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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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hmmm

listermint wrote: »

I'm personally not sure what lefty government had to do with the crash in 2008 which wiped both by parents funds out to half their value.

A normal equity fund would have recovered all its losses since then. Even more when you consider investing in a pension is tax free.

People can choose how much risk they want to take in their investments. What they can't control is how much money an Irish government is going to look to steal.

steddyeddy

I'm lucky enough to have a small biotech patent which will hopefully pay for my retirement. I'd like to get one or two more out in the next 15 years. No early retirement for me though. I could never stop doing what I love.

anewme

mine is worth about 82K...am 46...am thinking of saving...cash rather than put any more into pension when mortgage finishes....6 years time...need a pension of around 30K per year

TripleAce

Mine is worth just over 70k € (I am 39). Out of curiosity, should I decide to withdraw part of it (not even sure it is allowed), how much taxes would I pay on it (in %) ?

Right2Write

"This isn't a thread about PS pensions, but I can't let this myth go unchallenged. PS pay, and always have paid, 6.5% contribution towards their work pension."

I'm not sure if this strictly correct. The pension contributions of PS workers are surely just a lower wage in reality. It's not as if PS earnings are put away by the government into some investment scheme. The gov. of the day just pays less, saves a few bob. Then when pensions have to be paid, the money comes from the general pool of annual spending. It's smoke and mirrors trickery.

However semi state bodies are required to have pension schemes I think. I recall looking at the accounts of one such and it was shocking just how much of the annual gov. subvention was simply going towards pension funds for retired workers. More smoke and mirrors.

ytpe2r5bxkn0c1

The current upper annuity yield is about €5,000 per annum per €100,000 of fund - less any lump sum taken at retirement.

So, €1.2million gives a lump sum of €100,000 and a maximum of €55,000 per year.

Right2Write

"I never understood the mechanics of pensions, still don't ."

I think the general idea is that you put your money away with a pensions provider, who's general purpose is to invest same and get it to grow faster in value than inflation. In return, they feed off your savings, like leeches. But there's no comeback on them if they fail in their task.. And then other leeches like the present day government can also feed as well off same.

The only reason it's worth doing is because of the tax relief. Instead of likely paying 52% tax on earnings, you can salt it away and then most likely withdraw as a pension in years to come but paying a lower tax rate on it. It's deferred taxation and likely at a better rate.

listermint

There's a lot of talk in here about lefty governments digging into funds to pay for other people.

I'm personally not sure what lefty government had to do with the crash in 2008 which wiped both by parents funds out to half their value.

It appears none of these folks who are maxing out their contributions and bingeing on free money are saying anything about this potential fly in the ointment?

What lefty government did that specifically?

The J Stands for Jay

Zascar wrote: »

So can anyone give any genuine advice as to how much you should have in your pension at a certain age? Are there any guidelines?

You'd need about 25 times your annual expenses in order to be able to retire.

Zascar

So can anyone give any genuine advice as to how much you should have in your pension at a certain age? Are there any guidelines?

[Deleted User]

Feck all at this stage, maybe about a grand! But I only started it a few months ago. I'm 27.

Elessar

McGaggs wrote: »

Why so little in equities?

Sorry I should have checked - it's actually 75% total. 45% of it is directly in equities and the other 55% in a company 'growth' fund which is a mix of equities, bonds and property. But in total 75%. Hoping for some solid growth over the next 20-30 years.

cbyrd

I have about 64ozs of silver and a 5kg bar. Another 6oz arrived this morning so when silver increases in value I'll be minted. Otherwise it looks very pretty and no baxtard bank can get their filthy hands on my money.

(hoping the gold standard will be (re-introduced before I'm dead )

Winterlong

lawred2 wrote: »

that's some solid work there

Unless it is 500k Yen.

scdublin

I started a pension in my mid 20's but unfortunately lost my employers contributions as I changed jobs before the time limit for keeping it was reached (had to work there for 2 years or more after you started the pension). I now have a personal pension, so no employers contributions as that's not available to me, and I'm paying in about 3% of my salary. Not great but I figured it was better to have something over nothing.

lawred2

FURET wrote: »

33 years old, around 500k in my pot today, which is self-administered. I get no employer contribution and there is no pension system where I live. If I don't do it for myself no one else will.

that's some solid work there

aristotle25

PaddyWilliams wrote: »

In some instances you may be able to contribute your max amount + employer contributions also. Depends on the scheme rules though. Something you could check out maybe? Just thought it may be of interest to you. 8% employer contribution is very good. I know in my scheme I could put in the 20% + my employers' 5% if I wanted.

