no pension, is it right time to start?

[griff212]

I know it is an obvious answer. I am 31 , is a resonable job , salary 50k

I have a morgage and car loan, no dependents

Morgage repayments are less than half the value of the house ( even if it drops another 30%)

I have been thinking about a pension for some time however due to the econmic climate I am so unsure

I have 25 k in the bank

I am like everyone else worried about their job.

Work will contribute 10% to the pension scheme

Is it a good time to start a pension or should I just put my money into a bank account?

When I went to see the pension advisor, he was trying to push serious illness cover down my throat and said I would need to pay 110 euros per month for this too on top of any pension.

Should I contribute something to a pension and leave serious illness cover?


Any input would be appreciated

grif

 

[z103]

I would wait and see what happens in the 'mini' budget on 7 April. There seems to be rumours about tax relief being cut and tax on final lump sum.
If the budget hammers pensions, it might not be worthwhile.

 

[allthedoyles]

The way pensions have taken a hammering recently , there are certainly better investment opportunities out there .

Serious Illness Cover is a gamble , just look at the criteria , and how serious you would have to be ill before you can claim.

However , I know a guy that paid serious illness for 14 years . He opted out in November 2008 , and guess what ..............he was diagnosed with prostrate cancer Dec 08 .

 

[GSheehy]

grif,

What % of salary do you have to contribute to avail of the €5,000 pa from the employer?

How much specified illness cover were you thinking of buying for that premium? €250K+?

Is there a salary/income protection scheme available through work?