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MayoMark View Drop Down
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The NEW angrier Freewheeler

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Youth is wasted on the young  
They finally did it man... They killed my f**kin' car...
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Originally posted by Zinedine Kilbane 110 Zinedine Kilbane 110 wrote:

Originally posted by Baldrick Baldrick wrote:

Originally posted by Newryrep Newryrep wrote:

Thought it was low myself but tbh  I will likely drop dead still at work 

The target should be some of the lads on the away trips.  Longer retired than they were working Tongue

That’s the dream.

I worked with/for this guy and he was close to 60 but was very senior and loaded.
I asked him once why he was still working as he didn’t need the money. He said it’s because he has nothing else to do. He said he was too old to go travelling or take up golf etc. He said working with younger people keeps him young. He has no real hobbies outside work.

I thought it was a bit sad really. He has a really successful career but doesn’t seem like he will enjoy his retirement....

There is a good saying:

When you are young you have the energy and time to really live but don’t have the money.

When you are working you have the energy and money to really live but don’t have the time.

When you are retired you have the money and time to really live but you don’t have the energy.
Thought about this a bit alright, I had kids at 35, if their lives mirror mine in any way, they'll be finished college at 23 and have kids at 35. So for me, that's kids being less dependent when I'm 58/60 and I won't have grandkids until I'm 70+

I'd love to be able to retire early and have those 10 years with not many responsibilities still a bit of health, live somewhere sunny for a few winters, get a campervan around the states, go interrailing again go golfing/cycling whatever, then slow down when I'm 70 and help minding the grandkids.

All well and good having a plan till life punches you in the face, but no harm to have the dream all the same.
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Jack Charlton
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Originally posted by Donegalman Donegalman wrote:

Might be a bit of a silly question but how does the payments work? Is there a pension that everyone gets and then the more you work and longer you pay into a the scheme the more you get? Finishing college this year so it’s not something I’ve thought about at all.
Some above have described the state pension, for your own private pension, you pay money from your salary each month into your own fund (tax free for the most part). The company you work for might pay some too. That hopefully grows each year until you retire. The goal then is to have enough saved after 40 years, to finance your final 15-20 years. 

Say you manage to get to €500k pension savings. If you can live off 6% of that a year, then ideally, you take €30k into your pocket each year, plus the state pension (€12k) and you've an income of €42k per years in retirement (pay tax on that). Your retirement fund (€470k remaining) will hopefully grow by 5% so you're only down to €495k or whatever. 

If you can continue to grow your fund in retirement, while living off the growth (or close to it), you'll have a nice lump sum to leave behind you too.
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Robbie Keane
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Jesus if the plan is to mind the grandkid when you are 70 you need a new plan 😀
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Robbie Keane
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Originally posted by Shedite Shedite wrote:

Originally posted by Donegalman Donegalman wrote:

Might be a bit of a silly question but how does the payments work? Is there a pension that everyone gets and then the more you work and longer you pay into a the scheme the more you get? Finishing college this year so it’s not something I’ve thought about at all.
Some above have described the state pension, for your own private pension, you pay money from your salary each month into your own fund (tax free for the most part). The company you work for might pay some too. That hopefully grows each year until you retire. The goal then is to have enough saved after 40 years, to finance your final 15-20 years. 

Say you manage to get to €500k pension savings. If you can live off 6% of that a year, then ideally, you take €30k into your pocket each year, plus the state pension (€12k) and you've an income of €42k per years in retirement (pay tax on that). Your retirement fund (€470k remaining) will hopefully grow by 5% so you're only down to €495k or whatever. 

If you can continue to grow your fund in retirement, while living off the growth (or close to it), you'll have a nice lump sum to leave behind you too.

Jesus another mad goal to leave money behind.   f**k that live your life.  I find the Irish obsession with wills and leaving money behind for people is madness.  We saw in Kanturk what happens when that is taken to a tragic level.  
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If you've got kids, you got to leave them something, especially with the price of property etc..
It was far across the sea,
When the devil got a hold of me,
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na na na na na na na na na
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Originally posted by horsebox horsebox wrote:

If you've got kids, you got to leave them something, especially with the price of property etc..

Leave your gaff behind. Mortgage free. 
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AS YOU WERE McGx
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Originally posted by horsebox horsebox wrote:

If you've got kids, you got to leave them something, especially with the price of property etc..

Leave them the house
They finally did it man... They killed my f**kin' car...
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Jack Charlton
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Originally posted by horsebox horsebox wrote:

If you've got kids, you got to leave them something, especially with the price of property etc..
Yeah exactly. We all hear these days how the only ones who can afford a house are those that got help with a deposit from family. Why wouldn't I try to do that for my own sprogs?
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Originally posted by Shedite Shedite wrote:

Originally posted by Zinedine Kilbane 110 Zinedine Kilbane 110 wrote:

Originally posted by Baldrick Baldrick wrote:

Originally posted by Newryrep Newryrep wrote:

Thought it was low myself but tbh  I will likely drop dead still at work 

The target should be some of the lads on the away trips.  Longer retired than they were working Tongue

That’s the dream.

