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Original poster

Pension worry…help

194 replies

Pensionworry1 · 22/10/2025 07:45

NC’d for this…basically I was a sahm and had a late career change 5 years ago. I’m 40…My current pension is at 33k…projected at 240k. I’m aware this is not enough
now I do have a separate extremely small pension elsewhere and by that I mean about 1.5k per year once retired.

it’s also worth noting that I’m still at the lower end of my career ladder right now and have no intention on stopping here. My wage increases about 4.5%annually, my company pays 10% and I pay 5% (I can’t pay any more than this as I have a mortgage etc) I usually pay some of my bonus into my pension so I might put it all in going forward (usually about 8%)…is there anything else I can do? I suppose that’s it really isn’t it? Should I be worried? I feel like I should be 😩

OP posts:
Original poster
Pensionworry1 · 22/10/2025 08:34

MidnightPatrol · 22/10/2025 08:22

Look - you’re addressing it now, and you have plenty of years of work ahead of you. You won’t get a state pension for probably another 30 years.

When will you pay your mortgage off? This will free up money to invest.

What are you investing in? You can be quite high risk this far out from retirement.

You mention being a SAHM - are you still married / do they have a pension? As you should look at yourselves as a couple as well as an individual.

Edited

Mortgage is new enough but hopefully it will be paid off in 25years. So i am assuming I will have no mortgage when I retire

OP posts:
Original poster
Pensionworry1 · 22/10/2025 08:32

Greylakemirage · 22/10/2025 08:22

Is it a DC pension and the pot is currently £33k?

What do you mean by DC? Yes currently has 33k

OP posts:
saveforthat · 22/10/2025 08:32

HoskinsChoice · 22/10/2025 08:27

£25k is more than many, many people earn as a salary. Bearing in mind when you're earning a salary you've probably got other costs, (mortgage, pension, commuting etc), you're in an ok position. It's just so insensitive to claim you're in a bad position when, unless you are totally blind to society, you are actually very privileged.

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Bollocks. On that basis most threads on MN would not exist.

MidnightPatrol · 22/10/2025 08:32

HoskinsChoice · 22/10/2025 08:27

£25k is more than many, many people earn as a salary. Bearing in mind when you're earning a salary you've probably got other costs, (mortgage, pension, commuting etc), you're in an ok position. It's just so insensitive to claim you're in a bad position when, unless you are totally blind to society, you are actually very privileged.

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£25k is now full time on minimum wage.

Bumblebee72 · 22/10/2025 08:31

Pensionworry1 · 22/10/2025 08:18

No one? 😩

I'm not really sure that is a lot anyone can say. Obviously as the first response shows lots of people have no pension, but £33k at 40 isn't really enough. You need to increase the rate at which you are saving into the pension to get a decent retirement. £240,000 into an annuity is abut £12k per year in todays money.

saveforthat · 22/10/2025 08:30

Have a look at the funds you are invested in. How are they doing? Most providers have a range of funds showing the risk grading and past performance. You may want to switch (depending on your risk appetite).

Chocja · 22/10/2025 08:29

Is the old fund in a place with low fees? You could look at moving it elsewhere if it is and review the funds it’s invested in.

Apart from doing that, the only other option is to pay more in. You really are lucky that you get such a high employer contribution but that doesn’t mean it’s not a worry.

If you can’t afford more currently you have only a few options, do nothing, earn more ( could be a side hustle or a second job) or spend less. Have you been through all your bills recently? There might be small savings in renegotiating your phone bill or internet and put the extra to your pension?

Radiatorvalves · 22/10/2025 08:27

Why don’t you have a good read up on pensions. Martin Lewis is probably a good starting point. What amount annually do you think you’ll need to retire on? How are you going to get there? Remember when you’re “young” retired you will prob want to spend more (eg on holidays) than when you’re older. Great that you’re thinking about this now.

Ignore that PP who has nothing to add.

HoskinsChoice · 22/10/2025 08:27

Pensionworry1 · 22/10/2025 08:21

I have no idea what’s good or bad in terms of pensions when I looked at my pension progression and projection I was barely hitting 25,000 a year(and that was with the state pension). Yes, that’s not awful but it’s not exactly great. I was just looking for advice. There was no need to be so harsh.

Show quote history

£25k is more than many, many people earn as a salary. Bearing in mind when you're earning a salary you've probably got other costs, (mortgage, pension, commuting etc), you're in an ok position. It's just so insensitive to claim you're in a bad position when, unless you are totally blind to society, you are actually very privileged.

janehopper · 22/10/2025 08:25

It sounds like you're doing what you can, you just need to push forward with that. Anything you can spare helps as it has 25 years to grow.

MidnightPatrol · 22/10/2025 08:23

This reply has been deleted

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What a bizarre response.

OP’s question is entirely reasonable. That other people are worse off doesn’t mean she can’t ask questions about her own position - and with a £33k pot she’s hardly Jeff Bezos.

QuitMoaning · 22/10/2025 08:23

I am not a pension expert but surely all you can do is put more in?

If you want more in your pension pot then someone needs to put more in and there isn’t any one else who will do that. If you don’t have the money to put more in then you cannot. Isn’t this just maths?

Bearfan · 22/10/2025 08:22

Oh OP some people think that if you have a job and earn money you’re not allowed to have any worries in life.

I’d put what you can into ISAs when you get spare cash. It’s more flexible than nominating a %tage. And they if your expenses go down permanently you can’t increase your contribution permanently.

MidnightPatrol · 22/10/2025 08:22

Look - you’re addressing it now, and you have plenty of years of work ahead of you. You won’t get a state pension for probably another 30 years.

When will you pay your mortgage off? This will free up money to invest.

What are you investing in? You can be quite high risk this far out from retirement.

You mention being a SAHM - are you still married / do they have a pension? As you should look at yourselves as a couple as well as an individual.

Greylakemirage · 22/10/2025 08:22

Is it a DC pension and the pot is currently £33k?

Original poster
Pensionworry1 · 22/10/2025 08:21

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I have no idea what’s good or bad in terms of pensions when I looked at my pension progression and projection I was barely hitting 25,000 a year(and that was with the state pension). Yes, that’s not awful but it’s not exactly great. I was just looking for advice. There was no need to be so harsh.

OP posts:
Original poster
Pensionworry1 · 22/10/2025 08:20

This reply has been deleted

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Wow! This was not a clicky rage bite thread…I’m genuinely worried. But thanks for your input! There was no need to be so rude!

OP posts:
HoskinsChoice · 22/10/2025 08:19

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Original poster
Pensionworry1 · 22/10/2025 08:18

No one? 😩

OP posts: