If his wife qualifies for the Contributory OAP she would then get something for him as he would be one of her dependents.
That would not be affected by his means, so he could consider trading down, although a life loan would seem a better option - unless they do actually want to trade down.
Brendan
That sounds a bit odd. It's unlikely that his employers all managed to pay him cash exclusively for years on end, as both Revenue and Social Welfare kept a tight enough eye on the construction sector from at least 1990 or so. If he didn't work much after the 2008 crash, that might explain it as off-the-books employment was endemic in construction in the 80s and earlier.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 ?
On the other hand if he has €150k in cash, he will be means-tested and get no OAP.
Is that the case that if somebody has 150k in the bank at retirement age they will not get the state pension?
Non Contributory.Yes.
Is that the case that if somebody has 150k in the bank at retirement age they will not get the state pension?
Probably also explains why we were able to build all those houses during the 80s recession, the government was indirectly employing builders. Also social welfare was so low back then that people needed to supplement it with actual work.If he didn't work much after the 2008 crash, that might explain it as off-the-books employment was endemic in construction in the 80s and earlier.
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