Pension

[Iamnotcreativeenoughforthis]

I need to start paying in to a pension, i’m 34 and have about £7000 in a small pension that my employer pays into for me. I’ve looked up the percentage of half my age and that means I’d have to pay £550 a month in to a pension, I cannot afford that.

Does anyone have any advice, or know of any pension calculators? I worry I’ve left it a little too long to do this but, better late than never feels like that right way to it.

Try Salary Calculator as you can play around with it. Also Aviva Pension Planning Tool. Its better to pay something than nothing and you may find in future you can pay more. Is it an employers pension?

I don't know about personal pensions but there is the LISA, you have to open one before 40 then the government will pay 25% on top of what you put in (you can pay in max 4000 a month), you can't withdraw it until aged 60 though. I have a stocks and shares LISA, it has grown by just over 5% a year for the last 3 years.

I didn’t realise there were stocks and shares Lisas so I’ll look into those, thank you for the guidance