r/irishpersonalfinance Sep 21 '21

What age are you, and how much is in your pension(s)? Retirement

With pensions in the news, I thought this would be an interesting discussion.

I am 30, and have 1 pension that currently contains €62,399.

I currently contribute 15% and my employer contributes 6%. Come January, I will up my contribution to 20%. I would have 2 pensions, but I merged them as my current one has much lower fees. My pension is 100% in Indexed Global Equity.

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u/[deleted] Sep 21 '21

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u/rebellious-rebel Sep 21 '21

Most occupational pension schemes allow you to retire early from age 50. Far from "old". In any case pensions are the only tax free investment option on Ireland. Why wouldn't you take advantage of that?

If you don't save for a pension you'll be living on the pittance of an OAP in your retirement. That's a fairly grim prospect.

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u/[deleted] Sep 21 '21

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u/rebellious-rebel Sep 21 '21

But that isn't tax efficient. You have to invest using your net income (after tax) and it's subject to CGT coming out.

-1

u/[deleted] Sep 21 '21

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4

u/rebellious-rebel Sep 21 '21

Right......

1

u/[deleted] Sep 21 '21

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6

u/rebellious-rebel Sep 21 '21

How is that relevant to Irish people living on Ireland?