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Making Money
Ask Us Anything: Should you be worried about a 'pension crisis'?
Feb 9, 2024
Explore the pension crisis for Millennials and Gen Z and the need for increased savings and active management. Learn about optimizing pensions, reducing contributions to pay off debt, and the benefits of work-based pension schemes. Discover the benefits of different types of pensions and recommended contribution percentages based on income. Understand the importance of looking at retirement savings holistically and increasing contributions as you age.
08:54
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Quick takeaways
- Individuals should prioritize pension contributions, even when in debt, due to the long-term benefits.
- The ideal percentage of pension contributions may vary, but aiming for at least 10% while maximizing employer match is important.
Deep dives
Importance of Saving for Retirement
The podcast discusses the shift in responsibility for retirement savings from government and company pensions to individuals. It highlights the importance of individuals taking control of their pension contributions and making sure they save enough for retirement. The speaker mentions the need for individuals to pay attention to their pension schemes, be aware of fees, and consider increasing their contributions. They emphasize that even those in debt should prioritize pension contributions, citing the tax advantages and the power of time in building a substantial pension.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode