Advice please work place pension.

dizzybee

hi,
just looking for some advice please i am currently in work place pension, having checked my statement on line i would only have £12,827.44 on retirement, this seems very low i am currently 46 paying £4.52 per week and my employer puts in 10.9%. i work 20 hours a week due to been also a carer for my daughter.

can anyone give me a rough estimite on how much roughly i should be paying in i know i may get some pension from the goverment when i reach 67, but just don't want to presume i will recive any thing.

atush

Go to any of the online pension calculators. Do you have a spouse?

4.52 is what % of your income? It is a very small pension payment, you'd do well to pout in more.

You are a carer as in child care? Or is your child disabled? Will you be able to work more hours when she is older?

Do you have savings?

dunstonh

having checked my statement on line i would only have £12,827.44 on retirement, this seems very low i am currently 46 paying £4.52 per week and my employer puts in 10.9%. i

If you pay in peanuts, then you are going to get peanuts back.

can anyone give me a rough estimite on how much roughly i should be paying in i know i may get some pension from the goverment when i reach 67, but just don't want to presume i will recive any thing.

Difficult to know without an assessment of what you have and what you want. However, around 20-25% of your income would be the sort of ballpark (including the employer contribution)

dizzybee

Thank you for your reply i am a single person, my daughter is 23 with special needs,maybe in a few years my daughter wants to go into independent living ,then yes i will be able to go back to work full time.

atush

Ok, so how much savings do you have? enough for emergencies? Does the child's father pay any maintenance?

I would put in more tha you are, but how much more is hard to say (can't tell what % you are paying now as you didnt answer.

but using the pension calculator will help you re:income required and how to get there.

dizzybee

My take home pay is £130.08 per week,the only deductions i have is £4.52 for my pension pot. my daughter has no contact with her father,
I am currently only able to save £50 a month but hopefully once i am able to work more hours i will put more in savings,

atush

Well of that 50, put 10 more into your pension (unless you have a large savings pot in which case save half, put half into pension).

And contact those who will chase the father for funds. It is fine if he wants no contact. he should still pay something towards the child's expenses.

dizzybee

Thank you, i have tried using the pension calculators but they all say you have to be 55,
I was thinking about talking to my employer and putting my payments up to £20 per week,