Whats your private pension fund worth?

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. :-)

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.

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.

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!