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Hi,
Need 11 likes to start DM.
Thanks😇
Additional Posts in Londoners in Consulting
Anyone from BCG Gamma who wouldn’t mind DM?
What careers pay the best in the Uk?
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Chief
Max out reduce tax liability and company matches it’s free money
Chief
Depends on your age but yes as you earn more , I would put in more
When I was at 40k, I would put maybe 5% and company match the same
Now I do 10% and company same
40k not a penny less not a penny more.
Another nuance is the taper which kicks in at £200K. If you make more than £240k you can only contribute £4K per year.
As a (very very) rough rule of thumb, Martin Lewis suggests that whatever age you start making pension contributions at, take that number and half it to get the % you should be putting away if you want to maintain your standard of living after retiring. E.g. if you start at 24, you should be saving 12%. If you wait until you're 36, it'll need to be 18%
Yeah I reckon that's sensible enough. I've always tried to do it without the employer contribution but I'm probably too ascetic.
Wow in 🇺🇸 we can only do $20k per year
Ya it's an insanely screwed up system