Did you know that the maximum State Pension is currently £175.20 per week; is this enough to live off?
As you are still some way from retirement, there is plenty of time for the money you save now to grow. So, it’s worth thinking about how much you pay in. Imagine that from the age of 40 you stopped buying a £3.00 cup of coffee every day and saved that money in your Account instead. That £3.00 a day could mean an extra £780 saved every year, or £19,500 by the time you reach age 65. If you also assume some investment growth, for illustration purposes say 5% each year, it could be worth £40,000 when you reach age 65.
Our video below explains how the Mastertrust works.