# Will my pension be enough



## bitethebullet (3 Nov 2017)

Hi,
I'm 46.5 years old 
took  redundancy from a job last year.
I was paying into a DB pension for 18 Years which will be worth €13,686  Per annum.
I also have 20.727 Euros in contributions worth 31,600 now
I recently Started another job where the pension is DC where i contribute 6% and the company  contributes  9% ....My salary is 42K
I hope to have my mortgage payed off when I'm 60 and would lo ve to be able to retire by then
My wife doesn't work. Will i be OK or should i nstart doing AVC's also?


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## Steven Barrett (6 Nov 2017)

Need more information. 

What do you want to do when you retire? Do you want to travel around the world or just potter around at home or something in between. 

How much money do you think you will need? 


Steven
www.bluewaterfp.ie


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## bitethebullet (7 Nov 2017)

Somewhere in between. I've done a fair bit of travelling already.
TBH I'm not even sure if i want to stay in this country the way we're all being fleeced at the moment.
Property tax , high cost of living , motor insurance, increasing pension age to 68 and talk of it going to 70.
Unfortunately my Mrs is a home bird so maybe we'll probably be still here. 1 or 2 holidays a year. few pints on the weekend.


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## Conan (7 Nov 2017)

Predictions, particularly about the future, are always difficult.
The current State Pension (for a couple) is circa €400pw, so just over €20,000pa. Based on your current salary, that’s almost 50%. I know your salary may increase in the future, but so may the State Pension.
Therefore any private pension will be in addition. If your deferred pension is c€13,700 (not clear whether that is the projected pension to include re-valuation to age 65 or the current figure which will be re-valued going forward) that will bring you further up. And finally anything from the DC scheme will only increase your overall pension.

It is impossible to predict what will happen to the State Pension:
-will it become means tested
-will it increase in line with inflation
-will it move to a start age of 70, etc

But my strategy would be to maximize as much as possible. The 15% contribution to the DC scheme is very reasonable. So overall I think you are on a reasonable path.


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## bitethebullet (8 Nov 2017)

My Defined benefit pension is currently worth 13,700 so it will increase . Thanks Conan.


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## bappelbe (13 Nov 2017)

Conan said:


> The current State Pension (for a couple) is circa €400pw, so just over €20,000pa. Based on your current salary, that’s almost 50%.



He says that his wife does not work so the State Pension might be halved in the OP case


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## Conan (13 Nov 2017)

If his wife does not work, they may be able to claim the Adult Dependant additional pension (means tested based on the wife’s income/assets). That equates to c €400pw.
This all assumes that th e current SW regime still applies when the OP gets to retirement....and that is a big if.


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