'I'm a pension expert - exact amounts you need to save to retire a millionaire'
Romi reckons that someone in their mid-20s – who has 43 years until retirement at age 68 – needs to be tucking £258 a month into a pension.It assumes stock market returns of 5% per year, annual management fees of 0.5% , and a minimum workplace contribution of 8%.you into your workplace scheme, unless you proactively choose to opt out.
For someone in their mid-30s who wants to retire a millionaire – with 33 years to go until they stop working – this number goes up to £542 per month. This is based on the same salary and assumptions as above, except there is a larger "starting pot" of £12,075, according to PensionBee.As above, if you add the £200,000 from the state pension, this takes you past the £1million mark .For a worker in their mid-40s, with 23 years to go until they retire, and a "starting pot" of £33,598, Romi says the figure would be £1,117 per month.
"This can then be balanced with periods of higher contributions when you have more disposable income available.”automatic enrolmentEven a small amount each month will make a difference, and your employer may match your contributions, said Kirsty Anderson, pensions expert at M&G Wealth.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gyan holds no grudge over Suarez for World Cup handball and says 'I'd have done same'Asamoah Gyan holds no grudge against Luis Suarez more than a decade on from THAT handball incident at the World Cup. The Ghana legend even admitted he would have done the exact same as the Uruguay …
Read more »
Garcia vs. Davis megafight set for early 2023Ryan Garcia and Gervonta Davis, two of the biggest rising stars in boxing, announced on social media they have agreed in principle to a 2023 bout. Showtime Sports President Stephen Espinoza later confirmed the matchup. Here’s what we know: Exact date, location and weight has not been made...
Read more »
Martin Lewis warns of 41% increase in energy bills after £400 scrappedMoney-saving expert Martin Lewis said people in the middle are going to feel the biggest squeeze
Read more »
Why Gen Z Are So Low In Vitamin D (And How To Get Yours)Experts suggest WFH may be impacting our exposure to the sunlight our bodies need.
Read more »
Martin Lewis' full list of Black Friday deals at all retailers can save £1000sMoney Saving Expert Martin Lewis' Black Friday guide can save you thousands ahead of Christmas on brands like Marks and Spencer, Apple, Nike, Ninja, Dyson and Samsung
Read more »