Martin Lewis shares top pension tip for everyoneSource: This Morning, ITV
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00:00 The rule would say you need to put in 18.5% of your earnings.
00:04 That includes anything your company is putting in.
00:06 And these days, most people are employees of everyone is an employee.
00:08 They're in the auto enrollment system.
00:10 So the company does some matching contributions.
00:12 If you started at 37, you'd want to put in 18.5% of your income
00:17 for the rest of your life to live on a really good retirement pension.
00:21 Now, nobody does that.
00:22 So everybody listening going, I'm not anywhere near that money on 4%.
00:25 Don't worry. It's fine.
00:27 The real lesson to that is the earlier you start, the better.
00:31 So if you start at 20, half of 20 is 10.
00:34 And then whenever you get a pay rise, if you can afford it,
00:37 we're in a cost of living crisis. This doesn't work for anyone.
00:39 I know I get it.
00:40 But let's say you've got a pay rise and you were given a thousand pounds
00:44 a year extra. Try putting a quarter of that in to your pension
00:48 before you get it in your pocket, before you've got the new amount of money,
00:50 before you've got used to it and try and push up your pension contributions.
00:54 But how much should I be putting in the pension?
00:56 And the answer to virtually everybody is a bit more.