Martin Lewis has shared some key advice for anyone with a workplace or private pension, and says the amount you should be saving 'scares the pants off absolutely everybody'
Martin Lewis has issued a stark warning to everyone with a pension, stating that there is a 'minimum' amount that should be invested.
One area of pensions that often causes confusion is determining the appropriate amount to contribute towards your pension pot.Workplace pensions now operate on an 'opt-out' basis - meaning you'll automatically be enrolled if your earnings exceed the Personal Allowance threshold, unless you specifically choose to opt out .
So, should you be contributing 5 percent, 8 percent, or even 10 percent of your monthly salary into your pension? Or should you consider making additional contributions beyond what your employer matches? He explained: "So let's do the thing that scares the pants off absolutely everybody when I say it.. it is this old equation. It's not particularly accurate, but it gives you a good sense. Who's the younger of you two? Mihir? You're the younger, aren't you? So, I'll ask you. So, you take your age, when you start putting in your pension, how old are you?"Martin carried on, saying: "You're 30, you halve it 15.
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.
John Lewis careers: 12 of the best job opportunities at John Lewis, salaries and payThe roles pay up to £92,400 🛍️
Read more »
Martin Lewis on what Labour victory could mean for your financesThe MoneySavingExpert.com founder explained what could happen next after Labour secured a landslide victory against the Tories
Read more »
Martin Lewis discusses impact Labour win will have on your moneyThe money-saving expert said the new Government is likely considering some 'radical' changes
Read more »
Martin Lewis explains what Labour victory could mean for your personal financesThe MoneySavingExpert founder has analysed the General Election result and what it could mean for people's finances after Keir Starmer was elected Prime Minister
Read more »
Martin Lewis on what Labour's election win means for financesThe MoneySavingExpert.com founder appeared on ITV's Good Morning Britain today, where he explained what could happen next after Labour secured a landslide victory against the Tories
Read more »
Martin Lewis’ MSE reveal how to get the perfect pint with the right head ratioThe Sun visits Wetherspoons largest pubin Ramsgate
Read more »