Jenson Button has been consistent for McLaren-Mercedes this season, moving him to second in the F1 drivers' championship.
Jenson Button has been consistent for McLaren-Mercedes this season, moving him to second in the F1 drivers' championship.

Jenson Button re-signs 'multi-year contract' with McLaren



Jenson Button has pledged his future to McLaren-Mercedes by agreeing a new "multi-year contract" with the British-based Formula One team.

The former world champion joined McLaren at the start of last season, scoring two wins en route to finishing fifth in the championship.

This year, the 31-year-old driver has enjoyed the upper hand on teammate Lewis Hamilton and sits second in the drivers' championship — behind the dominant Sebastian Vettel — with five races remaining.

Button, who won the 2009 title with Brawn GP after ending 2008 with his F1 career in tatters following the withdrawal of Honda, was delighted to commit his future to the team.

"I've never felt more at home at a team than I do at Vodafone McLaren-Mercedes," Button said. "I've won four of the greatest races of my life here, I'm currently lying second in the drivers' world championship, and I feel that I'm driving better than ever."

Button said that receiving the right level of support, passion and determination within the team at McLaren is stronger than anywhere else in the paddock.

"As a grand prix driver, those are incredibly powerful feelings to share and be part of, and they've only reinforced my desire to commit my long-term future to this team," Button said.

"I've made no secret of my ambition to continue winning races and world championships, and I fully believe this is the place where I can achieve those aims."

The team were delighted that the driver re-signed with the Woking-based team.

"Jenson's re-signing is a move that will strengthen Vodafone McLaren Mercedes' long-term stability as it continues to grow and develop its race-winning form into further world championship successes," a McLaren team statement read on their official website.

Button is the only driver who can beat Vettel, the Red Bull Racing driver to the drivers' championship, but the German only needs one point in Sunday's Japanese Grand Prix to win back-to-back titles.

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How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.