What is the correct level of pension contributions? How much is too much?

jim8888

The best insurance you can buy for your health is a gym membership. Exercise 6 days a week, 4 aerobic sessions and 2 strength sessions and work until you're sweaty. It's not a guarantee of good health in the future but it's by far the best one money can buy. If you'd like to find out more on this, then read "Younger Next Year" by Chris Crowley, available on Amazon. The audiobook is good too! 

MEM62

Bostonerimus1 said:

MEM62 said:

Andyjflet said:

I had a discussion with my pension advisor recently, I asked about increasing my contribution from 9% and he said that I should save elsewhere, specifically Cash ISA £20k per annum, however, usually the advice is 15% of your own income regardless of what match you have from your employer. Dont over focus on the pension solution. 

Then your pension adviser is, in my opinion, a fool.      

Andyjflet said:

Quickest way to become wealthy is pay off your mortgage, 

No, it isn't.  But your case, you will get wealth faster by ditching your pension adviser.   

Andyjflet said:

a study of millionaires below makes interesting reading.

 The National Study of Millionaires - Ramsey (ramseysolutions.com)

Ramsay is a man on a crusade based on his own history.  That study and many of Ramsay's approaches are not relevant in the UK as finance works differently.  

I'm in the US so get quite a lot of Ramsey. He's ok on not borrowing to buy stupidly big trucks and living within your means, but his mortgage fetish is a bit silly and his analysis of investment returns and retirement withdrawal rates is mathematically ignorant. Like all financial guru's he's basically a sales man who is trying to sell you books and online courses.

I have seen quite a few of his videos and he makes some good points in a lot of areas but his own experience of bankruptcy has given him more uncompromising views in many areas.  

nicknameless

jim8888 said:

The best insurance you can buy for your health is a gym membership. Exercise 6 days a week, 4 aerobic sessions and 2 strength sessions and work until you're sweaty. It's not a guarantee of good health in the future but it's by far the best one money can buy. If you'd like to find out more on this, then read "Younger Next Year" by Chris Crowley, available on Amazon. The audiobook is good too! 

This and looking after your metabolic health (if you don't understand that investigate).  Diet likely more important than exercise but combined is better.  Doesn't have to be 'gym' type exercise either - just be active and do a bit of strength work separately.  Personally recently changed to mainly calisthenic (body weight stuff) vs weights and really enjoying it.  Cycle and walk for 'cardio' because that's what I enjoy.

If you want to avoid liver issues, diabetes, dementia (now being called type 3 diabetes) etc. limit processed carbs and sugars, as well as alcohol - latest science is signalling that metabolic health underpins all these things.  Metabolic dysfunction liver issues now taking over from alcohol induced ones.  All down to awful modern diet and food production methods.

And back to the topic - great that you are concentrating so much on your pension provision.  How much is enough - enough to allow you to live financially independently at a point in time you want to, without forgoing the now for then?  Different for different folk.