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Pension? How much should I pay in?

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  • 16-02-2009 6:49pm
    #1
    Worth?
    Closed Accounts Posts: 5 ✭


    Hi just wondering how much I should pay into my pension each month as Im just started a job and they have a employer contribution pension and i want to get paying into it. Im in my late 20s, was thinking of euro100 a month which would be matched by the company by about 200euro so 300 total. I'd split that over medium and low risk funds. But heard someone over the weekend saying that they were paying 600 a month into theirs and they're only a few years older than me, however they're paying into a state pension (was a teacher) so maybe thats different coz thats never invested in shares like mine would be and so less to lose. What would people typically put in their pension fund? Thanks!


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    #2
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    Have a look at some of the booklets at pensionsboard.ie for some guidance. Actual max. amount that gains tax relief is age dependant and starts at 15%.


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    #3
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    feck all - I lost money overall with my pension last year..

    But in the bare minimum, and save to a 'regular' saver account with one of the banks


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    #4
    Bobeagleburger
    Registered Users Posts: 45,454 ✭✭✭✭Bobeagleburger


    go high risk when young, its the money you put in when you are in 20's and younger that make the difference. If your pension fund is managed and shares are bought with your money (as it is in our place) you wont see much joy in the next few years but your money will be buying shares at a low price and these will eventually go up.

    People who say forget about a pension are completetly ignorant to it imo. Im sure someone on here will do a much better job of explaining than I did.

    As for how much, what you can afford but in your 20's no need to put in too much. Where I work, I pay in 3% of salary and company pays in 6% so thats 9%. Will up it as I get older obviously.

    good luck


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