The main types of pension are: State Pensions: paid by the State to all citizens over a certain age. They provide a basic income and are funded by taxpayers. Private Pensions: paid by some employers to former employees when they reach retirement age. The amount received depends on the former employee’s length of retirement and how the pension was invested. Personal Pensions: paid by a life assurance company or investment firm. This is a type of private pension for anyone who is self-employed or can’t join an employer plan.
Research
1. Find out how much your parents or guardians receive in Child Benefit for you each month.
2. Ask them if they think it covers all your costs. 3. Ask them how much they would need to receive in Child Benefit to cover all your costs.
4. Ask a retired person if they think their pension is enough for them to live on.
5. Ask them how much they would need to receive if their pension was to cover all their costs.
6. Bring your answers into class and hold a class discussion to compare the information you have found.
7. What conclusions can your class reach about Child Benefit and pension payments in Ireland today?
Irregular income Irregular income is unpredictable in size and frequency. It is also known as additional income. The following are some examples of irregular income: Overtime payments may be received in some jobs for working extra hours in a week.
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Commission is extra income earned by sales people depending on how many items they sell. Bonus payments are financial rewards for achieving a work target, such as completing a building project on time. Profits for people who run their own businesses. The exact amount of income they earn depends on whether their business makes a profit and by how much. This can be irregular and unpredictable. Gifts and inheritances. Money from the sale of unwanted items such as an old car, jewellery or furniture. Payments for casual work such as babysitting or cutting grass. Lottery, bingo or other cash prize wins.
