What would be a good amount to have in savings at 55 years old?

[Whattodonowthenfucker]

Just that really!

£150k

Depends on your pension situation, whether you own property, mortgage or not, work or not, where you live etc etc.

What number would you like to hear?

Including pensions or just cash in bank and isa etc?

For cash only I'd say £10k.

More detail needed , pension savings to see if you can retire , savings for a car / holiday / boat , general emergency savings ??? Tbh it doesn’t matter what anyone else’s savings are .

Enough to cover 6 months bills. It will vary from person to person.

It’s think it might be useful if people gave their answer as a fraction or multiple of their annual income. That way, it then doesn’t get derailed by people who have massive incomes / outgoings giving a vast sum.

I would have thought maybe 50% of their household income. Lots of us are older parents, and will still be paying out loads for our children rather than serious saving mode.

I think the equivalent to a year's household income would be "good".

I think any money spare at 55 would be better put towards mortgage overpayments or pension, so I can’t imagine anyone having loads of savings unless mortgage is paid off and pension already maximised.

I have 4 x my annual income in isa’s but I’m not in a high wage job (think useful, helping people instead!) house is mortgage free, no other debts.

6 months bills as cash. Everything else as stock and pension. It'll vary on lifestyle

I'm nearly 60 and have have £60k in cash savings, in addition to my pension. I wish I had more, I'd have walked out of work today and not gone back!

This is interesting!! I have a house worth £325k with a mortgage of £25k and £46k in an ISA. I feel I’m doing good (finally after years of debt).

Some of this depends on other things though, DH and I both have defined benefit pensions which by the time we retire even at 60 we would've been paying into for 35 and 33 years, so will be generous. I tend to focus on saving to have a cushion, for household renovations, holidays, for ds, but not as much for retirement. If I had a DC pension I'd be saving to invest for retirement.

😯

You could have this with £1.5m in pension as well, or you could have £0 in pension.

Would you still consider that good then?

What about pension? It can be a good, tax efficient way to save because you get an employer contribution and your contribution is taken before tax.

Disagree, total of savings is what matters. To just keep trying to build them up is important and not too much that isn't instant access

150 k is good not shocking

How many times do i have to say it.

its 6,months of your outgoings.

6 months outgoing as your total savings at that age wouldn’t be great. You’d need a lot more in pensions and investments