Man of Honour
- Joined
- 13 Nov 2009
- Posts
- 11,656
- Location
- Northampton
I'm clueless when it comes to pensions, but almost 25 its probably about time I actually gave my future and retirement some thought.
I currently contribute 1% with a 2% employer contribution, the option is available to increase this to 5+10%
Now using this calculator I found in another pensions thread its fairly obvious that my pension pot will be substantially bigger.
I understand that the monthly cost difference to me will be £50 a month, increasing my pension contribution by £200 a month.
But what does this mean to me in 43 years time, apart from the obvious rough£200,000 difference in the size of my pension pot?
I currently contribute 1% with a 2% employer contribution, the option is available to increase this to 5+10%
Now using this calculator I found in another pensions thread its fairly obvious that my pension pot will be substantially bigger.
I understand that the monthly cost difference to me will be £50 a month, increasing my pension contribution by £200 a month.
But what does this mean to me in 43 years time, apart from the obvious rough£200,000 difference in the size of my pension pot?