To ask you how much you save every month for your pension

[yousignup]

48, not in the UK but similar pension rules. Work part time so will qualify for percentage of state pension. Many years paid in, but no private pension. Mortgage almost paid off, hope to buy another place in a year or two with another mortgage, so basically my paid for house will be my pension pot. It's not worth a lot, but it's something.
Looking at UK articles about pensions, absolutely horrified to realise that for a modest payout at retirement time I need to be paying in approximately 900 GBS equivalent a month until I'm 65. No chance of employer matching any payment, would have to be private scheme.
AIBU to ask you how much you put away each month for your pension, and how old you are? Just thinking about my old age with a sick feeling in my stomach. Why didn't I start 30 years ago?

I have a final salary pension - Local Govt - started late so will have 30 years in if I go at 60 and will have about 20K with state pension on top. Paying in 6.5% of salary rising to 12% over next few years.

I realise I'm lucky with that.

Also thinking about putting away about £300 pcm in AVC type arrangement as savings get you so little now.

REading this thread has made me realise how lucky I am.

DH will have about double mine and a big lump sum - he's been putting a lot away since he was 22/3 - about £700 a month.

I only just started paying into a pension a few years ago (am 44). Dh and I currently save about £2100 a month into a pension. One of the reasons we live overseas is because we can save this much. No way would our salary in the UK stretch to this.

Until recently I paid peanuts into my pension. Then I had a kid and realised I needed to wise up. My place of work (charity) allow us to pick from 1-7% and they will match it plus 2. I went from a 1+3% contribution to the highest 7+9%, so effectively 16%. I'm going to be 32 this year, so am breathing a sigh of relief that I've not left it too late to start. It does mean I'll be taking what will feel like a massive pay cut next month, so that'll be fun, but with some heavy budgetting I can make it work.

I have an old final salary pension scheme I paid into when younger. But one of the crazy things about government final salary schemes, is that there is no increase in your pension if you paid your contributions 20 years ago, or 1 year ago. In fact it is worth less as your final salary 20 years ago was worth a lot less in todays terms.
I paid into a local government scheme which does have a pension pot and invests it.

I taught for 5 ish years. I think that was final salary so by the time I retire will be similarly worthless having not taught for the 30 years in between...

nobetter :(
I'm not totally convinced my pension will exist - will believe it when I see it! I think my parents generation had it the best. I recall people working for British Gas & British Telecom retiring in their mid fifties. That seems ridiculous nowadays.

Only about 5% right now.
I'm not convinced pension is best way to go, might look at another savings vehicle. But yes at moment my retirement payments will be paltry, argh.

Yes, I too think that the golden age has departed. My dad's pension is now 150% of his annual earnings in his last year of retirement 25 years on . He retired at 54.

Also many families only had one wage earner. You would have to be a very high earner nowadays to have one wage earner, an ordinary house, a family holiday per year and to retire in your mid 50s. It seems ludicrous.

I was one of those contracted out by Government because I was paying into an occupational scheme. So I will get less state pension than those a bit younger, who will not be contracted out now if they pay into an occupational pension.

But you paid lower NI conts during that time so had more money in your take home pay.

How are people who aren't paying into a pension scheme saving instead? I know a few of you said that you are facing the reality of no money after retirement, but others seem to have other plans?
As mentioned I'm paying in 8% atm, planning on increasing to 10% soon. We're in the process of buying our first house and plan to over pay the mortgage as much as possible. I'm hoping to be mortgage free by the time we're 60. We're by no means making big money, but we don't currently have kids and we aren't big spenders.
If anyone has any other suggestions of how they are saving for their future I'd be interested in hearing more. If we're able, we might invest in property down the line, but that's a long way off.

Meagre pension input. Paying mortgage. Haven't got spare cash to save 25% and don't work public sector or large organisation who match at that rate.

Wing and a prayer when I'm older. Although don't envisage giving up work at 68 - Would have to talk to my DH then!

BonnesVacances The lower NI payments were minimal. And I would have liked to pay the full amount. I had no choice.

Also by the time I retire I will have paid NI contributions for 51 years. I started work at 16 as was common then.

Holidays- it's crazy isn't it. My dad did just that and yet were in a house half the size, no pension to speak of and will be struggling just at the point he was (early) retiring on ome income!

notamammy I have no savings plan for retirement. Our mortgage will be paid off when I am 45 so I could save considerably at that point. I spoke to DH about it this evening and the plan is to sell our house and buy a small retirement flat if we are really struggling. 2 bed retirement flats in our area currently cost about £140k less than our house. £140k isn't a lot when it has to last years and years but that coupled with DH pension and whatever I can save between ages 45 and retirement will have to do.

If you are a higher rate tax payer over 55. There is no better way of saving. It is virtually free money with these new rules.

I've chosen 55 as that is the age you can currently access but of course it works for all higher rate tax payers as long as you are not concerned about waiting to access it.

But once you access it the amount you can put in is capped at £4k pa from April.

I paid 7.2% last year and will pay 8.7% for the next five years, then my minimum will be 9.2%.

My employer contributes 17.2% (I think). Pension is with the SPPA and apparently one of the more secure ones.

Oh we should be mortgage free by our 50s with no overpayments, and by retirement age I'll have been in my chosen field for over 40 years.
Getting on the property ladder and in to a pension scheme early should hopefully help.

Holy shit. DH and I both self employed, invested lots of blood sweat tears and savings in to our business. No pension savings. I am 40, he is 50. We have two kids to educate and a mortgage to pay.

I will euthanase myself at 70. I'm not really kidding, it seems like a realistic plan.

I also have heard that at my age (39) I should be aiming for a pension pot of £1m at retirement, which terrifies me.

Currently I pay in 12.5% of gross salary and employer pays in 5.5%.

I started my contributions in my early-mid 20s but cannot fathom how I am going to get close to £1m at 65yrs old on my current basis.

A million?!

I'm 40 and paying £160 into pension but I only earn about £300 / month. I have about £24K so far, paltry really.

DH pays about 3% and his employer just 7% so we are going to have to step this up considerably. I thought this was reasonable until I saw this... This thread has been the wake up call I needed.

Will make sure some of the (anticipated) pay rise goes into it too so we don't get used to having the money..,

I know lots of people earning far less than us who have zero ability to save. Awful.

Work full time at pretty much minimum wage. I put 4.2% into a private pension every month. It's all I can afford after bills. My employer puts nothing in. Most people who work at my place of employment have no private or company pensions, just their state pension. DP has private and company pension and started before me so has a lot more however his private pension is on a scheme that you can withdraw the money to put towards a deposit for a house so we will be doing that as he has no other significant savings. (My share will come from government bonds my parents saved for me when I was young).

eachtigertires double check that your employer puts nothing in. They have to put in 1% if you earn more than 10k pa and are aged between 22 and pension age.