Hi,
I would like if any of you could offer up your thoughts on pension targets/requirements that you'd consider appropriate for someone younger than 30 years old.
I'm living in the Republic of Ireland and working in Northern Ireland but most of the advice offered up here will probably be relevant to all.
In short, the question I have is - What percentage of salary should someone aim to have locked away in their pension fund at 30 if the intention were to reduce the total pension contributions to 10% (Including Employer contributions) at that point?
The reason I ask is that people that start their pension at a young age may be interested in starting off with high contributions whilst they are young so that, when they have other commitments such as children or a mortgage, the contribution level could be reduced.
I'm aware that there are other considerations, such as saving for a housing deposit. However, for the purposes of this thread, let's assume that all other aspects of the persons finances are in order and the sole aim is to procide a reasonable pension by having X% of their salary locked away in their pension at age 30 and reducing the total contribution levels to 10% at retirement.
I would like if any of you could offer up your thoughts on pension targets/requirements that you'd consider appropriate for someone younger than 30 years old.
I'm living in the Republic of Ireland and working in Northern Ireland but most of the advice offered up here will probably be relevant to all.
In short, the question I have is - What percentage of salary should someone aim to have locked away in their pension fund at 30 if the intention were to reduce the total pension contributions to 10% (Including Employer contributions) at that point?
The reason I ask is that people that start their pension at a young age may be interested in starting off with high contributions whilst they are young so that, when they have other commitments such as children or a mortgage, the contribution level could be reduced.
I'm aware that there are other considerations, such as saving for a housing deposit. However, for the purposes of this thread, let's assume that all other aspects of the persons finances are in order and the sole aim is to procide a reasonable pension by having X% of their salary locked away in their pension at age 30 and reducing the total contribution levels to 10% at retirement.