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Do you have a pension?

24567…31

Comments

  • #32
    conorh91
    Registered Users, Registered Users 2 Posts: 3,328 ✭✭✭conorh91


    charlietheminxx wrote: »
    YI set up my personal private pension when I was 25. I only pay about 120 euro a month into it, but sure it's better than nothing. I'll increase the payments when I hit 30 and again every 5 years after that. That's the plan anyway.
    Obviously you know your own affairs better than anyone here, but would you not wait until you're earning more money before contributing to a pension?

    I don't intend to start paying into a pension until I'm earning about €35k, because until that stage, I won't be able to afford an adequately substantial contribution. At present, since my salary is so modest, even any modest sacrifice would hurt my finances a lot.

    If you're optimistic of your earning power increasing in the future, I think it's sometimes advisable to wait until that starts to happen before contributing to your pension.


  • #33
    BoJack Horseman
    Registered Users, Registered Users 2 Posts: 12,248 ✭✭✭✭BoJack Horseman


    Taxburden carrier wrote: »
    Not alone will the state pension be the under threat, public sector ones will be as well.

    indeed.

    neither the state or public service pension is able to fund itself.


  • #34
    Galwayguy35
    Registered Users, Registered Users 2 Posts: 17,195 ✭✭✭✭Galwayguy35


    Jeez I though I was great starting one last year at 39, but it seems the 21 year olds today are smarter today than I was at that age starting their pension early.

    Still better late than never.


  • #35
    Amirani
    Moderators, Society & Culture Moderators Posts: 12,554 Mod ✭✭✭✭Amirani


    Mine is decent enough at the moment.

    I pay 2% of salary, employer pays 11% by default. I contribute an extra 1% on top of this, which the employer matches with 1%. One of the better non public-sector pensions going I reckon.


  • #36
    caff
    Registered Users, Registered Users 2 Posts: 954 ✭✭✭caff


    Patww79 wrote: »
    Never seen one, wrote it off years ago. Don't even know who it was with.
    Even though it's hardly worthwhile as it was only for 18 months, is there anything I should do with the last pension? It was with Irish Life, so I can at least chase that one up.
    You can contact the scheme trustees and use the contributions to top up your current scheme as a once off payment. Best to find out the scheme details and approach the trustee of your current scheme to find out how to do this or a financial advisor to check your options.


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  • #37
    BoJack Horseman
    Registered Users, Registered Users 2 Posts: 12,248 ✭✭✭✭BoJack Horseman


    Diego Simeone wrote: »
    Mine is decent enough at the moment.

    I pay 2% of salary, employer pays 11% by default. I contribute an extra 1% on top of this, which the employer matches with 1%. One of the better non public-sector pensions going I reckon.

    thats a terrific deal!


  • #38
    hmmm
    Registered Users, Registered Users 2 Posts: 11,203 ✭✭✭✭hmmm


    conorh91 wrote: »
    If you're optimistic of your earning power increasing in the future, I think it's sometimes advisable to wait until that starts to happen before contributing to your pension.
    Good habits start early. You'll always find some excuse not to contribute to a pension e.g. you'll have kids, get married, elderly parents. Better to start early and get used to a slightly lower standard of living, rather than spending everything and moaning about how you can't afford to retire in later years.


  • #39
    Sugar Free
    Registered Users, Registered Users 2 Posts: 1,639 ✭✭✭Sugar Free


    BoJack Horseman wrote: »
    thats a terrific deal!

    I've something similiar. Tbh all the companies I've worked in have at least matched my contribution up to a defined %. Current deal exceeds my contribution.

    I imagine it's standard enough in large companies?


  • #40
    Nucular Arms
    Closed Accounts Posts: 237 ✭✭Nucular Arms


    I was all set to get one when I was working (and a car mind for that matter) but then 2008 happened and I haven't been in a financial position to do it since.

    Hopefully next year though. I'll be 32 then.


  • #41
    Melisandre121
    Registered Users, Registered Users 2 Posts: 1,117 ✭✭✭Melisandre121


    Would you believe I've never even considered a pension.

    What's the main difference between state pension and private? How does private work? Excuse my ignorance...


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  • #42
    not yet
    Registered Users, Registered Users 2 Posts: 7,008 ✭✭✭not yet


    I've a pension of half my salary per week and 1.5 my salary lump sum..

    Now I don't contribute to this handsome pension, I think the indo call it a golden pension, sure I'll be livin it up in luxury on my pension...

    Yep you guessed it I have the hens teeth of pensions: A public sector one so fcuk all you fools contributing week after week to your pension pot.

    Jaysus I can't wait to retire and get all this free money....


  • #43
    caff
    Registered Users, Registered Users 2 Posts: 954 ✭✭✭caff


    Melisandre121 wrote: »
    Would you believe I've never even considered a pension.

    What's the main difference between state pension and private? How does private work? Excuse my ignorance...
    State pension is not set in stone as can be changed on the whims of the government of the day. Private pension is a savings/investment scheme to fund your retirement. There is risks to both but with a private scheme at least you nominally can control the risks.


  • #44
    Melisandre121
    Registered Users, Registered Users 2 Posts: 1,117 ✭✭✭Melisandre121


    caff wrote: »
    State pension is not set in stone as can be changed on the whims of the government of the day. Private pension is a savings/investment scheme to fund your retirement. There is risks to both but with a private scheme at least you nominally can control the risks.

    Ahh.. And do you then dictate how much you get weekly when you retire with a private scheme? Or does it work out much the same amount?


  • #45
    Amirani
    Moderators, Society & Culture Moderators Posts: 12,554 Mod ✭✭✭✭Amirani


    Melisandre121 wrote: »
    Ahh.. And do you then dictate how much you get weekly when you retire with a private scheme? Or does it work out much the same amount?

