PENSION - a non technical comment

Are you confused about the gobblygook language used when pensions are talked about ? I am and I'm an accountant.

If you are trying to get pension numbers into your head then the following is a good starting point.

1. What age do I expect to start drawing down my pension - SAY 60

2. How much pension income would I like - SAY €50,000

3. What age am I now - SAY 30

Okay lets do the sums.

1. To get €50,000 per annum you would need a capital sum of €1,000,000 (assuming 5% return)

2. You have 30 years to get a capital sum of €1,000,000 - thats €2,750 per month you need to be putting by.

This now gives you a base to have a conversation with some experts on pension planning - but you have the simple sums in your head to come back to.

I am happy to sit down with anyone to talk further about this.

email me : john@crawleyandporter.com

Call me : + 353 1 2110780