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Whats your private pension fund worth?

BrokenArrows

I started my pension early, but then didn't contribute for about 5 years after moving to the UK which was a big mistake i think, basically threw away free money that my company would have given me.

I'm 31 and my current private pension fund is worth about 35% of my annual salary.

Whats your pension worth as a % of your annual salary and what age are you?

Just trying to get an idea about how far behind the curve i am.

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Dravokivich

32, cant afford one.

PaddyWilliams

I'm 35 and as of this morning my fund was €87k. No idea of percentage at the moment. 30 years left to go on it so not all that worried yet.

Grayson

It depends. Do I subtract my current liabilities from it? Because if I don't it's easier to calculate. It's zero.

I'm 41.

suicide_circus

Not sure. When I want to be depressed I'll look it up.

The Backwards Man

I have three years worth of turf in the shed

howamidifferent

I'm 52. Last valuation in Jan 2016 was €148k after 32 years service...

fleet

About 6,500... started last year at 34... currently sinking 15% in, plus employers contribution.

s4uv3

I don't have a pension.
I'm 34, and not all that bothered about it if I'm honest. I don't trust any financial institutions enough to invest with them, so I figure what I have in a savings account at the time of retirement is what I have to live on for the rest of my days, and so be it.
I'm well aware there may be no state pension either, but sure it'll be grand

mahoganygas

A private pension is one of the most tax efficient ways of saving. Especially if your employer contributes. I'm amazed at the amount of people who don't take advantage of employer contributions. It's free money!!

I really do fear a populist government dipping into private pensions to pay for those who can't pay / won't pay.
The pension levy set a dangerous precedent.

An aging population along with a low uptake in people taking responsibility for their retirement will soon lead to a huge poverty gap.

jester77

Mine is = to current salary, company pay 25% on top of what I put in. If only I could retire today, prob be worth a lot less in 30 years

Wanderer78

Be interesting to see what happens when the next financial crisis happens, I'd say plenty of pension funds will go bye bye

ChikiChiki

I'm 29 and have about 35k in the fund. I stopped contributing a few months back on leaving a job but must start again early next year. Unemployed at the minute and I'd love to get at it as I've literally €12.83 to my name after counting this morning. :-)

Dravokivich

mahoganygas wrote: »

A private pension is one of the most tax efficient ways of saving. Especially if your employer contributes. I'm amazed at the amount of people who don't take advantage of employer contributions. It's free money!!

I really do fear a populist government dipping into private pensions to pay for those who can't pay / won't pay.
The pension levy set a dangerous precedent.

An aging population along with a low uptake in people taking responsibility for their retirement will soon lead to a huge poverty gap.

One needs to have money they can put into a pension first.

Dr Strange

My what?

_Kaiser_

I have one from a previous job that I think had about 20k in it before the worst of the crisis hit. Have another few years then from a public sector job. Nothing at the minute as my current employer's deal isn't great and I can't really afford to be putting into it anyway (young child to support these days and a long commute thanks to Dublin rental madness)

But seeing as that the Governments will change the rules on the fly if it comes to it, I expect that the only way to save for retirement now is personal savings. Course the way things are going in the country/Europe, I'll need to be working till near 70 anyway if still physically able

I'm 41 btw.

MeatTwoVeg

BrokenArrows wrote:

Whats your pension worth as a % of your annual salary and what age are you?

It's about 3.5 times my salary, but I'm more than a decade older.

ThinkProgress

Pension... sch-mension... lol

Oddly enough I quite enjoy working. Think I might just work for the rest of my life. Retired people seem bored and depressed to me!

Came out the other side of the recession better than I went in... so I'm confident I can always scrape an income together somehow.

Does anyone else think stressing over your retirement when you're in your late 20's or 30's is a bit ridonkulous? I'm expecting to see pension ads for teenagers any day now... :P

Winterlong

I want to retire early and intend to live a long time so I pump a fair bit in to it. All contributions matched by employer. I have been doing this for about 20 years or so and thankfully my pot is now worth a good bit more than I put in to it.
About 5 times my salary.

Sugar Free

I'd rather not give a % but will say that it's on track for the amount I would like to retire on. I think a lot of people are incredibly naive about pensions and what they will live off upon retirement. Using a lack of faith in government or the inherent risk involved in investing as a reason not to contribute does not make up for having nothing but the state pension to survive off.

