What do you hope your income will be in retirement?

(3 Posts)
Frostycam Thu 16-Apr-15 18:29:52

And how does it compare to your salary at the moment?

I'm finding it really hard to decide how much we should be putting away now, and how much would be enough to live on when we give up work.

If I work until I am 60, at the present amount I'm putting into my pension, I would get almost two thirds of my salary.

That would definitely be enough for me, but DH has a really rubbish pension scheme, although a decent salary.

I'd like to be in a position to help our children, especially as housing is now so expensive for young people.

winchester1 Mon 09-May-16 08:36:31

We're trying to agree this at the moment as well. I've started by working out how much we currently spend each month less stuff like child care and adding paying for work we are able to do ourselves now like heavy gardening etc.
We'd need around 2-2.5k net per month (approx 50% our current income) plus emergency funds. But who knows how much that should be, a run of bad luck with white goods, cars and you could wipe out a big chunk of emergency money pretty quickly with no extra earnings to refill it with.

winchester1 Mon 09-May-16 08:37:23

Shit sorry totally misread the date on the OP!

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