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how much of a pension should you have come retirement age

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Comments

  • #122
    soap1978
    Registered Users, Registered Users 2 Posts: 723 ✭✭✭soap1978


    Liam D Ferguson wrote: »
    Just doing the math ... you've said that at present you contribute 8% and your employer contributes 11%, so the total 19% is €115 per week, which suggests that your salary is €605 per week or €31,473 per year.

    My salary is around 48000 a year gross,I get shift rate


  • #123
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    soap1978 wrote: »
    My salary is around 48000 a year gross,I get shift rate

    Okay I'd say that your employer's 11% and your 8% are based on your basic salary excluding shift payments. This would be common practice as shift payments can vary a lot which can make pension administration more difficult. Far easier for your employer to administer a fixed weekly amount into a pension than a fluctuating one.

    Expressed as a percentage of your actual salary including shifts, your employer is contributing about 7% and you about 5%.


  • #124
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,360 Mod ✭✭✭✭Jim2007


    anewme wrote: »
    We can only go on and react to the information we have to hand now and apply them to our own circumstances as they are.

    So that's what I'm doing.

    Well if that is what you are doing, how are you including the information, based on statistics... there not be sufficient workers contributing to support things like the fair deal etc. And if you pick any of the countries that are further alone in pension reform than Ireland, they are struggling to cover the first pillar, let alone think about extras.

    How are you factoring that into your plans?


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