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How much do you pay into you pension
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When I started work...
The amount varies depending on what else is going on our lives. More importantly we have income protection as I know a few people that have needed this in recent years. It's vital if you have dependants.
Wow this is so hot 🔥 🥵 😍 |
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By *iscuits8Man 4 weeks ago
Meath / Dublin / Birmingham |
Only started it about 3/4 years ago
It's not at any great figure but I've another 30 years or so to go
Gonna bump up the contributions soon enough. Looks like everyone's taking a bit of a tanking at the minute |
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By *rRios OP Man 4 weeks ago
dublin |
"Only started it about 3/4 years ago
It's not at any great figure but I've another 30 years or so to go
Gonna bump up the contributions soon enough. Looks like everyone's taking a bit of a tanking at the minute"
Yea, I haven’t started mine but was thinking of vomiting €1000pm into it (from gross rather than net) and was wondering what’s a “normal” amount for someone who started at a normal age |
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By *INTMan 4 weeks ago
Minutes from Somewhere Else |
18% of my pre-tax salary.
Company contribution is 6%
My contribution is 6%
Company will match my contribution up to 6%.
So while technically only 6% is coming out of my salary, the matching contributions are basically "free money" which I'm absolutely going to leverage.
It's also a good idea to have a separate, second pension pot where you throw in what you can afford on a regular basis. Doesn't have to be a huge amount to make a difference long term.
Started early. In my 20s (now in my 40s). The earlier you start, the better. When it comes to your pension, compound interest is your friend.
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I've paid into one since 1988 but the contributions were locked into whatever I could afford at the time and can't be changed or transferred so it's worth pittance now.
I have two other workplace pensions that haven't had any contributions since leaving those jobs and I don't have any disposable income to top them up.
I had a conversation recently with a financial advisor who said they are advising that everyone has a minimum pot of £250k on retirement. I don't even have a third of that.
Someone on the radio the other day was advising what monthly contributions should be and I turned it off when he said it was more than I actually earn. |
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By *INTMan 4 weeks ago
Minutes from Somewhere Else |
"Only started it about 3/4 years ago
It's not at any great figure but I've another 30 years or so to go
Gonna bump up the contributions soon enough. Looks like everyone's taking a bit of a tanking at the minute
Yea, I haven’t started mine but was thinking of vomiting €1000pm into it (from gross rather than net) and was wondering what’s a “normal” amount for someone who started at a normal age "
Do it. As much as you can afford and keep it up.
If the organization you work for (assuming you're not self-employed) provides any additional matching to your contributions, take it. As much as you can.
I prefer to think of it in terms of percentages as that way it remains a constant regardless of my earnings. If I earn more, the contribution goes up.
Would also suggest you consider it another bill like rent/mortgage/utilities/whatever. Should consider it untouchable and non-negotiable.
As the SexyScientists said earlier - consider income protection as well. Life can, and often does, throw curve balls. |
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As a pension adviser - rough rule of thumb (if you can afford it) is half your age, you should contribute ! 20 yrs old -10 percent 40 yrs old 20 percent - or as previous comment - put in every years pay rise - you’ll feel it’s not your money - the south is years behind the UK in contributions and auto enrolment |
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I put in 15% and the company puts in another 5%. I only started mine at 40 (46 now) so trying to play catch up.
Like others said start a pension as early as you can, even if it's only putting in a little and then increase as you can.
You'll appreciate it at retirement as you chill on your sun lounger on the Med 👌 |
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By *oo32Man 4 weeks ago
tipperary |
2000 started with the cif
It was a lot better when I finished in 2023,about 45 from me and 45 from employer
Now I'm paying about the same(40) into company pension and 50 into a private one
I don't think it'll be much good,it'll be for the nieces and nephews to spend anyway |
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When I was 19 some old dude in the place I worked, called all the young wans in for a chat. I had no interest in his pension speech, but I did sign the forms, like all the others. best decision ever made.. Contributions deducted at source , never missed them. Never gave it another thought. |
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"As a pension adviser - rough rule of thumb (if you can afford it) is half your age, you should contribute ! 20 yrs old -10 percent 40 yrs old 20 percent - or as previous comment - put in every years pay rise - you’ll feel it’s not your money - the south is years behind the UK in contributions and auto enrolment "
Is that 10% matched (5% and 5%) or 10% of your monthly income? |
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Lucky to pay me bills these days tbh!
So, no. Unfortunately not!
I do have 6 years contributions into a defined benefits pension from a job I left 20+ years ago now so that's not likely to be much good to me come pension age!
Ah well, I'll survive!
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Truthfully, I've no idea. It comes out of my wages before I get them and it's topped up by my employer. Whatever will be will be. I can't afford to pay anything more anyway, at least til I get my son through university 🤷 |
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Your allowed after you reach the age of 50 get access to your pension fund, be it getting 1/4 tax free or the whole lot
I ve cashed my in at 50.
Paid off the mortgage and started again. I invest my old mortgage amount each month without fail.
The amount of interested I ve saved on my mortgage was serious amount yet to be paid. If you’ve no nooce around your neck to pay each month the more you can invest.
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Income protection is as important as a pension . You get tax relief on your income protection which you can claim back annually via ROS . Eg. 35k income protection, no nurse medical requirement,is about 120€ & you claim back 40% .
The more you put into your pension , with some company’s, the more capital percentage is invested and some administration fees are less.
But start a pension asap, it will be needed.
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Can’t remember what was said to be
With our amazing government do t get me started on there pensions - what is the retirement age 65 or is it 67 currently ?
You can be guaranteed by the time we all reach retirement age they ll have added another 1-2 yrs onto it
Bar your in civil service you can retire once you ce 30 yrs service with a fairly decent pension. - |
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"Only started it about 3/4 years ago
It's not at any great figure but I've another 30 years or so to go
Gonna bump up the contributions soon enough. Looks like everyone's taking a bit of a tanking at the minute
Yea, I haven’t started mine but was thinking of vomiting €1000pm into it (from gross rather than net) and was wondering what’s a “normal” amount for someone who started at a normal age "
If your employer doest have a pension facility in place, go seek a professional and get the right advice. Ive two pensions, one from a previous job, havent paid into it in 14 years, and one ive been paying into 8.5years and the one fron 14 years ago is prefoming better |
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In my first interview, I asked them at the end if I was successful in my application would setting up a pension transfer be something that management could give me direction in as I had never experienced it before and said that while I understood in the surface I may appear inexperienced after asking that, I would hope it would show the commitment and intent I have and an eagerness on learning how to do things right from the start in all aspects. I wasn't successful, it gives me a giggle looking back on now as I was quite young and out of my depths lol |
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At the moment it's 10% of my current monthly wage which is matched by the company. I've had it since I was 34 so just over 8 years. I want a comfortable life after I retired so between that and my savings we should be alright |
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…and at what age did you start?
