How much are you saving for retirement? Most of us hope to quit working one day, but few of us know whether we’re on track or not, or whether we should try to increase our contributions.
We crunch the numbers to see how much you should be saving.
James Norton, a senior investment planner at Vanguard Asset Management, a fund manager, says that most people lack a savings target, but having a figure in mind would help you to determine how much you need to put away each month.
If you can accrue a £500,000 pension pot, you should be able to take 4 per cent from your investment annually — about £20,000 a year. Hopefully you will also have the full state pension, which