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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9

u/InterestedObserver20 Sep 21 '21

I'm 35, have about 68k in my pension, which is nowhere near enough. My employer isn't the most generous with it so I need to start upping my contributions a lot.

10

u/0mad Sep 21 '21

Why do you say it is not enough? Genuinely curious? Is there a ballpark guide somewhere?

2

u/chumboy Sep 21 '21

Hah, there's hundreds of calculators out there.

The basic premise is: work out how much of a "salary" you'd like to pay yourself every year post retirement, and work backwards to see how much you'd have to save to get that.

Once you've this worked out, you might find you can retire earlier than you think, but the opposite it more often true.