How much do you save?

Alexland

MX5huggy said:

the other half pays only the minimum to get the maximum from employer as mine is more tax efficient

My wife makes an even higher percentage pension contribution than me. I salsac enough to get down to basic rate but she goes down to near the personal allowance although as she works less days so that's still a lower amount. We might have to divorce and remarry to balance our pensions out for LTA liability and future income tax on withdrawals. Just waiting for the right moment to float the idea....

MoJoeGo

Not an easy question to give a simple answer to because of pre and post tax arrangements. But a quick finger in air calculation suggests that an amount equivalent to about 45-50% of our gross income goes into some form of savings.

And about half of that is salsac pension contributions (along with employer matching)

The way I look at it is that every 4 months of doing this give us a year of pretty comfortable retirement income... possibly thinking in terms of that input:output ratio might be more useful here?

grumiofoundation

Alexland said:

MX5huggy said:

the other half pays only the minimum to get the maximum from employer as mine is more tax efficient

My wife makes an even higher percentage pension contribution than me. I salsac enough to get down to basic rate but she goes down to near the personal allowance although as she works less days so that's still a lower amount. We might have to divorce and remarry to balance our pensions out for LTA liability and future income tax on withdrawals. Just waiting for the right moment to float the idea....

You old romantic you! Brings a tear to the eye 

15th February is a good date for suggesting tax efficient relationship schemes I find, plenty of time to plan before the new tax year and lots of cheap flowers and reduced choccies available. 

Would recommend the US for a quick (re)marriage, a lot of states don’t need much, if any, notice and certificate ~50 bucks. 

MoJoeGo

grumiofoundation said:

Alexland said:

MX5huggy said:

the other half pays only the minimum to get the maximum from employer as mine is more tax efficient

My wife makes an even higher percentage pension contribution than me. I salsac enough to get down to basic rate but she goes down to near the personal allowance although as she works less days so that's still a lower amount. We might have to divorce and remarry to balance our pensions out for LTA liability and future income tax on withdrawals. Just waiting for the right moment to float the idea....

You old romantic you! Brings a tear to the eye 

15th February is a good date for suggesting tax efficient relationship schemes I find, plenty of time to plan before the new tax year and lots of cheap flowers and reduced choccies available. 

Would recommend the US for a quick (re)marriage, a lot of states don’t need much, if any, notice and certificate ~50 bucks. 

How much extra if you want Elvis presiding?

MovingForwards

Around 17% into company and private pensions.

Around 20% into savings (WAH, therefore saving my normal commute costs).

20% as mortgage overpayment.

I don't earn the average wage. 

FirstTimeSolo

Lots of references to 'average salary', what is the the average salary? Forgive my ignorance. 

MaxiRobriguez

FirstTimeSolo said:

Lots of references to 'average salary', what is the the average salary? Forgive my ignorance. 

FirstTimeSolo said:

Lots of references to 'average salary', what is the the average salary? Forgive my ignorance. 

The mean salary is £31k, the median is about £27k I think. Mean is higher due to a handful of people who earn multi-millions.

MovingForwards

FirstTimeSolo said:

Lots of references to 'average salary', what is the the average salary? Forgive my ignorance. 

£28k last time I looked.

GeordieGeorge

FirstTimeSolo said:

Hi 

Just generally interested in what % of their salary do people save each month, essentially to understand if I am not saving too little! 

Thanks

50%, on average.

vacheron

Around 50% goes into my salary sacrifice pension, another 10% into our companies SAYE scheme.

Whatever is left each month from my monthly expenditure will eventually end up in some kind of investment but I don't keep any track of how much this may or may not be each month, I just look at what I want to do with it once it reaches a level that makes some kind of action necessary.