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Pension - how much do you contribute?

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  • 03-10-2009 12:47pm
    #1
    cornbb
    Registered Users Posts: 6,790 ✭✭✭


    I'm in my mid-twenties, I've secured a "good" job with a large private company and I'm hoping to start a pension. My employer will equal my contributions. Just wanted to take a quick straw poll and see how much people like me tend to pay into their pensions? Either as a %age of salary or absolute amount?


Comments

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    #2
    bills
    Registered Users Posts: 952 ✭✭✭bills


    10% is what i contribute. could not afford more at moment


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    #3
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    I think mine is 5%, and my employer gives double whatever my contribution.
    So it works out at 15% for me.


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    #4
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    When a company is prepared to match your premiums, pay as much as you can or certainly at least as much as the company is willing to contribute. Maximise to get maximum tax relief. Remember a pension is long term. Consider the funds that you are investing in. Some people invest cautiously for the portion that they are investing and are more adventurous with the company's contribution.


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    #5
    Blackjack
    Registered Users Posts: 3,612 ✭✭✭Blackjack


    Depends on what age you are - there are limits on what you can contribute depending on your age.

    from here
    * Under 30: 15%
    * 30 to 39: 20%
    * 40 to 49: 25%
    * 50 to 54: 30%
    * 55 to 59: 35%
    * 60 and over: 40%


    I'd recommend 10% if you can do it. Bear in mind you get tax relieve on your contributions, so if your company matches, it depends on which rate your on, but if you're on the higher rate, it pretty much costs you a fiver to contribute 20 quid to your pension.


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