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Monthly pension contribution? €€

  • 19-08-2005 2:27pm
    #1
    Juicy
    Closed Accounts Posts: 14 ✭


    Just wondering about monthly pension contributions at work. Am fairly clueless about the whole pension thing but know that the more I contribute and the younger the age I am, the better. Thinking of upping mine from 80 to 130. What is the recommended amount to allow you to live comfortably upon retirement? I am 26 and only started the pension one year ago. How much are people contributing generally?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    A few things.

    Whats your salary

    The tax break. There is a percentage limit.

    What other commitments do you have, mortgage, loans, family ...


    First off, I imagine max out your SSIA.


  • #3
    CCOVICH
    Closed Accounts Posts: 240 ✭✭CCOVICH


    How much do you reckon you'll need/want to live on in retirement? That is the key driver of what should be contributing to your pension, but is irrelevant if you can't afford it I guess. Check out www.pensionsboard.ie Plenty of useful information, and a pensions calculator.

    I am contributing 4% of gross salary (mandatory) to my employer's pension fund.


  • #4
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    I'd be careful about ploughing too much into a pension fund until you get onto the property ladder. No point in scratching round for a house deposit or wedding in a few years time while you've got cash sloshing round in your pension fund when you can't get at it.

    Also, check out what kind of fees (management fees, bid/offer spread, administration fees, initial units, allocation units etc) you are paying on your pension contributions - make it is competitive.


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