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HAVE YOU HEARD of the “Pension Time Bomb”? Is it a hyperbolic scare tag line or is there something to it? I think the latter.
A point in time will come over the next 20 years where, if we don’t address an escalating situation, there simply won’t be enough money to pay the State Pension to someone who retires tomorrow. The evidence pointing towards this is stark.
Here in Ireland, we have a nasty habit of letting things slide until it’s a tad too late – think of the summer of 2007 and the subsequent aftermath of the property boom! The way this infected the wealthy, right down to the ordinary Joe Soap took us all by surprise.
We could multiply this effect significantly, I suggest, if we talk about the State Pension and how a collapse of this entitlement would impact on Irish society.
Potentially dire situation
The State Pension is a huge part of the less well off in society’s income in retirement but, intuitively enough, becomes less important for the better-off.
To say that the decision makers in Irish society don’t seem entirely worried about this potentially dire situation for our communities is putting it mildly, even if it is somewhat understandable given the demographic of our legislators and policy makers.
Equally, the election to election mindset doesn’t marry well with long term planning.
I’m a financial advisor. I advise people every day on their retirement plans, from ordinary employees right up to very successful business owners. The one thing I advise about the State Pension nowadays is consistent across all sectors – don’t assume it will be there at all, and budget or save accordingly.
For the younger reader out there, and for those who don’t know the broad details, let’s re-cap.
Currently, allowing for a bit of generous rounding, the State Pension provides €12,000 per year per individual, assuming you get the full entitlement.
For those retiring after January 2021, the age at which you will receive it is 67, and for those retiring after January 2028, the age is 68.
These changes came into effect a couple of years ago, and were an attempt to make the State Pension less onerous on the State (and by implication, more likely to be paid into the future!).
We have a growing population, an exceptionally costly public sector (when you include the pension entitlements therein) and a pension reserve fund that has been wiped out due to the banking crisis.
Marry this with a non-existent strategy to build up a fund for yours and my State Pension, and the vision for this recipe for disaster begins to appear.
Today’s State Pension funded by a black hole
The State Pension is currently funded from some sort of black hole that lacks any sort of transparency and even for people who advise on retirement planning every day, we can’t work out the link between PRSI contributions, the pension entitlement and what/ if any strategy is in place to ensure the contributions made during one’s career are being managed in any sort of effective way.
The changes to retirement age made in 2014 don’t go nearly far enough. Instead, they have simply softened people up for changes to come.
And what changes are likely, you might ask? Well, the pension may become means tested at some point – effectively rendering the PRSI contributions you made during your career as simply another tax (if you don’t pass the test when it comes to it).
Or, they could push the retirement age out a further few years. This might be a smidge more acceptable, if medical advances continue to improve people’s longevity, and if the tendency to work later in life continues.
However, and I suspect most likely, we will see a reduced down basic pension, which might be payable to everyone from a certain age, and then a basic means test might be imposed for someone to qualify for an uplift.
One thing is certain. The God given right to the current pension in retirement is misguided at this stage and is highly unlikely to materialise. There is a pretty functional private pension system available in Ireland to those who want to avail of it, with generous tax reliefs.
Yes, it’s too complicated, but let that be refined in time. Save now for tomorrow and if we get the State Pension it will be a bonus, I think.
Eamon Dwyer is Managing Director with City Life Wealth Advisors, a Cork based advisory practice. Eamon can be contacted on 021 4358533 or info@citylife.ie.
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Club orange gets criticism for the ‘bits’ advertising but no criticism for this advertising. Double standards.
Hunky-dory anyone?
It didn’t fall under the remit of the ASAI, which they informed me of when I lodged a complaint.
@Sharrow You’ve too much time on your hands and little to be complaining about, god love you!
The point is valid. If this was a female, it would have never seen three months being displayed.
Pff it took less then two mins to fill out the ASAI online forum.
2 mins to know I have the courage of my convictions.
Fight the power Sharrow! lol
Why do people miss the point so much. Its a huge advertisement on a building in the city centre, forget the image itself (and the endless ads that use sex to sell). Imagine every building threw up an Ad for the likes of Coca-Cola, Sony, McDonalds etc. There has to be a line as to how much advertising can be used in public.