I worked with/for this guy and he was close to 60 but was very senior and loaded.
I asked him once why he was still working as he didn’t need the money. He said it’s because he has nothing else to do. He said he was too old to go travelling or take up golf etc. He said working with younger people keeps him young. He has no real hobbies outside work.

I thought it was a bit sad really. He has a really successful career but doesn’t seem like he will enjoy his retirement....

There is a good saying:

When you are young you have the energy and time to really live but don’t have the money.

When you are working you have the energy and money to really live but don’t have the time.

When you are retired you have the money and time to really live but you don’t have the energy.
Thought about this a bit alright, I had kids at 35, if their lives mirror mine in any way, they'll be finished college at 23 and have kids at 35. So for me, that's kids being less dependent when I'm 58/60 and I won't have grandkids until I'm 70+

I'd love to be able to retire early and have those 10 years with not many responsibilities still a bit of health, live somewhere sunny for a few winters, get a campervan around the states, go interrailing again go golfing/cycling whatever, then slow down when I'm 70 and help minding the grandkids.

All well and good having a plan till life punches you in the face, but no harm to have the dream all the same.
 
 It's very hard to plan out your life , but if you do what makes you happy it go's a long way .
Remember a yank giving me a lift many years ago saying that when he retires he is going to do all the stuff that i was doing at that time .
 I looked at him and said so Mountain climbing , surfing , shark fishing to name but a few , there was a long pause and he said "maybe" .
Live life to the full when you are young . 
Lansdowne Road debut aged 52 and 201 days .
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Originally posted by Shedite Shedite wrote:

Originally posted by horsebox horsebox wrote:

If you've got kids, you got to leave them something, especially with the price of property etc..
Yeah exactly. We all hear these days how the only ones who can afford a house are those that got help with a deposit from family. Why wouldn't I try to do that for my own sprogs?


Yeah, the lads talking about leaving them the house in the will, obviously that will happen, but they could be in their 50's by the time that happens.

I'm talking about when they are in their 20's or 30's and the want to buy a house etc..

You need to be making some sort of donation.
It was far across the sea,
When the devil got a hold of me,
He wouldn't set me free,
So he kept me soul for ransom.
na na na na na na na na na
na na na na na na na na.
I'm a sailor man from Glasgow to
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Is there an incentive for employers to contribute to an employees pension?
They finally did it man... They killed my f**kin' car...
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Originally posted by MayoMark MayoMark wrote:

Is there an incentive for employers to contribute to an employees pension?
 
Yep. Its called happier employees.
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Edited by kevincronin2000 - 24 Nov 2020 at 1:35pm
time is the stuff that life is made of, don't waste it.
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Originally posted by MayoMark MayoMark wrote:

Is there an incentive for employers to contribute to an employees pension?
Tax break.

My employer matches my contribution up to 5% per payslip
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Kevin Kilbane
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If you are under 40, lump as much as you can each month (up to the limit) into the "highest risk" plan your pension provider offers.     This would have a very high proportion in Equities, preferably US.    Forget about it, don't go looking at the market movements etc, they are all short term and you will have time to bounce back a couple of times.     

Yes, equities plummet at times (which is a cheap time to be buying them as a long term investment) but they come back time and time and time again.    Its the nature of the beast.     If you are risk averse start moving small proportions to less risky (and hence less return) assets.     The age you start doing this is up to yourself, but I won't be until into my 50s.    

Don't try and time the market though, this is the only thing you will fail at!
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Originally posted by horsebox horsebox wrote:

Originally posted by Shedite Shedite wrote:

Originally posted by horsebox horsebox wrote:

If you've got kids, you got to leave them something, especially with the price of property etc..
Yeah exactly. We all hear these days how the only ones who can afford a house are those that got help with a deposit from family. Why wouldn't I try to do that for my own sprogs?


Yeah, the lads talking about leaving them the house in the will, obviously that will happen, but they could be in their 50's by the time that happens.

I'm talking about when they are in their 20's or 30's and the want to buy a house etc..

You need to be making some sort of donation.

Exactly Horsey it makes far more sense to be giving kids a few bob when they need it and you are alive to enjoy them enjoying it and you can call over to the house.  

This idea that you need to leave money behind you for your kids beyond the house you live in is madness.  
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Originally posted by horsebox horsebox wrote:

If you've got kids, you got to leave them something, especially with the price of property etc..

You contradict yourself later on in your next post. Give your kids a start with a contribution to a deposit when they are in their 20/30/40s 
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