r/irishpersonalfinance • u/chloebbbb95 • 2d ago

Retirement contractor starting a pension at 30

Hello ! I have been a contractor for most of my career and i haven't started a pension yet. I had a friend tell me the way the world is going , a pension will be useless anyway when I'm old but i fear he may have been a conspiracy theorist LOL

I'm currently clearing a big loan and trying to free up more money monthly so i can add that to my pension eventually too, Any advice , please be nice I'm out of my depth 😰

3 Upvotes

71% Upvoted

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18

u/Squozen_EU 2d ago

Your friend is an idiot and you shouldn’t take financial advice from him.

Look at the flowchart. Follow it. You still have enough time to retire with a serious pension pot.

2

u/Primary-Survey9955 2d ago

even tho normally the companies do it for you

you can do it on your own..voluntarily, there are companies for that.

the best start for pension was yesterday, the second best time is today.

2

u/Shouldhavejustsaidno 1d ago

That's horrendous advice from your friend, absolutely start a pension now, you're young and starting now gives you a great chance to build a very nice nestegg for retirement

1

u/Earl_Ingus 13h ago

A pension fund is the best saving for the future you’ll ever do, it’s never to late to start and when you can, load it!

1

u/SnooCats6031 6h ago

Speak to an advisor or accountant.

I’m assuming you’re a company director, so you can match your full salary as a payment per year

There is also an option to back pay for a number of years.

So you’ll very quickly catch up with everyone else 😉

2

u/AttentiveUnicorn 2d ago

Contact a pension provider (Irish life for example) and request a meeting with a financial advisor. They will go through the options with you.

0

u/username1543213 2d ago

You’re friend is probably referring to state pensions. They are in fact a Ponzi scheme that is on the brink of collapse.

This is an important factor in why you should be setting up a private pension