Gloomy pension prospects on average salary?
Discussion
Hi,
Early thirties and earning low 60s but have only really been earning in this region very recent, was mid 20s just over five years ago and was a student until 25.
The web based pension forecast tools I have used paint a very gloomy pension income picture even with 5% employer and 6% employee contribution. Employer is capped at 50k though which seems to be HMRC thing?
It looks like I would need to put away almost half of my monthly income into a pension to make it near the guidance value? Which doesn’t make sense??
Is my generation going to be (very for some) poor pensioner generation?
Early thirties and earning low 60s but have only really been earning in this region very recent, was mid 20s just over five years ago and was a student until 25.
The web based pension forecast tools I have used paint a very gloomy pension income picture even with 5% employer and 6% employee contribution. Employer is capped at 50k though which seems to be HMRC thing?
It looks like I would need to put away almost half of my monthly income into a pension to make it near the guidance value? Which doesn’t make sense??
Is my generation going to be (very for some) poor pensioner generation?
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