Sorry yeah that's what I meant, its 20% allowed plus 8% employer.

PaddyWilliams

aristotle25 wrote: »

yeah occupational, 8% employer contribution is about average or a bit above average maybe.

In some instances you may be able to contribute your max amount + employer contributions also. Depends on the scheme rules though. Something you could check out maybe? Just thought it may be of interest to you. 8% employer contribution is very good. I know in my scheme I could put in the 20% + my employers' 5% if I wanted.

seamus

34, no pension. Should really get around to setting something up.

Between mortgages and everything else I never really had 15%+ to put away into a long-term untouchable fund, so never had any chance to start one in my 20s.

Sure, be grand. I won't starve.

Jen Pigs Fly

I'm 26 and on a civil service pension so no private pension for me!! Although I may invest in a PRSA when I hit 35 so I'll have extra.

Winterlong

I heard a stat that by 2040 there will be just two workers for every pensioner in ireland.

No way the country can afford to support that from general taxation.

So either they move quickly to make contributing to private pensions mandatory or they will be 'redistributing' from private pensions. Lord save us.

But for sure there is no way the state pension we have today will be in place then.
The payment will be a lot lower in real terms.
Probably means testing for free travel, medical cards and tv licence etc.
A Tax on all pensioners income at same levels of income tax that working people pay.

But no government is confident enough to make changes as there is one solid fact preventing them. Pensioners vote in greater numbers than working people.

aristotle25

yeah occupational, 8% employer contribution is about average or a bit above average maybe.

FURET

33 years old, around 500k in my pot today, which is self-administered. I get no employer contribution and there is no pension system where I live. If I don't do it for myself no one else will.

PaddyWilliams

aristotle25 wrote: »

200k in pension fund, 38 years old. Started in 2009 which helped a lot as stock markets have rallied a lot since then.

Company pays 8% into pension, I try to max out the remaining 12% allowed to get to 20% max allowed for my age.

Not sure when I will retire but not going to rely just on pension, hoping to have a property rented as well.

Is it an occupational pension scheme

aristotle25

200k in pension fund, 38 years old. Started in 2009 which helped a lot as stock markets have rallied a lot since then.

Company pays 8% into pension, I try to max out the remaining 12% allowed to get to 20% max allowed for my age.

Not sure when I will retire but not going to rely just on pension, hoping to have a property rented as well.

MeatTwoVeg

Just asking around in work, and it's astonishing the number of my 20-something colleagues who aren't in the pension scheme. This is a scheme where the Employer will double your contribution up to 12%. I.e. a 6% contribution from you means an 18% contribution to your fund.
It's a no-brainer.

I really believe there needs to be a compulsory requirement to join a pension fund. People need to be protected from their own shortsightedness.

buck65

I have a pension since my late 20's, 42 now and I'm delighted I did it as that money would be gone now, I hope to retire at 60 with 10 years current net salary. Not sure if this is enough but hopefully mortgage will be gone and kids well on the way to working too.

PaddyWilliams

Geuze wrote: »

This isn't a thread about PS pensions, but I can't let this myth go unchallenged.

PS pay, and always have paid, 6.5% contribution towards their work pension.

Now you can argue it's not enough, and I'd agree with you, but please don't repeat the media myth that PS do not contribute.

Since 2009/2010, PS also pay the 10.5% PRD.

So PS have been paying up to 17% of wages towards their pension.

Again, this thread isn't the place to debate PS pensions.

You are indeed correct, they do pay towards their pensions and there is a myth that they don't. They just get better returns for their contributions, I believe.

cookiexx

lawred2 wrote: »

were you allowed to do that?

mine got locked down

Yeah they've kept it open as I worked in that job for more than two years, I transfer a few grand into it every year. It gets taxed though which I have to claim back end of tax year, which is a pain.

SEPT 23 1989

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