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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Pension help please!

27 replies

Pensiondrama · 04/07/2023 10:53

I am 35 year old , increased my pension contributions to 12% (they used to be 5%) my employer is capped at 10% , this will give me a total 22% .

Do you think that this is a good number , is it average? Is it too much? Is it too little?

Total new contributions from myself and employer will be around £500/month.

AIBU - You will be fine, contributions sound sensible

AINBU - You will put in your pot too little. If you can increase your contributions to £xxx/month .

OP posts:
Original poster
Pensiondrama · 04/07/2023 10:59

@HermioneWeasley When you say £10k year do you mean around £850/month? That’s nothing! 🫢
And in order to get £850/month you need to have a lot of £350k ?!

OP posts:
HermioneWeasley · 04/07/2023 10:56

A rule of thumb is is takes around £350k of capital to generate C£10k a year retirement income. You need to work out what sort of retirement you want and work back from there about what you need to contribute to achieve that

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