The Irish State Pension is part of the social security system and consists of two parts: a contributory pension that’s paid to people who have contributed to the state’s social insurance for 40 years or more, and a non-contributory pension that’s paid to people who are over 60 with at least 10 years of contributions at the time of retirement.
As of April 2019, the average Irish state pension was €16,896 per year. This means that on average, people in Ireland will receive around €334 per week. In order to qualify for a state pension in Ireland, you must have been resident in the country for at least 35 years and have reached the qualifying age (currently 65). If you’re not yet 65, you can start claiming your state pension as soon as you reach the qualifying age.
How Much Is Your Pension?
State pensions in Ireland are calculated using the following formula:
Your final average salary (gross) multiplied by 1.5
If you retire before reaching the State Pension age of 66, you will receive a reduced pension. The reduction for early retirement is as follows:
If you retire before reaching the State Pension age of 50 your pension will be reduced by 33%.
After reaching the State Pension age of 50 your pension will be reduced by 67%.
What You Need To Know About The State Retirement Pensions In Ireland?
The Irish state retirement pensions are one of the most generous in the world. A person who has worked for the state for at least 20 years and has reached the age of 55 can qualify for a pension of around €16,000 a year. This figure increases by around €1,000 every year until a person reaches the age of 70. After that point, their pension continues to increase by 1% each year. However, there are some important qualifications that must be met in order to receive a state pension: you must have completed at least 25 years of continuous employment with the state, and you must have reached the age of 55. If you have only worked for the government part-time or intermittently over the course of your career, you will not be able to qualify for a state pension.
What Happens When You Retire In Ireland?
In Ireland, the state pension is based on your lifetime income and number of years worked. The amount you receive depends on how much you have contributed to the system. The state pension in Ireland is currently €8,192 a year.