Whats your private pension fund worth?

Harry Browne · 26-09-2016 2:34pm

osarusan wrote: »

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

Used or mint / sealed?

hairyslug · 26-09-2016 2:37pm

One of the best things my last job did was get us all financial advise, I started my pension in my mid 20s (10 years ago) but have not paid into it in the last two years due to job changes, current employer offers a plan after 6 months service

Sam Kade · 26-09-2016 2:44pm

BraveDonut wrote: »

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".

Amazing isn't it, maybe they can't afford to pay into a pension, not everyone have the benefit of their employer making contributions to their pension.

Taxburden carrier · 26-09-2016 2:46pm

Moo Moo Land wrote: »

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.

This .
If you think we've got PS Union unrest now, wait until the day arrives.

Pac1Man · 26-09-2016 2:50pm

osarusan wrote: »

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

I have a Chupa-Chups steely pog slammer for trade?

Iang87 · 26-09-2016 2:53pm

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.

Or a young generation getting bent over a barrel for rent and mortgage while making getting miserable wages by employers

26-09-2016 2:59pm

Moo Moo Land wrote: »

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.

Simple, they will raid the private pensions. The pension levy.

biko · 26-09-2016 3:24pm

I have enough money to last me the rest of my life

if I die next month..

CFlat · 26-09-2016 3:27pm

BraveDonut wrote: »

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

If you started a thread on Boards about 'what are your favourite sweets' someone would say they can't afford sweets because of the USC or some other such drivel. Sad really.

Anyway I'm similar to a few here. Paid a fair bit in during the CT but when everything went up in smoke that all ended. Only really getting back on my feet now and badly need to start contributing again. I think there's about 20K in mine which is very worrying for a middle aged man.

Ill probably also end up working till I'm 70(if I can and I'm allowed).

padd b1975 · 26-09-2016 3:39pm

It's whatever is left over after selling my Dublin property and buying a little cottage in Mayo.
Hopefully I'll have a healthy six figure in savings as well all going well.

I don't have a traditional pension plan.

highgiant1985 · 26-09-2016 3:41pm

jester77 wrote: »

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

25% er contribution :O.... what industry are you in if you don't mind me asking!

I'm asking as I'm in the software industry and our company is only giving 3% so 22% extra is massive.

RedXIV · 26-09-2016 3:43pm

highgiant1985 wrote: »

25% er contribution :O.... what industry are you in if you don't mind me asking!

I'm asking as I'm in the software industry and our company is only giving 3% so 22% extra is massive.

25% is definitely better than average. I'm in IT and I thought I was doing well with 7%

kowloon · 26-09-2016 3:45pm

My plan is to die before the shaky future I've built crashes down on top of me.

Greyian · 26-09-2016 3:52pm

highgiant1985 wrote: »

25% er contribution :O.... what industry are you in if you don't mind me asking!

I'm asking as I'm in the software industry and our company is only giving 3% so 22% extra is massive.

RedXIV wrote: »

25% is definitely better than average. I'm in IT and I thought I was doing well with 7%

25% would be absolutely amazing, though it is possible he means they contribute 25% of whatever he puts in (every €4 he puts in, they put in €1).

zl1whqvjs75cdy · 26-09-2016 3:53pm

RedXIV wrote: »

25% is definitely better than average. I'm in IT and I thought I was doing well with 7%

25 % is ****ing monstrous, never mind better than average. I get 4.......

Reg'stoy · 26-09-2016 3:57pm

47 married no kids, mortgage paid off, no credit card debt, cars bought and paid for, so no personal debt what so ever. Took early retirement on a €23,000 a year pension, have about €100,000 in savings.
Pension is about €380 a week after tax so plenty (for me) to live on considering no mortgage. Herself has a small business from home which pays her €800+- a month, her private pension is currently valued at €120,000.
We're in a great position, granted we won't be taking a cruise every year but considering what some people work for per week I'm not going to complain.

I took early retirement because I could, too many people either can't or are afraid to. I do voluntary work now, again because I can.

My advise would be if possible; retire early if you are in a position to. I'm lucky and I know some just can't but if you can; do.

kal7 · 26-09-2016 4:02pm

I try to put in 20%.

I am 43yr

Current pot is 3x salary.

highgiant1985 · 26-09-2016 4:07pm

RedXIV wrote: »

25% is definitely better than average. I'm in IT and I thought I was doing well with 7%

yeah anything over 5% is pretty good tbh from what I've seen.

highgiant1985 · 26-09-2016 4:08pm

I'm 31 and currently paying 15% of my salary in each period. Current pension pot is 56.66% of my current annual salary. What's depressing is it buys feck all of a pension. To have what I consider a decent pension you need a pot of 400k plus minimum.

