How Much is State Pension and How Can I Increase it?

Irish State Pension Increase 2024: How Much is State Pension and How Can I Increase it and other details are here. In this article, we will discuss the exact inflated amount an eligible individual must receive for the Irish State Pension Increase 2024. If you are the one who does not have sufficient contribution for the state pension qualification by the age of 66. Here is the wonderful news for you check it out.

Irish State Pension Increase 2024

A remarkable change in the state pension has been made for the Irish taxpayers. Now, they can work till the age of 70 to get the maximum pension payment at the time of retirement. The new changes in the state pension are imposed from 1st January 2024. The chief change is that individuals claiming for the contributory state pension at the age of 66 can now claim the same at 70.

Previously the the age to get the contributory pension was set to 66. However, with the new change, citizens are given more options to get an increased amount at retirement time. It is a new opportunity for the adults who have started earning lately. They can now work for more time and qualify for the utmost amount in the state payment.

Irish State Pension Types

There are two state pensions in the Irish. They are Contributory and non-contributory.

Contributory: Individuals who have contributed towards Ireland anytime during their working life are eligible to claim for the Contributory Pension. The start date can be put off till the age of 70.

Irish State Pension Increase

Non-contributory: It simply means that you do not qualify for the state pension due to a lack of contributions to the state pension. In such cases, you are eligible for the basic weekly payment which is mean tested. If any claimant is above the age of 66 and is not entitled to the Irish State Pension. The government has different plans for them they may also be getting weekly pensionable amounts in their bank account.

Some amount of tax is imposed on this pension but if you do not have any other source of income it might be tax-free for you.

How Much is State Pension

To understand the state pension in a better way go through the table given below. Payment amounts based on different age groups have been mentioned in it.

Age

State Pension Amount

67 Years

290.30

68 Years

304.80

69 Years

320.30

70 Years

337.20

The data is as of January 2024. Individuals of different ages will have to get a unique amount after their qualification. The age is further increased for the individuals so that they can make more contributions to the social insurance and boost their retirement amount in 4 years.

Irish State Pension Eligibility Criteria

To get qualified for the state pension programme there are a few eligibility norms that you must be aware of. The eligibility norms for the non-contributory are as follows.

  • For non-contributory state payment, you must be an Irish citizen aged 66 or above.
  • Citizens should have to pass the mean test.
  • If you are not Irish you should be under HRC.

Now let us have a look at the suitability for contributory state pension.

  • You will be eligible for the payment at the age of 66.
  • You must have enough contributions to the PRSI.
  • You must invest in the PRSI before 56 years of age.

So now you can decide whether to go for the contributory or the non-contributory pension payments based on your qualifications.

How Can I Increase it?

To boost the pension payment you can go through the guide we will be providing in this part of the article. Make extra contributions to the PRSI so that during retirement you will benefit from extra pensions. After the new update in the pension contribution, you can now claim for the pension at the age of 70 so that you can contribute extra to the social insurance.

Buying additional years to contribute more. If you do not have sufficient income to contribute to the PRSI go for the non-contributory pension. There are several financial programmes in Ireland for retired citizens so if you are not satisfied with the non-contributory pension. Claim for the other programs that will provide you with financial assistance in retirement.

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