069 - Pension Breakdown Part 3 | How Much Should I Be Saving Each Month Towards Retirement?
In this episode of the Mind Money Soul podcast, I’m going to be answering the rather large question of “how much should I be saving for my retirement?”.
The short answer is, there’s no right or wrong way and it’s going to look different for everyone. Some financial experts offer a formula to help you calculate your pension which is handy, however I believe in order to work out how much you need to put away, you need to know what you’re working towards. How much do you actually want to retire on and what type of lifestyle do you want? Getting clear on these questions will help you understand how this transposes into financial habits in the now.
Remember, you do not have to get an exact amount - it can ebb and flow. Understanding pensions and having an idea of what retirement looks like for you is going to help you know if you’re on track. You can then work backwards and reverse calculate how much you should be saving or investing each month based on your ideal retirement and goal.
In this episode:
A formula financial experts use to work out your pension
How to reverse calculate how much you need in your pension
What RLS recommend as an annual retirement income
How to work out your pension gap
Ways to reach your retirement fund target
What to do if you currently have £0 in your pension pot
Resources
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