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

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  • thegentleway
    thegentleway Posts: 1,094 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    qsk said:
    I read that you cannot contribute an amount such that your earning after salary sacrifice goes below minimum wage. 
    What is the (annual) minimum wage for a typical full time worker?
    National Living Wage is £10.42 per hour so ~£18k pa
    No one has ever become poor by giving
  • Van_Girl
    Van_Girl Posts: 402 Forumite
    Fifth Anniversary 100 Posts Photogenic Name Dropper
    I add 28% via salary sacrifice, and my employer adds 3%. I plan to maintain this for 5 years total (I'm 1 year in) to try to catch up. At 37 I only had around £8k in my pension and basically panicked. I plan to have £85k by the time I'm 42 and then I will go part time and ease off the gas
    £12k in 25 #14 £10,474.10/£18k 24 #14 £15,653.11/£18k 23 #14 £17,195.80/£18k 22 #20 £23,024.86/£23k
      Debt Free January 2021
    • Im 35 and contribute 30 % with my employer adding 3 % in a DC Pension with Nest. 

      Contributing this much as I want to reduce tax burden on, set myself up for a better future and options. I would like to move abroad in a few years, which means that a front loaded Pension has time to grow, esp when not contributing at that stage. 

      We are also saving/investing outside of this which will hopefully help to reach the target quicker. 
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