agree with) his point that it does not make sense to pay down one’s mortgage too aggressively and at the expense of pension funding.
e.g. two people, one who owes €600k and the other who owes €700k but has €100k in cash
The first person is in greater danger
I’ve heard too many sad stories lately of people who plan for a retirement that never happens.
If you’ve two grand to spare, take your kids to Disney World.
He should take time out to find out what the people coming behind him are up to,You should be winding down from 50 on maybe 4 days a week 60 maybe 3 days 70 maybe 2 and keep doing a bit. met a 70 year old man who is starting new job on Monday he delighted with himself. He only retired 3 months ago he couldn't hack it at all.
I think the days of ISA are gone we have a good tax break in place for Contributing over your working life to fund your retirement ,
The problem is we have lots of people coming to Ireland who will be working on or below the average industrial wage ,
these are the people who will need to be looked after and a system put in place to ensure they will be able to retire when they reach pension age,or hit health Issues
I see Eoin is MD of enough.ie and they seem to be running seminars etc. aimed at the general public who want to learn more
€50 for 2 hours is a bit pricey though for what seems like basic information imo - you could probably get the same from one of those personal finance books
https://www.eventbrite.ie/e/enough-finance-seminar-tickets-55044185641
Yes, budget numbers does not make good TV ...I'm guessing that it's partly TV people saying the numbers would be boring and partly to protect the participants of the show.
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