Pension - am i on the right track?

pkvader

Hi,im just looking for a couple of opinions please,Im in a pension scheme at work with 13 years,but i kind of never really keep track of it.Ive never gone to any pension meetings over the years,or when the statements are given out i just thrown them in a cupboard at home etc.

Anyway i decided to look at this years statement i got the other day,i basically just want to know if im doing good,bad or ok for where im currently at in life.

So im 13 years in the scheme,im 38 years old,
current value of contributions to date is €49k.
Im a bit clueless when it comes to thid kind of stuff,thanks for any advise/opinions.

homer911

Its not so much the current value, as your current contribution rate/value, the amount your employer contributes, and if you are availing of the maximum your employer will put in

Henry Ford III

pkvader wrote: »

Hi,im just looking for a couple of opinions please,Im in a pension scheme at work with 13 years,but i kind of never really keep track of it.Ive never gone to any pension meetings over the years,or when the statements are given out i just thrown them in a cupboard at home etc.

Anyway i decided to look at this years statement i got the other day,i basically just want to know if im doing good,bad or ok for where im currently at in life.

So im 13 years in the scheme,im 38 years old,
current value of contributions to date is €49k.
Im a bit clueless when it comes to thid kind of stuff,thanks for any advise/opinions.

What contributions have been paid over the years? What fund(s) are you invested in?

p.s. You need to tune in on this a bit more. Ask the pension consultants for advise.

pkvader

My employer contribution is 5% of my basic wage.

pkvader

Contributions to date €30k

Yeah i definitely need to tune in with this stuff,ive been way to blase towards it.

Liam D Ferguson

A lot depends on what you want when you retire. A pension of €50,000 per year might seem like fabulous wealth to one person but might seem insufficient to another. Have a think about how much money you would need if you were retiring today, to maintain your current standard of living. Strip out any expenses that won't be there when you retire, e.g. mortgage, kids, commuting costs etc. If there's a spouse, will they have a pension? Let's say you come up with a figure of €400 per week as the figure that you need. (I picked that figure out of the sky - it's not a suggestion - only you know your own figure.) Go into the next pension meeting and ask the broker to get you a projection of what your current pension arrangement is likely to produce for you assuming that you continue as you are, assuming modest growth on the funds and modest inflation. Ask them to take the State Pension into consideration. Then compare the result with the figure you had in mind.