Money Expert Martin Lewis Reveals How Much You Should Put In Your Pension | This Morning

From busting your bills to dealing with your debt, Martin Lewis is here to help get your finances back on track.

Broadcast on 23/01/2024

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[ChristopherAbelman]

My spouse and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[AshFST]

Growing up and looking up to Batman, then realising this guy is the real superhero.

[chriswebb]

Martin Lewis turned into Tyson fury at the end there 😂

[SEANPOL]

Martin teaches us how to pinch the pennies while government squanders our billions in the form of tax mis spending

[al-knows-nothing]

Re pensions, I currently put 20% in mine at age 39. Why I’m sharing is because what I’ve done seems pretty easy in my mind: when you get a pay rise, or a bonus, as long as you don’t need the money right now, just up your pension contributions.

You don’t notice the pay rise missing because you didn’t have it before. You don’t notice the bonus because you didn’t have it before.

I completely appreciate this won’t work for everyone, and that sometimes you will want the pay rise to keep up with inflation etc. it’s just a consideration, a mindset shift too. It’s taken me 10 years to get it up to that number from 6%.

Hope this helps 🙂

[damianbutterworth]

in 1986 I left school and got a YTS job at Marconi. They had a good pension scheme. I left in 1991. So after 4 years only I`m got my statement and it`s worth £103, 000 today.

[FABM]

I am 43, my employee and me put in 35% together and I’ve been doing that last 5 years, prior to that I was putting in 12 to 20% since the age of 35. Prior to that I didn’t put any but I have a small property worth £100k paid-off. However I have a mortgage now and an expensive car and car loan and spend a lot on clothes, shoes and vacations which I have sworn to change in 2024 so I can pay-off my car loan 2 years ahead of schedule.

[jesusrevus]

Everyone should check their pension and make sure they aren’t just in the big standard one their supplier puts them in. If you are you could be losing out on life changing sums money. It’s ok saying put it in your pension but you need to know what your options are regarding different funds

[workinprogresssince]

Looking at the recent news about how much you need to put into a pension to have an even vaguely comfortable retirement (assuming retirement even exists in 20 years) good luck to anyone who can put in enough these days. Relying on the state pension is dangerous. Perhaps top it up with a private pension if you can afford to put enough in. Otherwise, retire even later and keep working if you can.

[swanseawales]

Diversify. 8-10% in pension and then some in an index fund like the S&P so that you don’t need to wait until your late 60’s to withdraw although I’m aware that you can withdraw a percentage of your percentage in your 50’s

[jamesmullen]

Martin is brilliant, and he gives everybody great advice, when you say martin name in any bank, total respect right away

[owenjones-wells]

I started my craft apprenticeship at 19, and started paying into my pension at 20. My company matches up to 8%, and I pay in 10%, plus £100 a month into a locked limited access account. I would much rather have less money now to be more wealthy in my retirement years.
I train so many apprentices that say they will leave paying into a pension until they're older, and I always try to give them similar advice to start as early as possible.

[riddlergorshin]

I’ve been pumping up to 85pc into my company pension. My income tax for months when I do is MINUS £150ish. That’s the way to do it

[badhur]

This new presenter doesn't pay a mortgage

[BlackGriffin]

I have a state pension and a smallish private pension. From April I will get £60 a month extra. Not moving the tax threshhold has led to my personal pension being hit with higher tax, about £20 per month. Our energy bill is £80 pm higher this year and our council tax is due to rise £15 pm (for simplicity let us leave out food, dental and spectacle expenses and travel, etc) Sunak and his moorons tell us they have reduced our tax bill. Give me strength!

[Fernweh]

It really doesn't matter if you're doing well or not so well....manage your money properly. Lots of bleak outlooks in the comments but life changes constantly over the decades. Dont be profligate with your money no matter how little you have, as the years go by you'll be very glad you did.

[wildgeeseod]

Paid my mortgages off straight after lockdowns as I thought there’d be rocky days ahead. Glad I did.

[brianmather]

I PAID INTO INTO A PERSONAL PENSION MANY MANY YEARS I ALSO HAD ADDITIONS TO MY STATE PENSION THIS IS NOT TAXED . MY PERSONAL PENSION TAKES ME OVER THE TAX POINT WHICH I THINK IS £11, 500 SO I NOW PAY OVER £1, 000 INCOME TAX. ARE PEOPLE AWARE OF THIS

[griffo]

I’d always pay my mortgage off before savings if I had the money. The security of that is worth any potential loss in interest. One can then invest aggressively with the income freed up by not paying a mortgage each month.

[velogoo]

is there a limit to the half your age as a percentage idea? Surely someone couldn't just wait until they are 68 and then pay in 34% of salary for a year before retiring.