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Aibu to think my pension pot of 7k is totally pointless

(28 Posts)
readyforbeddy Mon 08-Apr-19 19:26:27

Apparently my pension pot is 7k. I've had this pension a long time. I'm 40. I'm going broadly estimate that if it carries on like this, I'll be lucky to get an income of £7 a month. Ok I could pay in more, but I'm not earning a lot.

I actually transferred another pension into this one, so I'm doomed really. AIBU to think it's pretty pointless for us mortals on a low income, with not much financial clue to even try. And I don't save either, as I have a massive mortgage as live in the SE. But I'm not that close to London to get cheaper house prices but it costs a fortune to commute. confused

Putthatlampshadeonyourhead Wed 10-Apr-19 05:26:48

Ok, that's why I am asking.

It just seems that you arent really getting any benefit from being a contractor. Ie great pay. But lack of stability.

I think you maybe need to decide what's important to you right now. That may change in future

I was self employed, it worked well having young kids. The kids got older and I wanted employed stability, company benefits including a pension etc.

I ended up taking a step back in my career terms and changing job role, to get that.

It wasnt ideal, but my focused changed it terms of what I needed from my job. I have less flexibility but now the kids are older that's fine too.

I think you can only do the best you can do. If a pension is very important, maybe make a plan so that in 5 years you can starting adding moren

Shutuptodd Wed 10-Apr-19 05:36:31

I am 36 and have the same amount. I have resigned myself to working until I die as I dont own a house and cant afford to pay more in as I'm a single mum.

stayathomegardener Wed 10-Apr-19 05:44:43

You will have paid off the mortgage on a three bedroom house by the time you retire so there is an option to rent out two rooms as income.
Work out roughly how much that gives you plus state pension and then calculate how much more you would need to survive on.
Work your pension up to that level.

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