How much pension should I save for retirement?

While the sums that you can plough into a pension scheme will depend upon what you can afford to put aside each month, the main rule of thumb is that the longer you leave it to start, the more you will have to start saving. Recent surveys have shown the British consistently underestimate how much they need to put by to guarantee anything like a comfortable retirement and that they leave it far later to begin than they should. Get this wrong and there ll be little chance of putting anything exotic on your bucket list! So, what do you actually need to retire on and how much do you need to put aside to get there? Types of pension There are two main options when it comes to saving a pension while in work: defined contribution schemes and defined benefit schemes. Defined benefit schemes are better known as final salary pension schemes and are gradually being phased out as employers find that they can no longer afford to fund them. That’s because the benefit – the amount that you get ea
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