What percentage of my salary goes to my pension account?
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What percentage of my salary goes to my pension account?
There is a 8.8% from me into my pension account and 19.5% from my employer. I work for a university ands it’s crazy how high the contributions are, it’s keeping me in the job at the moment as to maintain the level of contributions. To get a job that pays higher, I’ll have to get a new employer who’s willing to pay higher.
It’s different for each person as it largely depends on your financial situation. Your house can count as a pension savings as eventually you can sell it and buy or rent a much cheaper house. Also, if you are the type of person who is investment-inclined, you wouldn’t even need worry about pension or no pension. You may have a large inheritance which negates need for a pension. I saved by serving in the private company for 20 years and received half pay and soft free medical care plus almost max social security. If your savings is all you have you should put 15% of your income into savings.