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Pensions: what is deemed 'enough' 20 years from now

(10 Posts)
harajukubabe Tue 29-May-18 17:28:51

Just that really. Was looking at my pension pot today and thought I may not have adequate funds to last me... at approx £30k a year in 20 years time...

What can I do now to remedy this?

BubblesBuddy Sun 17-Jun-18 07:14:06

Save more money!

lljkk Sun 17-Jun-18 07:34:55

Will get loads of hysteria in response to this (like lots of Qs on MN).

I think I could manage on £7k in today's money. The tax-free allowance for pensioners, is that about £10k? If you don't have commuting costs or a mortgage, then given the benefits available to elderly (heating allowance etc.) this is usually plenty to get by as annual income. Though I know a family raising many kids on barely any more income. Depends on your frugality skills.

harajukubabe Mon 18-Jun-18 17:39:29

My frugality skills are not great, I guess I can always try to learn. And the desire to lead this ideal retirement lifestyle where I don't have to think about beating vs eating is great.

I don't think £10000 a year is a good retirement income.

What if I want to travel to Australia one year for a few weeks? Or japan or other such exotic places?

Ducks0nthewat3r Wed 04-Jul-18 13:55:01

UK Govermnent are predicting that I will receive approx 8k a year state pension. I have some private pensions too. Plenty of people live on state pension, but it's not much

harajukubabe Thu 05-Jul-18 17:50:58

8k alone sounds like poverty. Watching every penny. Specially bad if you have worked all your life to provide. No respite before death either...

Terrible thought

Iggity Thu 05-Jul-18 17:59:22

You must have a massive pension pot or great final salary to get 30k a year. I’d be happy with that.

I have another 20 yrs or so to work and currently pay with employer input 1200 a month and for first time this year added my entire bonus. I don’t think my predictions are near 30k. You need to save more if you want more.

harajukubabe Fri 06-Jul-18 18:00:59

Oggity

It's a real shame. There isn't much going for savings either as the government taxes everything. Inheritance tax is the worst of the lot...

Momo27 Sat 11-Aug-18 10:03:34

Can’t believe people are saying £7000 is adequate to live on! I mean maybe if you want to live a completely frugal
Life, never going anywhere or doing anything, but I for one intend to do lots when I retire

You’ll just need to stack more money away op. Is it just you who’ll be living off 30k or do you have a partner? If so will they be bringing in a pension too?

Missillusioned Sat 11-Aug-18 10:06:36

Remember you pay no national insurance as a pensioner, so your net income will be higher than an equivalent salary.

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