What % of salary do you put in your pension per month and why?

Superdude0499

Working for large privately owned construction company. 

Employee must put in 6% to avail of max 9% of employer contribution. Sal Sac scheme.

I currently put in 30%. Why? Because its all I can afford, plus I would be losing close 50% of it in tax/ni if I took it as salary. Plus it is money that would be surplus to normal requirements if I took it home.

Albermarle

It’s an interesting balance, people tend to focus on having a large pot for retirement but do we focus and value that too much? I know people will disagree but you are only young once!

A lot if is down to your personality. Live for today type or a 'delayed gratification' type. There is a movement called FIRE- Financial Independence Retire Early, where they have good jobs, save like mad in their younger years and retire at 40 ( or earlier) . It is a bit extreme to say the least.

On the other side others work at least until state pension age, or even later,  because they can not afford to do otherwise. Not just low earners but some high earners with a high spend as well.

Clearly for most there is a happy medium in the middle. Average retirement age is around 62/62, although a bit earlier on this forum for many.

MACKEM99

Nevergonnaretire said:

Crikey I'd love my company to pay 20% contributions, that's awesome.

For years I paid 10%, which is the most my company will match. I've now upped it to 20% (company still matches only 10%).
I'm 50 now and desperately want to retire before 60 if I can, determined to make it happen.

I've upped mine now up yours.
😀

retiringtoosoon

MACKEM99 said:

Nevergonnaretire said:

Crikey I'd love my company to pay 20% contributions, that's awesome.

For years I paid 10%, which is the most my company will match. I've now upped it to 20% (company still matches only 10%).
I'm 50 now and desperately want to retire before 60 if I can, determined to make it happen.

I've upped mine now, up yours.
😀

Wow, rude!

arthurdick

retiringtoosoon said:

MACKEM99 said:

Nevergonnaretire said:

Crikey I'd love my company to pay 20% contributions, that's awesome.

For years I paid 10%, which is the most my company will match. I've now upped it to 20% (company still matches only 10%).
I'm 50 now and desperately want to retire before 60 if I can, determined to make it happen.

I've upped mine now, up yours.
😀

Wow, rude!

But funny.

Doctor_Who

arthurdick said:

But funny.

Frankie Howerd immediately came to mind.

housebuyer143

Albermarle said:

It’s an interesting balance, people tend to focus on having a large pot for retirement but do we focus and value that too much? I know people will disagree but you are only young once!

A lot if is down to your personality. Live for today type or a 'delayed gratification' type. There is a movement called FIRE- Financial Independence Retire Early, where they have good jobs, save like mad in their younger years and retire at 40 ( or earlier) . It is a bit extreme to say the least.

On the other side others work at least until state pension age, or even later,  because they can not afford to do otherwise. Not just low earners but some high earners with a high spend as well.

Clearly for most there is a happy medium in the middle. Average retirement age is around 62/62, although a bit earlier on this forum for many.

I'm not sure why everyone wants to rush to retire. I love my job and I can easily do it until I die, it's not manual at all. There is actually a guy working in my office who is 75 🤷‍♂️ he seems happy.

I work four hours a day now and would enjoy that in retirement also. Everyone I know who has retired has returned to some kind of work, not just for the money but for the social aspect too. 

retiringtoosoon

Doctor_Who said:

arthurdick said:

But funny.

Frankie Howerd immediately came to mind.

Frankie always comes to mind

arthurdick

Doctor_Who said:

arthurdick said:

But funny.

Frankie Howerd immediately came to mind.

Up Pompeii

Swipe

housebuyer143 said:

Albermarle said:

It’s an interesting balance, people tend to focus on having a large pot for retirement but do we focus and value that too much? I know people will disagree but you are only young once!

A lot if is down to your personality. Live for today type or a 'delayed gratification' type. There is a movement called FIRE- Financial Independence Retire Early, where they have good jobs, save like mad in their younger years and retire at 40 ( or earlier) . It is a bit extreme to say the least.

On the other side others work at least until state pension age, or even later,  because they can not afford to do otherwise. Not just low earners but some high earners with a high spend as well.

Clearly for most there is a happy medium in the middle. Average retirement age is around 62/62, although a bit earlier on this forum for many.

I'm not sure why everyone wants to rush to retire. I love my job and I can easily do it until I die, it's not manual at all. There is actually a guy working in my office who is 75 🤷‍♂️ he seems happy.

I work four hours a day now and would enjoy that in retirement also. Everyone I know who has retired has returned to some kind of work, not just for the money but for the social aspect too. 

Not everyone is social. I haven't seen my line manger or team members in person for well over 3 years now.