Speedwell · 26-09-2016 4:14pm

I'm 50 and have managed to save about $135K (yes, USD). Whatever US Social Security benefits I'm entitled to will transfer to Ireland by treaty, but I don't know how that works. I'm not saving anything at the moment because I am paid about half what my job is worth (working for a close friend who hired me when another job offer fell through even though he couldn't afford to pay me very much).

Edit: The money is in an Individual Retirement Account (IRA). I'm legally forbidden from withdrawing the money without huge penalties before retirement age except for four or five reasons, none of which apply to me because (to keep it simple) I don't live, work, own a home, or go to university in the US. Interestingly I can use it as "collateral" of a sort to prove to the UK that I have the required funds to qualify to get a residency visa as the wife of a UK citizen (actually a UK/Irish dual citizen, but it counts), if we ever decide to do that.

hmmm · 26-09-2016 4:15pm

Been putting 15%+ in since the day I started working, and have built up a hefty pot. Made a killing around 2008/2009 because thankfully I held my nerve (and my job) and kept putting money in. Big fear is that some lefty government decides to steal it and hand it over to the "disadvantaged".

ted1 · 26-09-2016 4:16pm

highgiant1985 wrote: »

I'm 31 and currently paying 15% of my salary in each period. Current pension pot is 56.66% of my current annual salary. What's depressing is it buys feck all of a pension. To have what I consider a decent pension you need a pot of 400k plus minimum.

Don't forget that st the moment you get 12k from the state so between that and having a mortgage cleared you will have more than you think

highgiant1985 · 26-09-2016 4:21pm

ted1 wrote: »

Don't forget that st the moment you get 12k from the state so between that and having a mortgage cleared you will have more than you think

With the predicted age demographic in Ireland I won't be holding my breath for any stage pension by the time I reach retirement age. You are right about hopefully having t he mortgage cleared which will help though meaning less out going expenses.

BrokenArrows · 26-09-2016 4:29pm

donkeyoaty0099 wrote: »

25 % is ****ing monstrous, never mind better than average. I get 4.......

I dont think any employer is giving 25% of their salary.

Im assuming his employer is giving him 25% of whatever he puts in.
So he contributes 100 his employer gives him 25.

mark_jmc · 26-09-2016 4:31pm

age 38, currently have approx. €100k- increased my own pension contributions to 15% at the start of this year employer pays 8%

BrokenArrows · 26-09-2016 4:32pm

BraveDonut wrote: »

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".

Totally agree.

My employer matches me to 6%. Almost worst case scenario im making around 100% interest per year, worse case scenario im making 90% interest. Even if the government were to go mad and decide to dip into private pension funds you are still making a **** lot more than depositing that money into a normal savings fund.

And since they money you contribute is before tax every 100 you put into the pension in reality is around 160 (if you are in the 40% bracket).

BrokenArrows · 26-09-2016 4:33pm

mark_jmc wrote: »

age 38, currently have approx. €100k- increased my own pension contributions to 15% at the start of this year employer pays 8%

Ya i really want to bump up my contributions. Currently its at 6% and employer matches 6%.

Looking for a new job at the moment and if i get the money im asking for then ill put it up to 10% or more if the company matches more.

MeatTwoVeg · 26-09-2016 4:43pm

hmmm wrote:

Been putting 15%+ in since the day I started working, and have built up a hefty pot. Made a killing around 2008/2009 because thankfully I held my nerve (and my job) and kept putting money in. Big fear is that some lefty government decides to steal it and hand it over to the "disadvantaged".

Make no mistake this is a very real risk.
The current situation of funding state pensions through current expenditure is unsustainable given our demographics and rising life expectancy.
A 'Paul Murphy' type politician will start to make noises about the 'unfairness' of it all. The prudent, such as yourself, will be portrayed as greedy fatcats, and the handout brigade will demand something be done to correct this injustice.

The day in 2011, when the Govt. decided to raid our funds is a day of infamy and sets a dangerous precedent. We should have blocked the streets of Dublin until they returned our money, but we were too busy working and paying the bills for everything else.

zl1whqvjs75cdy · 26-09-2016 4:50pm

I do worry about the government effectively stealing from us to bail out thosw without a pension. I'd be tempted to invest in property instead but sure that went tits up too. There's no good option, only a least bad one. I'm also toying with the idea of stopping my avcs and paying down my impending mortgage as fast as possible to save on interest.

ytpe2r5bxkn0c1 · 26-09-2016 4:53pm

I paid in for 30+ years, as did my employer. Retired in my early 50s with a six figure lump sum. Currently on a pension of 50k+ per year. Best investment I ever made.

Whats your private pension fund worth?

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