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Pension where to start

  • 17-08-2016 11:15pm
    #1
    Truth2016
    Registered Users Posts: 8 ✭


    I am going to be 30 and want to start my pension. I am not on a huge salary and realistically would probably only be able to put away 100 euro a month.
    I really don't know very much about pensions. I'd like to get a good return (obviously). I imagine when I retire I'd like a lump sum and then a weekly or monthly amount . What would you advise ?
    I am self employed.

    Can anyone recommend a good bank or pension provider to go with ? I don't really want a high risk pension. I'd of course like it to grow but the idea of paying thousands of the years into a pension and having it vanish before retirement would kill me. So again what type would people advise ?

    I use the pension calculators but to be honest, they are a bit useless as they are assuming the state pension doesn't rise a cent in the next 35 years. So the "shortfall" they are talking about is all hypothetical.

    I am really confused by it all. I've been warned to watch out for fees and that some pensions aren't good.

    PS. I would like to be able to put a lump sum in from time to time too.
    Any advice , names of pension funds, what companies are good etc would be great


Comments

  • #2
    OttoPilot
    Registered Users, Registered Users 2 Posts: 540 ✭✭✭OttoPilot


    First of all, its a very real possibility the state pension in real terms will be a fraction of its current value by the time you retire, so don't factor it in at its current rate.

    Secondly, most pensions tend to invest in "riskier" assets while you are young to maximize your returns and gradually reduce risk as you get older, to avoid the collapse in value you're talking about.

    Funds will not be very dissimilar when it comes to returns. If the economy's going well, your pension will be doing well. Do watch out for fees and make sure to only look at pensions registered with the pensions authority.


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