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Original poster

100k pension pot at 42

376 replies

hlu2 · 27/01/2023 10:08

I've finally checked my pension pot and age 42 it's currently 100k. Putting into random calculators, it seems ok at current money but with inflation in 25 years time, it seems tiny. And yes I should have been keeping up with this more, but I didnt start working until I was 30 (postgrad degrees and two pregnancies) so have only had 12 years of working and saving and with two kids and a house - pensions just didnt seem all that relevant until now. How much does everyone else have around this age?

OP posts:
Iwantabloodypizza · 27/01/2023 10:12

43 and zero.

I worked cash in hand from 16-20, then I’ve been a stay at home mum since (I’ve got big age gaps), with a few months of min wage care work inbetween.

I can’t worry. I really can’t.

My dad built up a huge pension, then got dementia and once his savings are gone in a few months, all bar £25 a week will go on the care home.

My mum had a great pension from a fabulous job, but she got cancer and died at 42.

The future isn’t guaranteed so I can’t worry.

PipinwasAuntieMabelsdog · 27/01/2023 10:14

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Yuja · 27/01/2023 10:17

I'm 37 and have 17k which is obviously not enough. I am about to start a new job that pays a lot more in pension contributions so hoping that will go up pretty quickly.

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General money Retirement & pensions
Original poster
hlu2 · 27/01/2023 10:18

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Am not showing off......60k of that is because of an inheritance that I put into a pot...........so no it's not showing off or nasty. I literally have no idea what a usual pension pot is. My parents were both civil servants so think all private pensions are a joke and none of my friends talk about it.

OP posts:
karamazing · 27/01/2023 10:19

Is that your annual pension or the whole pot?

Original poster
hlu2 · 27/01/2023 10:20

I earn 60k which the last time i checked is not a massive amount

OP posts:
ArcticSkewer · 27/01/2023 10:20

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Don't be ridiculous.

If you are this eaten up by envy, don't open such threads. Stick to ones about poverty porn to make yourself feel better

Original poster
hlu2 · 27/01/2023 10:20

@karamazing it's the whole pot.

OP posts:
MaverickGooseGoose · 27/01/2023 10:21

so 40k through work pension? I'm the same age and my current pot is 45k, I am about to up my contributions because it needs to be a lot higher.

wincarwoo · 27/01/2023 10:21

hlu2 · 27/01/2023 10:20

I earn 60k which the last time i checked is not a massive amount

Well above average.

PipinwasAuntieMabelsdog · 27/01/2023 10:21

@hlu2 You have no idea do you....most people right now are struggling to live and couldn't just save 60k +, regardless of where it came from. You can presumably read newspapers and pension breakdowns. You are showing off, whether you want to admit it or not.

MaverickGooseGoose · 27/01/2023 10:21

PipinwasAuntieMabelsdog · 27/01/2023 10:21

@hlu2 You have no idea do you....most people right now are struggling to live and couldn't just save 60k +, regardless of where it came from. You can presumably read newspapers and pension breakdowns. You are showing off, whether you want to admit it or not.

'most people' are not struggling. Some people are. It is far from most.

karamazing · 27/01/2023 10:22

hlu2 · 27/01/2023 10:20

@karamazing it's the whole pot.

I don't know why you are being accused of showing off if that is the whole amount.

PipinwasAuntieMabelsdog · 27/01/2023 10:23

@ArcticSkewer Not envy at all. I just can't bare self congratulating faux naivete about pensions on some sections of MN.

PizzaPastaWine · 27/01/2023 10:23

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@PPipinwasAuntieMabelsdog

Give yourself a shake. It ain't a race to the bottom.

trieditbuyedit · 27/01/2023 10:23

This is a tiny bit bizarre op sorry. Do you think most people have large chunks of inheritance they can put into their pension pot?
Some do but I'd say the overwhelming majority don't, so quite obviously they wouldn't have as much as you.
Also, 60k is above average salary so yes you're definitely doing better than a lot of people.
I don't think this thread is showing off, but I do think it's a bit daft.

ArcticSkewer · 27/01/2023 10:25

What kind of pension is it, op? Just a standard one or a defined benefit or contribution one?
And when do you want to retire?

60k is, for me, a good salary.. plus it means you get 40% government contribution on part of your pension so it won't take you long to build it up.

I don't think I had much at all at your age, maybe £30k. I had a bit of a shock and now I chuck all my spare cash into it and it's up to about £150k. Still not loads but £120k in 8 years is a good savings rate (I earn £40k).

As others have said though, I have also seen family members die prematurely so I am not too hung up on it. I pay into AVCs as they can be inherited by my kids.

Original poster
hlu2 · 27/01/2023 10:26

And I appreciate that other people are struggling. I was only trying to be an adult and actually try to figure out what a pension is. For those who are pissed off - my 100k pot was made up of an inheritance that was 60k put into a put that made it up to 72k so in the last 12 years I've only added about 3 grand per year into my pot which was topped up by my employer.

Is adding 3k per year into a pension really that much? I actually thought it wasnt enough

OP posts:
KalvinPhillipsBoots · 27/01/2023 10:27

Stop showing off OP 🙄

unclebuck · 27/01/2023 10:28

hlu2 · 27/01/2023 10:20

I earn 60k which the last time i checked is not a massive amount

£62K puts you in the top 10% in the Uk so you might want to show some a little more humility.

PipinwasAuntieMabelsdog · 27/01/2023 10:31

@hlu2 I'll say it slowly, earning 60K a year, plus being able to live, presumably not having debts and being able to save 3K per annum in a pension is doing well, yes. I assume you are a following academic, and so you know 60K is pretty good in the sector at the mo.

PipinwasAuntieMabelsdog · 27/01/2023 10:32

fellow, not following btw

EyebrowChallenge · 27/01/2023 10:32

Threads like this really show how under-pensioned most of us are, unless we're lucky enough to be in a defined benefit scheme.

Floofyduffypuddy · 27/01/2023 10:32

@hlu2

I'm sorry you have been subjected to some ridiculous replies.
This is exactly what the point of an annymous forum is.
We ask the questions we couldn't in real life and it's vital that women especially are up to date and knowledgeable about money.
I have no idea either on what I would need at this age!

If the replies don't improve it maybe better to ask in the money section of this forum. Usually a great many on here are amazing with pensions and how they work and are a great source of knowledge.

PeonyRose80 · 27/01/2023 10:32

42 and my combined pensions are £150K and all earnings from salary since 2008