Thursday, September 27, 2007
Your Pension or Your Mortgage – You Choose
So you thought paying 15% of your salary would buy you a decent pension when your retire - think again as you currently need to put away 25% to get a 50% of salary pension after 40 years or so. Amazingly most workers total contributions currently average a measly 10.4% and defined contribution schemes, in 2006, had contribution rates of just 8.9% of salaries. So where are you going to put your money, a mortgage or a pension. Hmmmm this country is broke.