How much should I be paying into my pension?

You might have to say goodbye to your weekly take away coffees, but look at how much more you might end up with after investing this money into your pension instead.

Even the smallest increase in your monthly contributions can make a huge difference to your retirement goals

Based on Median salary of £30,023

Your pension contribution: Investing 8% of your salary - £126.73 (this is your contribution of 5%), Investing 9% of your salary - £152.08 (this is your contribution of 6%), Investing 10% of your salary – £717.42(this is your contribution of 7%)

Your employer’s pension contribution (3% fixed): Investing 8% of your salary - £76.04, Investing 9% of your salary – £76.04, Investing 10% of your salary - £76.04

Total put away (monthly): Investing 8% of your salary - £202.77, Investing 9% of your salary – £228.11, Investing 10% of your salary - £253.46

Actual monthly cost to you: Investing 8% of your salary - £86.17, Investing 9% of your salary - £103.41, Investing 10% of your salary - £120.65

Take-Home Pay (after savings and pension contributions): Investing 8% of your salary – £1,940, cutting out 7 takeaway coffees (£17.24), Investing 9% of your salary - £1,923, cutting out 7 takeaway coffees (£17.24), Investing 10% of your salary - £1,906

Total contributions over 30 years: Investing 8% of your salary - £72,996, Investing 9% of your salary - £82,121, Investing 10% of your salary - £91,245

Total after 30 years (based on an investment growth of 4.6%): Investing 8% of your salary - £154,414, Investing 9% of your salary - £173,716, Investing 10% of your salary - £193,018.

Remember, investments can go down as well as up and you might not get back all the money you put in.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.