How much should I save?

Well, this depends on how much you need in retirement and how much you can afford now when considering your other financial commitments. Bear in mind that your lifestyle will probably be different as you get older. Some of your outgoings will decrease but others will increase. For example:

You may spend less on:

  • mortgage
  • your children
  • insurance

You may spend more on:

  • utility bills
  • your grandchildren
  • medical cover
  • leisure

As a guide, experts say that you should aim for a pension income of two thirds of your final salary. So, if you’re earning £350 a week, aim for at least £230 a week.

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