How much do you need to save into a pension?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 27 September 2019

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We are regularly told that we aren’t saving enough into a pension, but how much is enough?

A recent report suggested that while auto enrolment has dragged more people into saving for retirement, it has also lulled them into a false sense of security.

Currently, the system means 8 per cent of a worker’s salary must be going into a pension – unless they opt out – but that includes their contribution, basic rate tax relief and what their employer puts in.

Experts suggest that depending on when you start that number needs to be more like a minimum of 12 per cent or even 15 per cent.

So how can you make sure you are salting away enough to live in the style you’d like in retirement?

On this week’s podcast Simon Lambert and Georgie Frost dive into the world of pension saving and the tricks you can use to get more going into your retirement pot.

Also this week, they talk Brexit-proofing your pension, wills – and how to get one if you don’t have one, and what you need to think about if you are moving house to try to get your kids into school.

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to This is Money. I'm Georgie Frost. And I'm Simon Lambert. And coming up, why so many of us haven't made a will and why we really need to get our skates on. Before you do, though, get to the inevitable. Do you have any idea how much you need to save for a comfortable old age? If not, you are not alone. So how much should you be saving into a pension? We also look at how to Brexit proof your pension savings. And one for the parents, if you need to move to a loan. So how much should you be saving into a pension? We also look at how to Brexit
0:20.9	proof your pension savings and one for the parents, if you need to move to a better school
0:25.2	catchment area, how you can get a bigger mortgage without overstretching yourself. And don't
0:29.9	forget you to date with all the latest breaking money news, just go to this ismoney.com.uk
0:34.4	Or download the app. But right, first, Simon, you can sit there
0:37.5	or smug for this one because regular
0:39.4	listeners to the podcast will know
0:41.5	that you have sorted out your will.
0:44.2	Yes, he has.
0:45.0	But it was, I believe, only this year,
0:48.0	or was it last year, Simon?
0:49.7	No, no, I think it was definitely last year.
0:52.1	Okay, definitely lost.
0:53.1	It might even, in an indication of how long we've been doing this podcast, it might have even been the year before.
0:58.6	But right at the tail end of the year before.
1:00.9	Either way, Simon.
1:01.6	Maybe it crossed over from the tail end to the start of the next year.
1:04.9	Well, I think we kids already in towed to sort it out,
1:16.3	whether it was this year, last year, two years ago, whatever.
1:18.7	However, Simon is still in the minority.
1:21.3	Millions of families risking their loved ones losing their inheritance due to mistaken beliefs
1:26.3	about wills and just not getting it done.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from This is Money, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of This is Money and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.