M
marioX
Guest
I am in the process of setting up a pension through my employer and am trying to do some rough calculations about the size of fund to expect at retirement. Here are the figures i have come up with.
The blurb from the scheme provider states that if you put €100 per month into a pension scheme from age 30 (my age) to 65 you will have a fund of €131000 assuming an annual return of 6%.
I will be investing €350 per month (7.5%) of salary which will be matched by my employer to give a total investment of €700 per month.
If for arguments sake I was to fix this figure at €700 for the 35 years it would give me a pension fund of 7*131000 = 917000
My 2007 salary is €56000 so my pension fund would equate to approx 16.4 times my 2007 salary.
I intend to keep my payments linked to 7.5% of my salary, so am I right in saying that if I keep paying 7.5% of my salary into the scheme I will wind up with a fund of 16.4 times my 2042 salary?
Thanks in advance
MarioX
The blurb from the scheme provider states that if you put €100 per month into a pension scheme from age 30 (my age) to 65 you will have a fund of €131000 assuming an annual return of 6%.
I will be investing €350 per month (7.5%) of salary which will be matched by my employer to give a total investment of €700 per month.
If for arguments sake I was to fix this figure at €700 for the 35 years it would give me a pension fund of 7*131000 = 917000
My 2007 salary is €56000 so my pension fund would equate to approx 16.4 times my 2007 salary.
I intend to keep my payments linked to 7.5% of my salary, so am I right in saying that if I keep paying 7.5% of my salary into the scheme I will wind up with a fund of 16.4 times my 2042 salary?
Thanks in advance
MarioX