Since the op can't turn the clock back, its far better to take a different route to achieve a realistic goal, and starting a pension now is absolutely the wrong path with the choices available.
Blimey, do you want me to name the property and location,, I've been banging on about that route all evening.
@ Gordon - if I understand it correctly, you are now saying that a pension of €25 k per year...2k a month into a pension ??
Yes, property eventually went south, but if we were to adopt that attitude with the pension crisis of late, you would run a mile from any pension guru who came within touching distance of you.
On the balance of probabilities, I have full confidence, my route would see a better return.
Gordon,
You'd good with figures and can manipulate them to suit your argument any way you like.
When I started paying quite a reasonable pensionable amount over the last 20 years, had I put the same into a property in 1996
and had it generated 20 years rent, plus the amount that I have paid in contributions pension wise, I would be in a much better financial position than i am now.
These are hard facts, not some financial list I cobbled together to suit my argument.
So, I understand enough, to advise a 43 year old to give it a wide berth.
Gordon,
Did you actually look at what you wrote,
Your talking about a chap who is 43 and starting to take out a pension, how in the name of god, can he build up enough in his pension to fund a property vehicle on which to satisfy an income within 22 years, bearing in mind, the last few years of his investment will go into a very low risk fund, which probably realistically gives the investment growth 15 years.
Your talking about a self administered pension, you need to have built up a sizable pot to do this.
Your figures have been massaged completely, and totally biased with tunnell vision, towards taking out this pension,
I dont profess to be an expert in this field, I pay someone for advice, this same pension, agent, also has diverted into property as he admits a lot of people will be sorely disappointed on the maturity of their pension, unless they have the ability to pay substantial funds into it.
So, I understand enough, to advise a 43 year old to give it a wide berth.
I also believe there should have been a penalty point type system put in place to tackle bad LLs, reach a certain point, and you are precluded form being such. This should entail, condition of property, attitude of LL, refunds of deposit etc.
This point systems should also be....
I see these discussion on here regularly and very rarely see any mention of how governments have recently raided pensions. Take Poland for example:
https://www.bloomberg.com/news/arti...ents-in-need-raid-private-retirement-accounts
Sorry, I don't understand your post.
i didnot understand yours in the first place
I'll take a leap here and try and answer a question which you haven't made clear.
No, that was you. Leap away...
- I modelled a scenario where a 43 year old on €50k could start a pension and end up with total pension income of €25k (i.e. State plus private) and €100k in the bank.
- Separately, you or someone else asked what I do. I contribute €23k a year on a personal basis which is the maximum and isn't shy of €2k a month. That costs me €1,200 a month after tax but I view it as vital and worthwhile expenditure. I'd prefer to have the €1,200 in my back pocket, but such is life.
Happy for you and I hope it works out. As I said earlier, I chose differently and I am comfortable with my decision.
There's more than 1 way to skin a cat
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?