It is a question that has confounded people for generations: how much is enough when it comes to saving for retirement?

The unfortunate truth is that no one can know for sure. Our desires and needs in retirement change – as do our incomes during the course of our lifetime. That is before mentioning many of life’s other uncertainties.

The investment industry’s general rule of thumb is to save at least 15 per cent of your pre-tax income each year.

That’s assuming you save for retirement from age 25 to age 67. Together with other factors, this broad rule should help you achieve the same standard of living you enjoyed in your working years when you reach retirement although this is not guaranteed.

The rise in retirement savings could perhaps be attributed to the growing realisation that people can no longer rely on government provision in the form of state pensions to help significantly fund retirement.

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