Pension

[Fluidic Kimbo]

What age were you when you started paying into a pension fund?

What percentage of your monthly take-home pay do you pay into your pension?

I'm in my 30's and haven't started my pension yet.

[almostgone]

What age were you when you started paying into a pension fund?

What percentage of your monthly take-home pay do you pay into your pension?

I'm in my 30's and haven't started my pension yet.

Start now. Since you have gov't healthcare, put away as much as you can afford without having to incur debt.

I was older than you when I started contributing to a 401k plan. The smaller shops I worked in didn't offer a saving plan with company match. Currently, I'm contributing 13% pretax and 2% post tax and the company matches up to 4%. At the beginning of the year the contribution automatically increases 1%, but you can increase or decrease the amount at any time during the year. I would contribute more, but I'll be 60 this year so I'm putting $$ into our HSA fund to have tax-free $$ for future medical expenses.

Edit: I will add one thing. I'm a dinosaur I guess; I don't invest in crypto.

Stocks, stable asset funds, ETFs, certificates of deposit, bonds, and bullion are my main investments, with bullion being a small percentage of my holdings.

Some people also invest in real estate. I don't have the spare time nor energy to do that, but some do quite well.

[wango]

What age were you when you started paying into a pension fund?

What percentage of your monthly take-home pay do you pay into your pension?

I'm in my 30's and haven't started my pension yet.

From day one. Start saving NOW FK, even if it hurts. Even though you’re in your 30’s, you’ll be fine if you maintain the discipline.

[Fluidic Kimbo]

Let's say a person makes $48,000 per year.

So that's $4,000 per month.

After tax, they're left with $3,200 per month.

So how much do you reckon they should pay per month into their pension?

[almostgone]

Let's say a person makes $48,000 per year.

So that's $4,000 per month.

After tax, they're left with $3,200 per month.

So how much do you reckon they should pay per month into their pension?

Contribute as much as you can, but make setting up an emergency fund an equal priority. If your employer matches any of your contributions, try to contribute what you need to get that "free" money. I'm not familiar with how European pensions are setup.

If you have a credit card, treat it like a debit card and pay off the balance monthly.

Figure out your budget. How much are your monthly expenses first.....the necessities. Food, meds, utilities, gym fees, any insurance premiums. Subtract those expenses from your bring home pay, and look at what you have left over.
Allow a bit of money for your entertainment....your fish aquarium, a movie, etc. Unless you have the discipline to live like a monk ( which isn't a bad thing), you need a little recreation.

If you give tithes or love offerings at church, subtract that amount too.

Over here in the US, most employees rely on 401ks, IRAs, Thrift Savings Plans, Blended Retirement System, state pension plans, or something along those lines.

If you can save 10% of your pay, great, do it. If you can do 15%, excellent, do it. Anything you can save other than 0% is a start.

Also, your expectations in retirement in regards to lifestyle and income will ultimately determine the amount you should be saving.

First step is start saving in your pension plan and building an emergency fund.

[wango]

Like and agree with AG ^^^.

Yup - save/invest as much as you can. What’s nice is in the USA, is that you don’t have to pay income taxes on what you put into certain accounts.

It’s far more difficult when retirement is 30 years away to reasonably estimate how much monthly/annual income you will require to live a life that you feel is comfortable. But the bottom line is that when you have retired, the money that you have saved has to generate enough to do just that. Both my wife and I had it pounded into our heads from an early age by our parents and people that know finances, that when you retire, that is NOT the time you want to be limited severely by a limited budget & you have to make sacrifices just to get by. It’s the reverse of that; sacrifice and limit yourself now and make a discipline.

Have additional money available for personal setbacks - and it’s better to have too much insurance and not need/use it as compared to needing the insurance to save you and not have it.

Good luck to you as it is a very tough sacrifice that not enough people are willing to do.

[lovbyts]

I started with my 1st job but have had life set backs many times and had to use it. I found a trick that is helpful though. With Every raise/pay increase put at least 50% if not all of it towards your pension/401K or whatever. Increase your savings accordingly each paycheck instead of taking the extra cash. Do the same with any/all bonuses. NEVER keep the whole thing. At least 50% put into your pension/401K/IRA or whatever you are doing to save.

[Fluidic Kimbo]

In Europe, pension companies are tied to a country. There are agreements between European countries though, that a person can transfer their pension from one country to another country -- but not all of the countries cooperate. Right now there's no cooperation between the UK and Germany . . . and I might end up living out my days in Germany. But then again, in 30 years' time, if I'm still alive, the UK and Germany might have an agreement.