how much should I put in my pension?

[sidicks]

98elise said:

Unless things change, nobody lives on state pension alone IIRC. If thats all you have, then benefits kick in.

As to the OP, an good way of working out what you need to save is take the income you need, and multiply it by 20. That gives you the minimum pension pot you need.

Only if you're happy to ignore inflation! 30 would be more appropriate (and even more scary)!

[SunsetZed]

sidicks said:

98elise said:

Unless things change, nobody lives on state pension alone IIRC. If thats all you have, then benefits kick in.

As to the OP, an good way of working out what you need to save is take the income you need, and multiply it by 20. That gives you the minimum pension pot you need.

Only if you're happy to ignore inflation! 30 would be more appropriate (and even more scary)!

This is all assuming that you go down the annuity route. If the OP (or Craikeybaby or anyone else) went down the route of drawdown leaving the money invested in lower risk funds then potentially his situation could look a lot rosier. Let's not kill people's dreams, everyone needs a bit of hope!

[Craikeybaby]

Not killing dreams at all, I'dd rather be aware of the situation now while I've got time to do something about it. It is easier for me to pay more, whilst we have 2 good incomes coming in and no kids, I imagine it'll be harder in 5 years.

I hate to think what some of my peers are going to do when they retire though.