State pension is ‘not enough’: The exact amount needed to maintain lifestyle in retirement | Personal Finance | Finance

How much money should people save each month for their pension?

Mr Allen explained that the benefit of compounding means that gains – in theory – get exponentially bigger over a longer period.

He continued: “So, the earlier you start, the more you can amass over time.

“With any excess income, it is important to balance the amount you pay into your pension with your other needs.

“A wealth planner can help you find the optimal mix.”

The “best way” to save for a pension
Whatever the goal, it will be difficult to reach these figures simply saving by oneself, he suggested.

While there are many types of personal savings plans available, many use their work-provided scheme as their main form of pension planning.