@Gary Teeling, that line is very well defined in this photo!
I’ll get my coat!
But the view was so nice! :(
Thats was my torso
Medred, I’ll cherish our time together forever!
A lot of disappointed Irish women I’d say!
And men lol
Yeah very. I’d eat me chips off that torso!
Me among them !!!!!
Girls ye won’t get a six pack eating chips
And with no chance of hair in your chips either
what’s the world coming to with the exploitation of men to sell products to.woman,shocking this.
regards outraged citizen
I think it was taken down because someone claimed that they had confused it with a missing persons poster.
Was that you Mick?
didnt they call you king ding a ling, tripod and t bone at school big Mickey
I feel like a piece of meat, with that guys -bits- plastered all over the place.
brilliant comment aidan I’m still laughing …..
Ha makes a change(; I’m vegan …….
What a joke. There are about a million tacky illegal banners all over Dublin shops at the moment that the DCC are doing nothing about. Every spar, newsagent and pub has illegal banners at the moment. At least this one was a ‘relatively’ tasteful banner to actually hide construction works (which is the point of them), like you’d see in any major city, as opposed to the tacky “Massive Price Reductions”, “Special Offers” , “Sale” etc, that are all over the place and have zero function except making the place look like a kip.
Applecrumble and Fish Headless torso man may go stand in the corner of shame with the Club Orange Girls.
Outdated nonsense , the business pays 750000 a year for the premises but can’t put up tasteful modern ad that promotes their own business and covers up scaffolding which is unquestionably more of an eyesore that what they are forced to take down , council need to modernise their outdated laws and procedures
It also stops dust from the renovations blowing out onto the street.
I do wonder what exactly it has to do with their product though..
The main focus was a bare torso, are Abercrombie and Fitch a gym franchise? A bodybuilding society?
I was under the impression they sold clothes, but I didn’t see much of that in the ad..
Shanti, I think it’s something to do with the word “fit”. Only fit people shop here, of you shop here this is what you look like.
And if course, any shop that advertises a bare male torso Is pretty much guaranteed to pull in the ladies, as well as the LGBT crowd.
The one here in London, the staff greet you at the door in swimwear. Really loud music. It is alot more expensive here than in NY.
No way, are you for real? Those poor guys.. As a matter of interest, what do they make the girls wear? Or do they?
Sounds like a fantastic place, I just can’t wait to avoid it like the plague..
This is common practice in Dublin. Companies throw banners up all the time and get away with it because once you take it down before your court date nothing comes of it.
they’re getting great advertising now!!!…good thinking from them!!
The only objectification of the male body I know of in Dublin and its been removed:( where’s the equality in that
If you think that’s the only objectification of the male body in Dublin then you’ve been walking around with your eyes shut.
Also, read the story. It was taken down because they didn’t have planning permission. It was nothing to do with the objectification of men. The objectification of men doesn’t attract comment, which is why you won’t find any stories on this website about a raft of complaints over this – unlike the Hunky Dory or Club Orange ads. Where’s the equality in that?
Welcome back Chuck; Evelyn more thinking before commenting
Stick a bikini body up instead.
A man in a Bikini? A mankini….
And they should put a nice t shirt on the over exposed Molly Malone statue too!!!!
Hmmmm. . . . wouldn’t be long before some mischief-monger got to work on that with a spray can I’ll wager.
Nearly got knocked down there a few times :) that’s a disgrace ! DCC were only jealous!!
gutted …sur it was a work of art …….lol
I’d say he has a really small willy………
Only a Fat man would say that :)
Can I have it for my wife, she said it would look nice on the ceiling.
Instead of the mirror? Is that telling you something?
They didn’t get permission off me to use my body in the ad!
there goes my eye candy on the way to work. i am outraged as all that man to me was a piece of meat.
you shouldn’t be ogling half naked models ,he has a brain and feelings too
Maybe the bigger crime is charging €750,000 a year for the site?
