Aibu to ask about your pension pot

[Wrongwayup]

Following on from the savings and mortgage threads can I ask how much people have in their defined contribution pensions and age. I am 48 and have a pot valued at £225,000. Hoping to get it up to £400,000 by 60

I’m flabbergasted at the size of some of these!! How has one PP got a pot of £90k after 4 years?!? Mine is about £9k after 4 years!

I feel a bit hopeless about retirement. My DP is 15 years my senior and so I’d like to retire with him (we met when he already had DCs, so I feel like we’ve missed having pre-DC adventures together. I hope to get them when they’re grown instead).

That means dropping to part time work when I’m 50, then winding up altogether at 55. I’m going to be poor, but i’d rather spend quality time with him than retire at 68, just to be his carer.

I'm in a defined benefit scheme, forecast to pay out 36k a year on retirement. No way I'm working until 68 though, so plan to retire early and take a reduced pension. Becoming mortgage free is also part of the early retirement plan!

The government definitely aren't helping with this as they have now restricted how much high earners can save

I have a deferred final salary pension scheme from my 17.5 years with a City bank which will pay about £42k at 60 (I'm nearly 58) and will be indexed at RPI with a minimum of 3% p.a. increase. It has a 2/3 spousal pension.
Husband is a senior civil servant and will have a pension of about £50k at 63 for 40-odd years' service. His is CPI indexed, so I will overtake him. His scheme provides a 1/2 spousal pension, so I'll be worth more to him dead than he will be to me.
We will both have full NI records for the state pension.

About 300k as I paid in the maximum allowed when I was young and had no children - I am now 49 but stopped contributing when my DH died when I was 33 as I started to get a widows pension - that scheme is now with the PPF and widows pensions were the only ones not to be cut in the process. At least in the PPF it is safe. I would be very wary about taking early retirement as if the scheme goes into the PPF you can lose a vast amount.

@BobLemon I'd thought that too, that's paying in 2k a month as there won't have been much growth over just four years.

Final salary pensions are worth their weight in gold. Literally the difference between retiring on 45k a year (75% salary) or potentially 2k a year on my current salary paying into a money purchase. Sadly I started work as they were all disappearing. Just life changing really!

Mine is currently £373k. I am 44. My statement says that if I don't make any further payments but I retire at 65 then the investment growth on this at mid rate would give me a pension of £21,900 or it would give me a lump sum of 118k plus a taxable annual pension of £16,400.

I agree with a PP. A FS pension is the holy grail. Its life changing.

About 200k in DC, and a old DB pension that will pay me about £11k per annum from 60. Am 50 and between me and my employer am paying 18% into my DC pension. I hope the DC pot will be around 350- 400k by 60, but who knows, the markets could crash tomorrow!

who knows, the markets could crash tomorrow

And they probably will soon due to Brexit. Not good for those very close to retirement.

About £65k, I'm 32 and have paid in pretty much the minimum since I was 18.

£25k at 48. It’s a bit shit. But I do have a DB scheme from years back that will give me about £8k a year.

26 and around £51k plus plans for several BTLs in the next 10-15 years

£800k at 53, it will need to pay off a morg of £200k but I have other assets if need be. Aim will be to retire at 60 but if I lost my job we could survive from 55 onwards.

I'm wondering why we suddenly have so many threads on this and why people are falling over themselves to share their information.

I', 33, I have 3 pension pots, combined value of about £140K at present, earnings have jumped by about 30% recently though and if I carried on paying in at the rate I am now, it will be worth about £500K on retirement, but I plan to increase over the years.

Mine is final salary, I don’t know what the pot size is but if I do the full 40 years (currently done almost half) I get something aproaching £45k per annum (adjusted for inflation).

DH and I are about to retire in a couple of years.
Between us pensions will bring in 20k a year, plus by then we will have maximum each in premium bonds, some other cash and shares and a mortgage free holiday cottage which we have just started letting with an average predicted income of £700 per month after expenses.
Mortgage will be gone and we get a few £k in cash gifts from family every year.

What pension pot?

Im really scared by this and don't really understand all the ins and outs.

My husband is self employed and we earn a below average household income. I was a teacher but part time so presumabky even if i went back to teaching its not goung to be enough years. And if its final salary yet i finished at 40 working part time does that mean its worthless?

We've wondered about paying into something but got overwhelmed by all the products and not really understanding it and wanting to tie up money into something wrongly. And wondered if we should pay more of the mortgage off instead.

We're really muddled.

These threads always mega depress me because my work are so god dam tight they only match up to 4% for my age group. Has to be about the worst contributions of a large employer in the entire country.

Try being self employed and getting absolute zero by way of employer contribution, Sushi!

Lots of threads where the OP doesn’t share their information

Yep both DH and I are self employed. Zero contribution

ha, i thought my pot was somewhere between pretty & very good but then read some of these and changed my mind.

how to make you feel bad about yourself 101.