Saving half your age towards a pension. Does this include workplace contributions?

Triumph13

badmemory wrote: »

I suspect that there are a lot of people on autoenrolment who think they are doing the right thing & give no more thought to it. That is what I thought about it when I first heard of it - as in this is great. I suspect there are going to be a lot of people very disappointed when they reach retirement age & find they have been putting into their pension less than a third of what it needs to be.

It will be interesting to see if any politician (of any flavour) has the guts to stand up and speak out about the reality.

I actually worry more about opportunist politicians railing against the upcoming increases in minimum contributions as 'tax rises'. I totally agree about the current minimum being woefully inadequate, but once it reaches 8% it's actually not that bad (when coupled with the new SP) for a median wage earner who keeps going until SPA.

bostonerimus

I like the "rule of thumb" that your pension contributes should be at least 15% of gross salary.....more if you can and if you can't then as close to it as possible.

bigadaj

Triumph13 wrote: »

Don't call him a crude guide, we don't want him banned again!:rotfl:

I think it's got a very specific meaning on the broads.