Left your pension until the last moment? Don’t panic, if you act now then you can still save enough for a fun rather than frugal retirement.
Personal finance journalist Felicity Hannah (@FelicityHannah) reveals why it’s never a bad time to start saving for your retirement.
So, how much are you likely to need when you retire and what do you need to put aside each month to make sure you have that?
Many experts believe your ideal pension contribution is determined by your age. They suggest halving the age you are when you join a pension scheme – and contributing that percentage of your pre-tax wage.
Others have encouraged workers to build a retirement pot worth 10 times their average career salary. There’s also a theory that putting away 12.5% of your monthly pay is a useful benchmark.
Deciding how much to put into a pension also comes down to a number of other factors which you should consider.
You may want to think about how much pension income you think you'll need to retire to help plan for a comfortable retirement.
The older you are, the tougher it can feel to get saving. But there are lots of ways you can increase what you put aside.
The rules about retirement have changed. Your employer cannot force you out of the door once you reach pension age; you’re allowed to keep working.And, although you can collect your state pension at 67 if you qualify, you don’t have to take it. You can work a little longer and keep saving into your pension pot – plus, you’ll receive a higher state pension when you are ready to retire.
LV= have helped thousands of people just like you to plan for their future – and helped them achieve a retirement that’s as much about fun than frugality.
Our pensions experts help make sure you can love retirement rather than worry about it. Call our pension specialists now for a free chat about you and your pension goals, or to answer any questions you might have about your options.
As part of your chat, your pension expert will recommend that you track down any of your lost pensions.
Pension funds worth around £400m are still sitting unclaimed, according to the Department for Work & Pensions, so you could be missing out on a considerable sum.
As well as contacting one of our specialists, read our article about lost pensions for the steps to finding your missing retirement funds.
If you’re wondering whether to get in touch with our pension experts then remember: it’s never too late to start your pension planning. However, whether you’re 25 or 52, it’s a good idea to start now.
Check out our guide how on to boost your retirement income for more handy tips
 Paul Davis, 2018. How much do I need to save into a pension? Which? - https://www.which.co.uk/money/pensions-and-retirement/starting-to-plan-your-retirement/reaching-your-saving-targets-at-different-ages-asf409y1pj38