Is 15% of your salary going into a pension enough? What should you do after becoming debt free?

Becoming debt free is a major financial milestone, but it can also leave people wondering what they should do next with the money that was previously being used to pay off loans, credit cards or other debts.

One common question is whether putting 15% of your salary into a pension is enough for retirement.

For many people, 15% can be a solid starting point, particularly if that figure includes contributions from both the employee and employer. However, the right amount depends on your age, when you started saving, your expected retirement age and the lifestyle you want to have later in life.

Someone who starts paying into a pension in their twenties may need to contribute less than someone who starts saving seriously for retirement in their forties or fifties.

Once you become debt free, one of the biggest opportunities is to avoid simply replacing debt repayments with unnecessary spending.

Instead, the money that was previously going towards debt could be redirected towards your pension, savings or investments.

Building an emergency fund can also be an important next step. Having several months of essential expenses available in an easy-access savings account can provide protection if you lose your job, face an unexpected bill or need to replace an expensive household item.

After establishing an emergency fund, increasing pension contributions could be another option.

If your employer offers pension contributions, it is worth checking whether they will increase their contribution when you increase yours. Taking advantage of available employer contributions can make a significant difference over the long term.

You may also want to consider other financial goals, such as saving for a house deposit, paying off a mortgage, helping your children financially or building investments outside your pension.

The important thing is not necessarily to find one perfect percentage. Your financial situation can change throughout your life, and your pension contributions can change with it.

Becoming debt free gives you something valuable: more control over your income.

Rather than letting that extra money disappear into everyday spending, creating a plan for it could help turn the achievement of becoming debt free into the beginning of a stronger financial future.

And if you're wondering what to call the person helping you with your money journey, perhaps simply call them your financial coach. A good one should help you understand your options rather than simply tell you what to do.