Self employed people - what are you putting in your pension?

[PanicDisco]

Just wondering what other self-employed people are putting in % wise to their personal pensions.

I invoice between £1700-£3000 per month and I'm paying £200 a month into a pension bee pension. I have some other small pots from previous jobs (totalling about £30k) and I'm in my late 30s.

Should I be trying to pay in more?

I concentrated my earlier years on paying down mortgages , I am now focusing on pension contributions and pay on £1500 plus tax relief every month plus extra lump sums as and when I can afford it in line with my relevant earnings.
If I had my time again I would DCA larger regular sums into my pension to take advantage of tax relief and compound interest.
Add another £100 a month plus tax relief and watch your pot grow 😊

I have the grand total of 15k in my sipp. I'm 52.
Going to try and put a couple of hundred in every month, but at the same time trying to save up incase I get a bad back or something in the next ten years and need to use that.

As a general rule of thumb, divide your pot by 25 to see what that would translate into salary wise. A £30k pot is £1.5k a year. Or alternatively multiply what salary you think you would need in retirement by 25. So a £25k salary is a £625k pot. You won't need to contribute £625k though to get that. Some of that will be made up from tax relief and investment growth.

That's it isn't it! I always want to have some rainy day money. It's such a balancing act.

That's amazing!! I'm really torn on if I should be paying down our mortgage now or not, it's still a relatively low level of interest but I'd like to be mortgage free in 15 years so it's something I need to work on.

You're right, if I upped it to £300 (plus the tax relief) it would make a big difference to the pot and probably not make that much difference to me on a monthly basis.

Nothing, money for now is more important for me at the moment. Hoping to change that in a couple of years.

Thanks that's really helpful. Pension bee has a modeller on their app but I find it all really confusing.

I'll likely be eligible for the full state pension so that will help too.

39 and I have £55,000 plus a few smaller workplace pensions. I save £100 per month. In a year, once my daughter has reception out of the way, I’m going to increase my minimal working hours and save £2000 per month in my SIPP - my husband’s salary covers every day living costs.

I agree with others, work out what you’d like your final pot to be then how much you can save per month and when, as during certain periods of your life you may be able to save more than others.

54 paying in 500 a month directly from limited company so no extra tax relief. Only been doing this for a couple of years. Also have 3 DB pensions from teaching and local government.

should have a full state pension as well. And my DH is paying into his at a rate of 700 a month with £200k

plus hopefully we will have 2 businesses to sell.

also over paying on the mortgage to hopefully have cleared before retirement

should be able to up these amounts next year as both kids finish uni or at least dependence on us.