Most Millennials are not on track when it comes to saving for retirement

Re:Most Millennials are not on track when it comes to saving... by dogma1138 on Monday August 13, 2018 @03:58PM (#17753103)

In in the UK my pension deposit is 24.5% of my pre tax salary that said this isn’t money I can touch for an emergency.

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Re:Most Millennials are not on track when it comes to saving... by dingaling on Tuesday August 14, 2018 @04:50AM (#17756351)

That's always been my objection to pension arrangements in the UK. It's a cushy deal between the Government and financial institutions to lock-away money for 30+ years, and then tax the contributor when he becomes eligible to access it.

Pensions should be tax-exempt at withdrawal, or else be accessible. Otherwise what's the incentive, other than when pre-tax contributions are possible?

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Re:Most Millennials are not on track when it comes to saving... by dogma1138 on Tuesday August 14, 2018 @12:59PM (#17759648)

I agree, luckily I'm not a British citizen but as there is a tax agreement between the 2 countries I can move all my pension contributions outside of the UK without any tax.

The pension tax deduction is also pretty poor and for every pound you earn above 100K you are losing your allowance which also infuriates me.

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