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March 10th, 2017 at 12:34 am

I've been seriously thinking about increasing my pension contributions, especially after seeing how well you guys are doing. Asking around at work, I found out that one person in their fifties is still only contributing the minimum (2%), although I think her husband has a good pension. There's also my co-worker who only just started contributing in the past year or so, when they made it compulsory.

Anyway, I was doing some shredding yesterday and I found hubby's pension statement. His pension is in the same place as mine. I found their contact details so I'm going to email them to increase my contribution, at least by a little. I still have all of this debt hanging over me so I don't want to increase it by too much (even though I know I should)

7 Responses to “Update ”

  1. creditcardfree Says:

    Raising by even 1% every so often does make a difference. I bet you could change it back if absolutely necessary. Living on less than we earn is one of the most important skills for financial prosperity!

  2. HouseHhopeful Says:

    1% at a time is somethat can easily be done. I also increase any time I get a raise or anything like that.

  3. Wife of the Deacon Says:

    We bit the bullet and upped it to 10% in February from 1%. In looking at the spending, I realized that we were able to absorb so much more (given the lack of income at the rental property and the expenses of the reno - which we cash-flowed).

    I was able to see where some of those funds could be easily absorbed, and in looking at how our spending was - we are actually better balanced and have cash-flowed family outings (mostly take-out dinner and movies) and are eating healthier which some conscientious decision making.

    I think you can do it!!

  4. My English Castle Says:

    My retirement savings contributions have been steady, but DH never contributes enough. However, I've now insisted that he contribute 10 percent. They have a match at his new job of 6%, so that will be a big plus. He's got some catching up to do.

  5. FrugalTexan75 Says:

    Good for you! Everytime I increase how much I'm putting away, I also increase DH's (although we haven't started the IRA for him yet.)

  6. VS_ozgirl Says:

    2% is so low... Our minimum is 9.5% and it works out that if one is to work for their whole career they will retire and have a good sized nest egg.

  7. rob62521 Says:

    How wise of you! It really will help, even if it is a small amount.

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