How much do you need to save into a pension?

We are regularly told that we aren’t saving enough into a pension, but how much is enough? 

 

A recent report suggested that while auto enrolment has dragged more people into saving for retirement, it has also lulled them into a false sense of security.

 

Currently, the system means 8 per cent of a worker’s salary must be going into a pension – unless they opt out – but that includes their contribution, basic rate tax relief and what their employer puts in.

 

Experts suggest that depending on when you start that number needs to be more like a minimum of 12 per cent or even 15 per cent.

So how can you make sure you are salting away enough to live in the style you’d like in retirement?

 

On this week’s podcast Simon Lambert and Georgie Frost dive into the world of pension saving and the tricks you can use to get more going into your retirement pot.

 

Also this week, they talk Brexit-proofing your pension, wills – and how to get one if you don’t have one, and what you need to think about if you are moving house to try to get your kids into school.