Retirement is a major milestone in life that requires careful planning, especially when it comes to your finances. One important aspect to consider when preparing for retirement is your pension savings. But how much should you save for your pension? The answer is not a one-size-fits-all, as it depends on various factors such as your age, retirement goals, and lifestyle.

To start, it is recommended to save at least 10-15% of your annual income for your pension. However, this could vary depending on your timeline for retirement. If you are younger and have more years until retirement, you may be able to save a lower percentage. On the other hand, if you are nearing retirement age, you may need to save a higher percentage to catch up. It’s also important to factor in any pensions or social security benefits you may receive.

Another important consideration is your personal retirement goals. Do you envision a luxurious retirement, traveling the world and indulging in expensive hobbies? Or do you plan on living a more modest lifestyle? Your desired retirement lifestyle will play a significant role in determining how much you should save for your pension.

Aside from your retirement goals, it’s crucial to consider your current expenses and budget. Take a look at your monthly expenses and see where you can cut back to free up more money for your pension