For those making ~£90k in london- how much are you saving into your pension (%) and how much do you pay for rent? I’m looking at Deloitte UK and trying to figure out if I can afford to live there while saving for retirement. Considering Zone 3.

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I plan to max my contributions starting next year so will be putting 40,000 a year including employer contributions. My idea will be to put close to 60-70 k by using my spouse’s allowance but am still figuring that out.

As a household you get 80k in total for pension so am planning to utilise her allowance as well as she is less paid.

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You don't have to live in London.

I started saving for retirement at 33.

I'm 36, on £95k, contribute 21% to pension, and pay £1400 rent for a really nice 2 bed flat in Reading.

Only need to be in the office twice a week, train gets you to central London in less than 25 minutes, so I personally don't think paying London rent is worth it.

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8% into pension
£1000 on rent

I live with my partner

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That is really something nobody else can answer. Have you any pension pot to date, how many years do you intend to pay into a pension, do you intend to go part-time? Without that information the only good advice is “max your pension until you hit any relevant tax caps in your country”, and remember the early you pay in the better.

You should save half your age at the time you start contributing to your pension (e.g. if you start contributing at 24, save 12% until you retire) as a minimum. I’m currently living at home rent free so saving 25%.

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I put about 15-20% into my pension depending on bonuses. Pay £1.6k for rent in Zone 2/3 (living alone).

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Wow that’s a high %, wish I could afford that!

I earn that and pay 12% which is the max

That’s a good rent price! Assuming you have flat mates?

40000 GBP 1100 mortgage

Also property is also a good alternative in the Uk once you hit the cap

The quoted rule of thumb spouted by financial advisors is that if you want to maintain near the same spending habits in retirement you should pay half your age through both personal and company contributions. I’m a cynic and can’t see myself living many years after I properly retire, so not following the rule.

Deloitte is lower than 12% if you are soon to join, about 3 years the matching reduced to 8%

In PwC you put 8% and they contribute to 12%…

Why do we keep fuc**** with the younger generation?

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I contribute 8%, PwC contributes 12%. Mortgage is £1100pm

It's worse for EY I think, 6% is the max that EY would contribute. Might depend on the level but that's what I have seen for a manager.

WPP exceeds what you put in - so I pay 7% and they put in 10.5%. I also started saving for retirement relatively late (36).

I pay a mortgage of £1600/m and have an emergency fund of 3m expenditure plus the cost of a new boiler. Any future raises, I plan to increase my pension contribution by 1-2% to make up for the late start and so that I don’t “see” the hit in my take-home.

My strong advice: put in enough to get the maximum that they’ll contribute (it’s free money after all).

Thereafter it’s a matter of getting some other investments going (for me next will be a stock portfolio), I’ll then keep putting marginal capital into pension or paying down mortgage.

In addition - I now plan to spend more on leisure and discretionary spending. We’ve earned it and saving for the future is only one part of living.

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