Is this OK for retirement?

30 replies

Soootired23 · 17/03/2025 10:42

I currently have around £34k in my pot, DH thinks he must have around £24k.

We get deducted around £7.5k every year, which would take us to around £250k by the time he retires, by the time I retire, we'd get at least another £30k. That doesn't take into account the investment piece around pensions, mine is in a mid risk "pot".

We'll be mortgage free in the next 5 years with a house worth £400k. The plan is then to buy a more expensive house (salaries allowing) and then downsize again, so we'll end up with at least another £300k in the bank.

To me that seems enough, but I don't know if I'm being unreasonable.

OP posts:

caringcarer · 17/03/2025 11:12

It doesn't seem a lot to me. It depends what quality of life you want in retirement. The Wesleyan website tells you you'd need £14,400 for a very basic retirement, £31,300 for a moderate retirement and £43,100 for a comfortable retirement all for a single person. https://www.wesleyan.co.uk/pensions-and-retirement/how-much-to-retire

Couples need more but it also suggests the type of lifestyle you might get for each of the above. Worth a read.

How much money do I need to retire?

Planning for life after work is an exciting prospect, but knowing how much you need for a comfortable retirement can be tricky. Read more in our guide.

https://www.wesleyan.co.uk/pensions-and-retirement/how-much-to-retire

Original poster

Soootired23 · 17/03/2025 11:00

It is small because I've only worked in the UK for the past 12 years, which is why the funds seem "low".

I have a zero pot for my DC because that will/should come from an inheritance if it doesn't, well c'est la vie!

The whole plan relies on moving to London (which is why we'd end up with a more expensive house) but I'd also be earning a London salary, which at the every least would be 50% more of my current one, but I hope by then I'd also climb to the next step in the ladder.

OP posts:

Ginmonkeyagain · 17/03/2025 10:54

Hmm I assume you have DC not DB pensions, the pots seem a little small for 20 years of work so far - when did you start contributing? I would talk to your provider and get a forecast.

I'm mid forties and my current DC pot is £120k and I also have a modest DB pension that will pay out £12k a year from 65, Mr Monkey has a better DB pension that will pay out £25k a year from 60. I don't feel this is overly brilliant and am working hard to add more to my DC pot.

Just my personal preference but I would not rely in downsizing to fund retirement, you may find by 68 you are not keen to lose that extra space or can't face moving.

Original poster

Soootired23 · 17/03/2025 10:46

We're 40 and 45, and we plan to work until the state pension starts flowing in (if it does) so say another 30 and 25 years respectively.

OP posts:

Ginmonkeyagain · 17/03/2025 10:45

You've not said how old you are and when you want to retire.

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