    You'd typically buy an annuity that would pay you a fixed amount per week based on big it is.


  • #46
    caff
    Registered Users, Registered Users 2 Posts: 954 ✭✭✭caff


    Melisandre121 wrote: »
    Ahh.. And do you then dictate how much you get weekly when you retire with a private scheme? Or does it work out much the same amount?

    You dictate how much you put in, these contributions are then invested and grow ( though they could drop also but generally pension schemes are risk adverse ) on retirement you then have a few choices. Probably better to google these, lump sum and annuity, invest in an ARF , improved minimum retirement fund. Few other types also. A private pension is in addition to the state pension if you are eligible to receive it.


  • #47
    Lilian CoolS Ballerina
    Posts: 0 CMod ✭✭✭✭ Lilian CoolS Ballerina


    Melisandre121 wrote: »
    Would you believe I've never even considered a pension.

    What's the main difference between state pension and private? How does private work? Excuse my ignorance...

    state one is very small
    get a private one so you can combine the two and be ok


  • #48
    Melisandre121
    Registered Users, Registered Users 2 Posts: 1,117 ✭✭✭Melisandre121


    Well this has been an eyeopener..


  • #49
    ToddyDoody
    Registered Users, Registered Users 2 Posts: 4,417 ✭✭✭ToddyDoody


    Yes, but as it stands, I'd need to work until 67 and be well dead by 70.


  • #50
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    conorh91 wrote: »
    Obviously you know your own affairs better than anyone here, but would you not wait until you're earning more money before contributing to a pension?

    I don't intend to start paying into a pension until I'm earning about €35k, because until that stage, I won't be able to afford an adequately substantial contribution. At present, since my salary is so modest, even any modest sacrifice would hurt my finances a lot.

    If you're optimistic of your earning power increasing in the future, I think it's sometimes advisable to wait until that starts to happen before contributing to your pension.

    Totally the wrong tack. Pay in what you can as early as you can. Never underestimate the power of compound interest. Of course if you have zero disposable income that is a different matter but also consider that pension contributions are very tax efficient.


  • #51
    jimmycrackcorm
    Registered Users, Registered Users 2 Posts: 14,413 ✭✭✭✭jimmycrackcorm


    I've several pensions now from changing jobs which will become a pain to keep track of in the future.

    Based on my family history though I'll probably die from cancer either just after our well before pension age.


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  • #52
    not yet
    Registered Users, Registered Users 2 Posts: 7,008 ✭✭✭not yet


    bluewolf wrote: »
    state one is very small
    get a private one so you can combine the two and be ok

    Yeah but the state pension will then be means tested against your private pension.


  • #53
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    not yet wrote: »
    Yeah but the state pension will then be means tested against your private pension.

    Not if you pay full PRSI. Or do you know SF will be in government by then?

    Anyway, a decent private pension negates the need for the state one.


  • #54
    Lilian CoolS Ballerina
    Posts: 0 CMod ✭✭✭✭ Lilian CoolS Ballerina


    not yet wrote: »
    Yeah but the state pension will then be means tested against your private pension.

    contributory one isn't though


  • #55
    Buona Fortuna
    Closed Accounts Posts: 3,507 ✭✭✭Buona Fortuna


    Yes. A really good one and it pays out in 854 days time.

    If ya could lend us a couple of quid till then, be great.


  • #56
    RayCon
    Registered Users, Registered Users 2 Posts: 4,938 ✭✭✭RayCon


    25 yrs til cash in :(


  • #57
    One More Toy
    Registered Users, Registered Users 2 Posts: 3,994 ✭✭✭One More Toy


    Good to see the poll, people are well set for a cosy retirement

    Me myself, I put in the 15% limit on contributions for tax purposes, hoping to retire at age 55, still three decades to go, hopefully I wont die before then


  • #58
    efb
    Closed Accounts Posts: 35,514 ✭✭✭✭efb


    I want to retire now! 29.5 years to go! :(


  • #59
    Spanish Eyes
    Registered Users, Registered Users 2 Posts: 16,121 ✭✭✭✭Spanish Eyes


    State pension at the mo is around 240 a week. Some might find that a good amount to live on when all the debts are paid, and the mortgage and the kids are gone.

    Medical Card guaranteed, and many other benefits too. Plus the Free Travel, although I know everyone gets that at 66.

    But then again, by the time most people retire you will only get all that when you are about 80 at the rate it's going!

    So get a pension plan by whatever means. So you can retire at a reasonable age with a decent income. Who wants to work until they are ready to drop?, But that's the way it's going.


  • #60
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I don't. We have a pension plan at work, our employer matches up to a certain percentage. Really should start paying into it, even about 5%! I feel like I am too young (mid twenties!)...but I am not really. A lot of people seem to think by the time we retire we won't get the funds, but sure...

    I do pay the maximum amount into the stock purchase scheme we have at work.


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  • #61
    [Deleted User]
    Posts: 13,712 ✭✭✭✭ [Deleted User]


    Yeah, it's mandatory where I live to pay towards your pension.

    The state pension provides 50% of my peak-salary in employment. This will be supplemented by another pension which me and my employer have to pay into which should work out at about 30% of my current salary in real terms. Then there's a company pension scheme that my employer & I contribute to voluntarily, there are tax advantages in doing this which mean that the 'pain' of making these contributions are minimised.

    It sounds like a generous scheme, and it is generous, but there's a lot of nervousness around whether some of these schemes are viable, because maybe they're too generous, whilst the economy is facing some serious growth and competitiveness problems.


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