From January 2024 changes to the State Pension (Contributory) are being introduced. These are positive changes that reflect people are living longer, are healthier and may continue working past age 66.
These changes include:
- Improved Access to State Pension Provisions for Long-Term Carers –
- If you have spent more than 20 years providing full-time care to an incapacitated person, you may be entitled to state pension provision
- Better State Pension Flexibility-
- From January 2024 you can defer drawing your pension until age 70 using flexible options. This gives an opportunity to build additional years PRSI contributions (maximum 40)
- How State Pensions are calculated
- From January 2025 there will be a 10-year phased removal of the Yearly Average Method, which means that all pensions will be calculated using only the Total Contributions Approach (TCA) by 2034.
These changes mean that it is essential that you are aware of how many contributions you have accrued before retirement. You can request a statement of your contributions at www.mywelfare.ie using your MyGovID.
Contact us today to discuss your income in retirement and your pension options
