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New pension

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  • 08-07-2014 3:45pm
    #1
    harr
    Registered Users Posts: 4,485 ✭✭✭


    Hi
    Just looking for some advice on getting a new pension ,as I am not working funds are low but need to start a pension of some sort ,only problem is I will have at the most 100 euro a month to put into new pension.
    Any place I have enquired about getting one they all seem to have a minimum I would need to put in and they insist that my 100 a month won't get me a pension.
    I have a old pension from previous job but I cant touch this for another 20 year or so,this pension is performing well with gains most years as I change it's portfolio ever so often.
    So what options are open to me? :confused:


Comments

  • Options
    #2
    NewCorkLad
    Registered Users Posts: 957 ✭✭✭NewCorkLad


    Hi harr

    The main benefit of a pension is you get tax relief on your contributions, as you are not working this will not apply to you so putting money into a pension now is not the best option. If you really want to start saving for your retirement now while you are out of work your best option is to just start a savings account either in a bank or an investment based product.


  • Options
    #3
    tenifan
    Closed Accounts Posts: 523 ✭✭✭tenifan


    A pension is meant to provide a replacement income for when you're too old to earn an income. Seeing as you're not earning income, you don't have an income to replace so you don't actually need to worry about a pension.


  • Options
    #4
    harr
    Registered Users Posts: 4,485 ✭✭✭harr


    tenifan wrote: »
    A pension is meant to provide a replacement income for when you're too old to earn an income. Seeing as you're not earning income, you don't have an income to replace so you don't actually need to worry about a pension.
    I do know what a pension is , and I am not planning on being unemployed the rest of my life. I had being in full time work since I was 16. I was just hoping to start one now and then build it up once i start working again.
    Anyway i have opened a long term savings account so that will do for now.


  • Options
    #5
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    tenifan wrote: »
    A pension is meant to provide a replacement income for when you're too old to earn an income. Seeing as you're not earning income, you don't have an income to replace so you don't actually need to worry about a pension.

    That has to be the dumbest post I've seen here in a long time. The OP is unemployed therefore he's never going to need a pension!

    In case the mods have a problem with that comment, I believe I'm following the rule to 'attack the post and not the poster'.


  • Options
    #6
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    Tax relief on contributions is a big factor, but (mainly) tax free growth on the funds is important too.

    Op wouldn't be eligible to do a PPP, but a PRSA is possible.


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