What makes even less sense are the people who could receive employer contributions and don't avail of it. My employer doubles my contributions up to a certain % but there are several colleagues who would rather have a slightly larger payslip each month than take the free investment. I could maybe understand in the short-term if they were in dire financial circumstances but to do it as a choice

Unless you plan on becoming Permabear then it's something everyone needs to take seriously and I bet even he has something plugged away just in case.

diomed

Now 66, I took early retirement at 56.
At first it was 6% deducted with the company putting in 13%.

When I joined the company at 41 I had almost nil from previous employments when fees were taken arranging transfers to that employer (2.3 years).
I'm eternally grateful to our purchasing manager who took me aside (*) and told me to start making extra contributions to buy 10 years service, something I was ignorant about. I also got 2 more years for cash/other.

(*) I think he said I was a f****** eejit.

Your Face

I have a few old Metallica albums.

Del2005

_Kaiser_ wrote: »

But seeing as that the Governments will change the rules on the fly if it comes to it, I expect that the only way to save for retirement now is personal savings. Course the way things are going in the country/Europe, I'll need to be working till near 70 anyway if still physically able

When the old age pension was introduced the average life expectancy was 65 years, so it really was a pension for old age. With current life expectancy of nearly 90 then the pension at 65 is an idea that won't last much longer, not helped by the ratio of 5 workers for every pensioner dropping to 2 workers in the next few decades.

Moo Moo Land

My wife will be getting a public sector pension. She has a relatively low grade position in the Dept of Education.
I found out last year that I would need to be contributing 1000 euro a month to my pension in order to match her
pension value at retirement. I am praying she doesn't divorce me!
Given the demographics I am not sure how the government will afford these public sector pensions while keeping the state
pension at a suitable value.

ThinkProgress

Sugar Free wrote: »

I'd rather not give a % but will say that it's on track for the amount I would like to retire on. I think a lot of people are incredibly naive about pensions and what they will live off upon retirement. Using a lack of faith in government or the inherent risk involved in investing as a reason not to contribute does not make up for having nothing but the state pension to survive off.

What makes even less sense are the people who could receive employer contributions and don't avail of it. My employer doubles my contributions up to a certain % but there are several colleagues who would rather have a slightly larger payslip each month than take the free investment. I could maybe understand in the short-term if they were in dire financial circumstances but to do it as a choice

Unless you plan on becoming Permabear then it's something everyone needs to take seriously and I bet even he has something plugged away just in case.

I guess it depends how you make your living. Is it still viable to continue working as you get older?

Some professions are not suitable, and those people are right to have an exit strategy.

No one in my family ever retires it seems! lol

Part of the trick to this, is having many different skills that you can create an income from. If you're only good at or qualified to do one thing... then potentially your options are very limited as you age!

Also I think a lot of people seem to be living for that future date... the big R... I could never imagine living like that. I do things I enjoy. If the money is good or bad is not the determining factor. (It's just a bonus if I make good money)

I've read so many stories of people who slaved away for their retirement, then a couple of years into their "golden years", they suffer a stroke or lose their OH etc... Then they wonder what was it all for?

I do save a bit for a rainy day. And I don't carry debt anyway... but saving/investing money to use for a 20/30 year period at the end of my life? Nah... I think it's better to live a healthy stress free life right now, while I'm young. That way there is a better chance I'll be healthy when I'm older.

I find it highly ironic (and sad) that most retirees are in very poor health by the time they reach that point, principally because they bought into the idea of working like a dog towards their retirement... It's an odd concept to me!

Sam Kade

howamidifferent wrote: »

I'm 52. Last valuation in Jan 2 016 was €148k after 32 years service...

Minus the tax when you start drawing it out.

Harry Browne

The Backwards Man wrote: »

I have three years worth of turf in the shed

Hope that shed doesn't burn down. Not good to keep your all your eggs in one basket.

Sam Kade

Harry Browne wrote: »

Hope that shed doesn't burn down. Not good to keep your all your eggs in one basket.

He could always sell a years supply to the islanders and protect some of his assets

BraveDonut

I'm in a company plan, so:

contribute max amount
to get
max company contribution
and to get
max tax benefit

I also added AVCs.

48 now and have been managing my pension since I was 25.
I plan to be comfortable and to enjoy retirement. If I drop dead at 65, well I won't really care about that then.

It amazes me how many people adopt a 'head in the sand' attitude to this or "because gubberment".

osarusan

My precious and valuable collection of Callcards will see me right.

ScumLord

Rather than get a pension, I decided to smoke more.