LISA bonus

grumiofoundation

kuratowski said:

I'm fairly sure grumiofoundation is going to be quicker to post this again

You win this time.....

tomatron

Albermarle said:

Do not want to throw a wet blanket on things, but probably worth saying that 10% going into Pension or Lisa for your retirement is on the low side, if you want a decent retirement income/retire early .
It is not bad, and more than many people contribute, but more would be better if you can afford it . It depends on your age to some extent . 10% for a twenty something is OK . It is also OK for a forty something IF you have already built up a decent pot .
However in other circumstances you should think about increasing it if possible.

Ok, this is intersting. I thought 10% was a good amount! I am 33 currently so I am guessing if I can I should put a little more into my pension? Out of interest what kind of range would you suggest for someone of my age?

kuratowski

There isn't a one size fits all answer to that.  But the more you save the better income you will potentially have in retirement, and by the time you get there, you may fancy retiring before state pension age.

If you can afford to put a little more in, do so.

eskbanker

tomatron said:
I thought 10% was a good amount! I am 33 currently so I am guessing if I can I should put a little more into my pension? Out of interest what kind of range would you suggest for someone of my age?

Far from a 'right' answer but the old rule of thumb was to halve your starting age for a percentage contribution, i.e. if you started paying into a pension at 20 then 10% (from then on) should suffice, whereas if you left it until 40 before starting then paying 20% would be more appropriate.