Start a pension or not

[sole]

(I am asking on behalf of my daughter) Sole.

I am 30 and about 2 years in permanent job. I do not intend to stay in same job much longer and may move to UK or USA.
I saw old thread about buying a house but not for me.
I know nothing about pensions. Where do I start? I hear so much in past few years about people loosing a lot with pension funds that I am nervous to start.
Any help?

 

[Steven Barrett]

I hear so much in past few years about people loosing a lot with pension funds

It's not just people with pension funds who lost money, everyone who invested in equities lost money. Those who stuck with their investment strategy made their money back. Those that panicked and transferred to cash, are still down.

Pensions are savings plans for retirement. You get tax relief on the way in. A condition of that tax relief is you can't draw down on the fund until you are 60.

When you money is paid to the insurance company, it is invested for you. You decide which funds you invest in based on your goals and risk tolerance. You can switch funds at any time.

The size of the fund at retirement depends on how much you put in and how much it grows by.

Steven
www.bluewaterfp.ie