how much should I put in my pension?

how much should I put in my pension?

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aclivity

Original Poster:

4,072 posts

188 months

Friday 29th May 2015
quotequote all
Following on from my earlier post about retiring early, I have had to change what I want to do. I'm changing jobs in the next couple of months, moving from a short (4 year) stay in the public sector back to the private sector. In the last 4 years I have had a stroke, and as I had insurance my house is now paid off, I have no debts (other than a couple of hundred quid on my credit card that gets paid off each month) and I have some money in my account in my account set aside for later on. We have always owned our cars outright, so have no loans for them.

Looking at money saving expert it says you half your age and put that amount in - so the example given is someone at age 32 puts in 16% of their salary. I'm 46 now, but I have been paying into various pension schemes since I was 21 years old, although I am not sure of how much I have put away!

So assuming I haven't been daft, if I choose to put away around about 21% of my salary - that is 11% from me, 10% from the company, will that be enough? What with pension ages going up, I was still hoping on retiring at 55, so does that mean I should be saving more?