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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Aibu to think my pension pot of 7k is totally pointless

27 replies

readyforbeddy · 08/04/2019 19:26

Apparently my pension pot is 7k. I've had this pension a long time. I'm 40. I'm going broadly estimate that if it carries on like this, I'll be lucky to get an income of £7 a month. Ok I could pay in more, but I'm not earning a lot.

I actually transferred another pension into this one, so I'm doomed really. AIBU to think it's pretty pointless for us mortals on a low income, with not much financial clue to even try. And I don't save either, as I have a massive mortgage as live in the SE. But I'm not that close to London to get cheaper house prices but it costs a fortune to commute. Confused

OP posts:
Shutuptodd · 10/04/2019 05:36

I am 36 and have the same amount. I have resigned myself to working until I die as I dont own a house and cant afford to pay more in as I'm a single mum.

stayathomegardener · 10/04/2019 05:44

You will have paid off the mortgage on a three bedroom house by the time you retire so there is an option to rent out two rooms as income.

Work out roughly how much that gives you plus state pension and then calculate how much more you would need to survive on.
Work your pension up to that level.

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