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Pension Advise - start now or put all money into mortgage?

  • 25-09-2013 5:56pm
    #1
    fret_wimp2
    Registered Users, Registered Users 2 Posts: 1,905 ✭✭✭


    Hi.

    Im not the best wtih financials so id like some advice or just opinions to help steer me in the right direction.

    Im 30 and currently dont have a pension. I put most of my savings into a savings account, thats destined to pay for a house at some stage.

    My idea was save as much as possible in a regular savings account, get a smaller mortgage, paid off sooner and then i could throw all disposable income into a pension.

    But now im not sure if thats such a good idea.

    Im wondering:

    1. is there a better way to save money besides waiting to get paid and transferring it to a savings account?

    2. am i better to put it into a pension as i get a massive tax relif on anything that goes into a pension?


    If this is too indepth for the forum, even contact info for a professional who can advise would be great.

    Thanks!


Comments

  • #2
    Xidu
    Registered Users, Registered Users 2 Posts: 364 ✭✭Xidu


    I would suggest you to put 5% of your gross salary to pension from now on, when you reach to 50yo, you can put in as much as you can.


  • #3
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    I am not sure advice is allowed on the forum so may be best contacting a proffessional.

    Assuming you have enough for a deposit already saved then I reckon that you should start putting money into a pension as you said the tax relief on the pensionable amount is really good.

    You will need to take in all the factors though so I reckon a proffessional might be the way to go.


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