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  • FIRST POST
    • Tjh1412
    • By Tjh1412 10th Jan 18, 11:58 PM
    • 144Posts
    • 320Thanks
    Tjh1412
    Looking for advice
    • #1
    • 10th Jan 18, 11:58 PM
    Looking for advice 10th Jan 18 at 11:58 PM
    Hi, currently doing the yearly financial overhaul, but one thing I'm not very good on is pensions, so I was hoping some of you lovely and knowledgable people might be able to point me in the right direction.

    Currently I am 26 and my pensions provision is as follows:
    £52.50 a month into a private pension (started when I was 19, contributions increase automatically by 5% a year)
    £50 a month into a S&S ISA that I'm planning to use as extra retirement cash but without the withdrawal penalties in case I give up work early
    8% of salary into employer pension scheme, which my company matches in full

    Currently been hearing a lot about how people my age arent saving enough for retirement, so I was wondering if anyone would be willing to give me some tips on how much I should be saving, and where?

    Thanks for reading
Page 1
    • Mnd
    • By Mnd 11th Jan 18, 7:00 AM
    • 339 Posts
    • 364 Thanks
    Mnd
    • #2
    • 11th Jan 18, 7:00 AM
    • #2
    • 11th Jan 18, 7:00 AM
    At 26 I think you are doing fine
    16% of your salary plus other savings, increasing ay 5%, is a great start at your age
    • k6chris
    • By k6chris 11th Jan 18, 7:04 AM
    • 194 Posts
    • 336 Thanks
    k6chris
    • #3
    • 11th Jan 18, 7:04 AM
    • #3
    • 11th Jan 18, 7:04 AM
    8% of salary into employer pension scheme, which my company matches in full
    Originally posted by Tjh1412
    Excellent start - 16% of salary into pension fund, keep that up over your working life and your older self will thank you. Do you know what fund(s) that money is going into? Need to make sure it is something with a low(sensible) cost and reasonable chance of growth. Ditto for your ISA (well done for that too)!
    EatingSoup
    • MallyGirl
    • By MallyGirl 11th Jan 18, 9:48 AM
    • 2,317 Posts
    • 7,330 Thanks
    MallyGirl
    • #4
    • 11th Jan 18, 9:48 AM
    • #4
    • 11th Jan 18, 9:48 AM
    all sounds great. Is 8% the max you can get out of your employer? If so, then keep doing what you are doing but if you could get more from them by contributing more yourself then that would be the way to go
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