Is it worth carrying on with pension?

csa

My salary isn't that great and I can't efford to put a great deal into my pension although my employer does contribute to it. I have just had a prediction statement which says it is speculated that by the time I reach 65 I will have an income of £953 a year. Is it really worth it? If I'm going to have a half decent pension then I surely need to put more in but I'm not sure I can afford to do this.

Is it worth me trying to up the amount I contribute? and if so, what is reasonable. If I can't manage these payments what would your advice be? stick with it or give up? Note: my employer wouldn't be able to afford to match my payments if I increase them as we are a small company.

Thanks

EdInvestor

How much are you and your employer putting in now?

Ask for more info about the projection.These projections often include index linking for inflation and a spouse's pension, which considerably lowers the basic income.Ask for a projecteion of the income using a level annuity with no spouse's pension and se if that looks a bit more positive. (Or, if they can't do that, ask for a projection of how much the pot is expected to be worth at 65 and we can do an estimate here.)

You may also wish to check your situation re the two state pensions.

Get a forecast here:

https://www.thepensionservice.gov.uk