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The amount of your State Pension (Contributory) will depend on the total number of weekly reckonable contributions (up to a maximum of 52 per calendar year) and the age at which you start claiming the pension.

State Pensions are open to anyone resident in Ireland, regardless of whether the individual has made paid contributions or not. One is eligible for the State Pension after their 66th birthday. Prior to 66, a benefit payment is payable between ones 65th & 66th birthday.

The concept of pensions dates to the time of Julius Caesar in Rome. Fearful that retired soldiers may instigate an uprising against the Emperor, Caesar introduced ‘praemia’ for them. This paid soldiers a multiple of around thirteen times their final salary in a lump sum after twenty years of service. This initiative laid the groundwork for modern national pension systems worldwide.

We are often asked the question – ‘Is it better to invest a lump sum or drip it into the market over time?' From a pure return maximising perspective, the evidence suggests that investing a lump sum in one go is the most efficient way to invest.

The CSO released the findings of their latest Household Budget Survey in early August. The HBS is a household survey and its data is used to measure the cost of living in Ireland.

I read a fascinating book by Victor Hagani recently, the Missing Billionaires. Victor was a successful trader in Solomon Brothers and subsequently was one of the founders of Long Term Capital Management (“LTCM”).