A formula for pensions

whizzing

On this thread ( I think) someone gave a formula for what you should put into your pension based on your age. I think it was if you were starting a pension. Anybody know or remember it. Also if you know what your current pension pot is or predicted to be, can you include that into the calculation to see what you should be saving each year as a pension.

whizzing

Does your family get back what is in your pot if you die before you retire.

whizzing

Does your family get back what is in your pot if you die before you retire.

dunstonh

Does your family get back what is in your pot if you die before you retire.

yes.

There is a rough rule of thumb that you should take your age and halve it and that is the percentage of your pay that you should contribute to a pension.

However, it is a rough guide. It doesnt take into account retirement age as it assumes state retirement age and doesnt take into account your investment style or how much you may want in retirement.

Someone self employed will get around £4k less from the state than an employed individual for example. So the half your age rule would give those two types totally different incomes. So, use it with care.