How much should we put into pension.

FZwanab

My hubbie earns £18,000 p.a. we have 3 children aged 6, 4 and 2. We only have one pension ( I am a stay at home mum) and are paying £65 into it every month since my oh was 30 he is now 35. We are currently trying to overpay our mortgage every month and should have it cleared in about 9.5 years. My oh salary won't increase much over his life, perhaps 3% or less p.a. and he won't change career, he has no qualifications. How much should we be putting into our pension to get a decent return when he retires? or is this a futile exercise, is there anything else we could do to secure a good future for us when we retire??

EdInvestor

Is this a company pension where the employer is contributing?

What are both of your situations regarding the two state pensions?

Get forecasts here:

https://www.thepensionservice.gov.uk

For a basic rate taxpayer, an investment ISA is usually a better way to get retirment money than a pension if there is no money from the company.

dunstonh

£18k with children could see the working/childrens tax credits increased by making pension contributions. So, it wouldnt just be 22% tax relief that was obtained by making pension payments.

FZwanab

The company is not making any contributions, it is a private pension. Will check into state benefit situation. Many thanks