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Survival as a Pensioner

  • 07-01-2015 9:10pm
    #1
    runnerholic
    Registered Users, Registered Users 2 Posts: 507 ✭✭✭


    Given that the old age pension from the state is 12k per annum. What do boardsies think would be an adequate annual annuity to be in receipt of on top of this to ensure a reasonably comfortable retirement. Would a total of 20k be enough to survive on as a pensioner meaning topping up the state pension by 8K per annum. To get an annuity of 8k per annum would cost about 200k of a fund which is a lot to save up. Or would 20k be inadequate and if so what is the minimum amount you would need as a pensioner to be reasonably comfortable?


Comments

  • #2
    Aint Eazy Being Cheezy
    Registered Users, Registered Users 2 Posts: 4,632 ✭✭✭Aint Eazy Being Cheezy


    How long is a piece of string? What kind of lifestyle do you think you'll be living, will you be on Mediterranean cruises three times a year or will you be housebound and require a carer?

    All you can do is save what you can comfortably afford to now, and wait to see what the future holds for you.


  • #3
    runnerholic
    Registered Users, Registered Users 2 Posts: 507 ✭✭✭runnerholic


    The Cunning Linguist wrote: »
    How long is a piece of string? What kind of lifestyle do you think you'll be living, will you be on Mediterranean cruises three times a year or will you be housebound and require a carer?

    All you can do is save what you can comfortably afford to now, and wait to see what the future holds for you.


    It was not so much a personal query as a general one. Obviously the higher your income the better but I am interested to hear opinions on how much is enough.


  • #4
    hmmm
    Registered Users, Registered Users 2 Posts: 11,205 ✭✭✭✭hmmm


    A pensioner relative lives very happily on 15k a year. No mortgage, runs a small car, one foreign holiday a year with friends/family, spends lots of time with her grandkids. She has a lump sum in the bank for emergencies, but that hasn't been dipped into.

    Everyone is different however. You're not going to run a BMW and spend your time hanging out in Starbucks on that money.


  • #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    runnerholic wrote: »
    Given that the old age pension from the state is 12k per annum. What do boardsies think would be an adequate annual annuity to be in receipt of on top of this to ensure a reasonably comfortable retirement. Would a total of 20k be enough to survive on as a pensioner meaning topping up the state pension by 8K per annum. To get an annuity of 8k per annum would cost about 200k of a fund which is a lot to save up. Or would 20k be inadequate and if so what is the minimum amount you would need as a pensioner to be reasonably comfortable?

    To enjoy a lifestyle in line with their current situation it is commonly recommended in Europe that a total pension package of around 65% - 70% of one's average income over the last three years of their working like is needed.


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