To ask how much you have in your pension?

[lbyc]

I know its a really personal question but I'm just interested.

I've been banging onto my partner about how important it is to start putting into a pension but he doesn't seem to get it!

I'm early 20s and have near £4K in mine already. The thought of being older and having absolutely nothing or very little in my pension is terrifying.

I know it's going to be years and years before I retire but I still think it's so important.

What about you?

We have enough to retire now but are waiting until the children are done with university and are fully independent. Any extra we save now will go to inheritance or help any grandchildren.

I like the calculators that add up the lifestyle you want and then tell you how much you need. It really depends how you plan to live your retirement how much you need to save. There is no one size fits all magic number.

We both started saving with first jobs and all our lives. Retirement saving is best done early and often. It is the largest expense you will ever have. Especially for women as we live longer.

I paid into mine for 30 years and got £140 odd grand lump some. Also get £1400 a month.

Do public sector also qualify for the State Pension? Just wondered.

Yes of course. Why wouldn't they? They pay tax and NI

Good that you're looking at this now and planning.

DH and I have around £600k in pensions - I'm 55, he's 59. He was self employed, put a lot in over the years (tax efficient way of saving), and I have two company pensions.

Yes, public sector workers also get state pension.

I have a public sector pension . Husband has invested in property as he’s self employed . The rent from the properties is enough for us to retire on atm and we hope to add to these in the future .

I’m 50 and have 180k plus 80% of the state pension, DH is 53 and has 1.1 million.

Am 41 and about 40k as only started end of 2016. Have a rental property with 300k equity in it however which is on market for sale (still rented out). So if it sells I’ll put a hefty chunk into pension (half or more) and keep some as cash and invest some in shares etc. Also have about 33k in stocks and shares plus around 44k savings. We also have over 200k equity in our main home. So I’m not massively worrying at the minute.

I don’t want to rely on the state for my retirement .

I'm late 20's and have just under 2K currently. I pay the minimum about required in. I only started paying in a couple of years ago.
I did buy a property 4 years ago though, which will become a buy to let with the mortgage payed off by the time I'm 50. Hello Pension!!!

Thanks for info re State Pension and PS pensions. My cousin (CS) on the OH side lives in Ireland (ROI), and while they qualify for very good DB pensions they do NOT qualify for the Irish equivalent of State Pension, because they pay a smaller NI equivalent contribution.

Thanks. Just wondered.

im 28 and only started mine a couple years ago. Think it has about 3k. Hoping to get a better paying job in the near future which will help to put more money in

I am with LGPS so don't have a pot. If I stay on my exact same pay and same hours until retirements I will get around £10000 a year which isn't bad considering I am not paid a lot. Hopefully however I will get paid more in the future and that amount will increase. With DH's pension we should be able to live comfortably as our mortgage will be paid off. With no mortgage and no childcare costs I can't see us needing a huge amount in retirement. I'm not interested in cruises etc. Will happily spend retirement growing fruit and veg, keeping various animals and spending time with family.

I have a teaching pension and an OAP . The two come to about £1250 monthly. Dh has a bit more.

As a very rough rule of thumb you need around £250-300k to generate around £10k of annuity income. Work out what lifestyle you want in retirement and then what capital you’ll need to fund it

Most public sector pensions were contracted out when that was a thing. I believe there is no such thing as contracted out pensions now, due to the changes to state pensions a few years ago.

55 and about £250k

@desperatesux you will need to be careful you don't hit the lifetime limit - start saving in other ways if you want to save more

I have about 300K and am early 50s. Almost all of mine was saved when I first started work and before I had children - I contributed the maximum allowable for about 8 years and then stopped when I had children and expenses rose. I have only restarted in the last 5 years now the children are older.
I also have a widows pension which is guaranteed so that makes the need to save less

About £400. I'm late 40s. Can't work due to poor health. I also don't trust them as my DF lost all of his pension, due to their mishandling of his money, and there was nothing he could do about it.

I am 41 and have a career average pension from my old company of about £15 to £18k pa in today’s money. I also have a SIPP of about £110k.

Nearly a million in the pension pot. I live very frugally and only holiday in Mustique once a year now. Mortgage paid off on property (£2.5m) and have an extensive property portfolio. i may be lying

About £170k in private pension and £50k equivalent from final salary scheme. Already contributed enough for full stste pension. Late 40s. I thought that was okay until I read some of the numbers here!

I also plan to do income drawdown for private pension and rely on state and final pension for base salary. Annuity figures are simply depressing.

Hardly any, which is why in my early 40s I deliberately sought a job with LGPS. If I stay there until I retire, all will be good. If not, will be screwed, but hopefully mortgage-free.