If this is you, how much will you need in your pension pot to have enough in retirement? We've crunched the numbers. The projections contain some quite scary numbers, although saving a few hundred pounds per month from your mids is obviously more palatable than having to find much more if you leave your retirement saving until later in life. Your monthly income should rise as you move through the decades and if you are in a company pension scheme, your employer will be contributing some towards your target amount.
The more you can contribute, or find an employer that matches your contribution or more, the closer you'll get to these targets. When you save into a pension during your working life, the government likes to give you a bonus as a way of rewarding you for saving for your future. This comes in the form of tax relief. When you earn tax relief on your pension , some of the money that you would have paid in tax on your earnings goes into your pension pot rather than to the government. Things work slightly differently in Scotland.
Find out more in our guide to pension tax relief. Financial Services Limited. Financial Services Limited is a wholly-owned subsidiary of Which? Limited and part of the Which? Money Compare is a trading name of Which? Money Compare content is hosted by Which? Limited on behalf of Which? Pension tax relief calculator Pension lump sum withdrawal tax calculator Pension drawdown calculator State pension eligibility calculator Pension calculator - how much will I have? All 5 calculators. In this article.
How much do I need to retire? Video: how much do you need in retirement? How much do people spend in retirement? How much should I save for my pension? The information contained herein is based on Zurich Life's understanding of current Revenue practice as at January and may change in the future. Pensions Retirement. What is a good pension pot? Pensions Retirement What is a pension? Defined Benefit versus Defined Contribution?
How much do I need to retire aged 55, 60 and 65? How much is my pension worth? Which pension should I choose? Are pensions taxable income? What is a contributory State pension? What is an occupational pension? Do companies have to provide a pension scheme? What is auto enrolment? ARF or Annuity? What is a drawdown calculator? Pensions Retirement -- What is a pension? Real-time information and valuations for advisers with clients using our investment services.
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