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Starting a Pension at 40

  • 14-07-2016 1:37pm
    #1
    Tim76
    Registered Users, Registered Users 2 Posts: 955 ✭✭✭


    As my username might suggest 2016 will be a milestone year for me. However, as I'm getting older the niggling fact that I have not yet started a pension is starting to niggle that little bit more.

    Between the recession and my decision to concentrate my finances on paying down the mortgage it has been put on the long finger for too long now.

    Just wondering if anyone out there is in the same boat and if there is any advice about on reputable providers or alternatives to the traditional plans?

    Life begins at 40 and in some cases pensions too!


Comments

  • #2
    Merowig
    Registered Users, Registered Users 2 Posts: 413 ✭✭Merowig


    http://www.boards.ie/vbulletin/showthread.php?t=2057571399 should answer some of potential questions.

    Your employer has most likely to offer a PRSA or an occupational scheme.
    In case it is a PRSA - check out what the fees are of the PRSA / and if the employer is also matching your contributions.

    Otherwise go for a provider that is not having a contribution charge.
    http://www.boards.ie/vbulletin/showpost.php?p=100327302&postcount=9
    If you pick the provider you can pick the fonds which suits your risk tolerance (I personally go for equities)


    Try to maximise your contributions as you have to make up for past years you didn't had one.


  • #3
    iainBB
    Registered Users, Registered Users 2 Posts: 460 ✭✭iainBB


    Try a few of the calculation online and see what you need mind the gap and the pension board


  • #4
    ted1
    Registered Users, Registered Users 2 Posts: 23,902 ✭✭✭✭ted1


    It may be worthwhile moving jobs, if you take a small pay cut but your employer pays X into your pension you could be better off in the long run


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