This comment probably won’t get seen but i was thinking Despite all sex sells and all the sexy body comments which i don’t particularly mind to be honest! But If anything it promotes a Healthy body, Healthy eating and Hard work, he didn’t get that from sitting on the couch watching re-runs of The Royal Family eating take away foods!!! you don’t see too many men with torsos like that, myself included :(
Did I say something wrong? If you Google the labour rights of Abercrombie and Fitch you will see they are not the most desirable to work for in some cases .
I feel objectified , anyone want to set a support group to discuss my victim status and offer scathing criticism of the matriarchy ….
So ghost estates, developments in flood plains and glasshouse monstrosities are ok, (while protected structures are let rot) but a giant advertising banner with fit bloke is not!
Stupidity of Irish mentality does not know its limits. Them, Abercombie cud not imagine that they wud get such FREE publicity in this clown country. Its 21st century but for some ppl its better to see vomit, excrements and junkies off their faces on the streets of our Fair City rather than a sexy torso billboard of the ad compaign of the company that going to pump in cash in our money starved economy. Well done Dublin City Council. Please more junkies and vomit instead, that stuff looks great on our streets. Bang on!
Except you don’t need planning permission to be a vomiting junkie…
great news
i couldnt care less about the content. but what i dont want is dublin to turn into a series of giant advertising hordings
I agree advertising hoardings do need to be monitored , in a measured way , but the point was did you see how it looks as bare work site scaffold , it’s actually less attractive !! The council did a deal with a poster ad company to get them to provide the bike scheme in return for selected ad space , the fact this particular type of ad on the business own premises falls outside that so tut tut the council are flexing muscle with their outdated laws
I thought we were trying to attract new business’s to this country. Not a very good message to send out to anyone thing of investing in Dublin!!!!
It’s funny, yesterday Mae McSweeney (amongst others) was loudly trumpeting her joy at the Club Orange ads being removed saying “As one of the complainants who wrote to the ASA over this – WIN!!!” and asserting her reason for complaining to be “I just happen to give a shit about gender equality.”
And yet, today; nothing. I hope her computer isn’t broken.
chuck I was merely having a laugh, you know that thing that can make you feel good? I’ve the ability to read but its hardly a seriers news worthy item so I decided to post a non serious comment
Prefer a nice Irish hairy chest!
I think this app should win world app of the year. Although i find there are some very opinionated people on here :) Think they will make back the 750000. put the banner back up for fecks sake
who asked your opinion briefcase?now about that teameeting
Guys, you really have a lot to be doing! I hope someone helps you——– out of the closet
This country is turning into a sad old state!! Where we going to be in 10 years time???? Nanny state
mick i’d be doing it to you too. the office hunk. ha ha
durrrty perv,I want to be respected for more then my 6 pack and rugged handsome looks steph,I am a human not an object lol
only six pack you will ever see Mick is pot noodles, Steph you are a perv
Ah winter is coming! He’d catch his death of cold if he stayed out like that (in all seriousness though Dublin City Council don’t have much to worry about!)
Spoil sports!!!
I wonder how much A&F paid Kate Middleton to use that snap??
@gaggsy well played sir “doffs cap” nice to see you paying attention
Damn, you know how hard I worked out to get those abs??
And as the comments section of the journals comments section says links to relevant blog. I wrote about Abercrombie and Fitch on fluffybiscuits.org so it is relevant.
Interesting I read the Hollister lease in Dundrum is a million flat and 10% of turnover… Surprised they’re getting it so cheap in college green.
I’ve never noticed it ! I’ll have to stop looking at the ground :D
It makes my jiney go tingly
That’s one way of treating a €750k “investment” in the Irish retail market which has been on a downward slope for years. The view of scaffolding and construction workers will be much better I assume …
Pitty
His tits are nearly as big the Club Orange wans!
hmmm would there have been any objections from the “far side of middle age over weight” city council if it was a woman in a bikini up there? somehow I doubt there would have been any threats of legal action if there was a boob on show!
hmmm would there have been any objections from the “far side of middle age, overweight” city council if it was a woman in a bikini up there? somehow I don’t think there would have been any threat of legal action if there was a boob on show
hmmm would there have been any objections from the “far side of middle age, overweight” city council if it was a woman in a bikini up there? somehow I don’t think there would have been any threat of legal action if there was a bit of boob on show!
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