How Much Should I be Saving for Retirement?
This is a question we are often asked, and in reality, there’s no easy answer. A rule of thumb might be that if you want to retire on 2/3rds of your pre-retirement income, you should save roughly half your age as a percentage of your earnings – so, if you start at 30, save 15%, at 40 this goes up to 20% and so on. Such percentages may seem a little daunting but, it’s worth remembering that most workers will now be part of a Workplace pension scheme and their employer will be making some of the contributions.VIEW
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