To ask if anyone else DOESN'T have a HUGE pension pot?

[PaprikaPringle]

I can't be the only one on MN who

doesn't already have 100s of 1000s in a pension pot
or a defined benefit pension awaiting me
or a stonking great property portfolio

Am I .....?

And if you have any of the above this isn't the thread for you

I'm 40 next month and I don't think I even have a grand in mine. We rent our house and are unlikely to inherit very much at all. I can't see myself ever retiring tbh.

I'm 45 and have been paying into a pension for 20 years that ''should'' be worth about £5k a year at 65 on current forecasts, which might sound pretty good... but I'm convinced that it won't perform to expectations and will end up being worth considerably less.

Or even if it does perform to expectations by the time I get to State Pension Age it will probably be taken into account and deducted from my State Pension regardless of how much NI contributions I've made.

I have nothing. I had a MW job in London and every penny went on rent and travel. I've been working since 15. No inheritance, no property. I have no idea how I'll afford rent etc . I'll probably not retire and theyll find me dead at my desk.
DH has nothing either and has huge gaps in his NI contributions so I expect he'll be working until death too.

This is the first pension post on here I've felt comfortable opening as it worries me so much
I rent so sorry about future housing (can't afford a deposit would love my own flat)
Potential to inherit but it's probable my mum will go into a home so I'll get nothing (obviously want the best for her but for this post I'm being honest)
Didn't pay in until auto enrollment stupidly though was on a low wage until a few years ago and was also in debt (not now)
Now pay £300+ a month to catch up, currently got £13k. I now live on very little in order to pay my pension. No holidays etc unlike my friends, I feel I'm missing out on life a bit in comparison
I'm 45 and single

I'm 61, no pension at all. Single, so no one to help out either. Future is frightening.
For all of those in their 30's who think they have years yet --- believe me it will come round very quickly. Start your pension pot now!

I'm 43 and currently have £60k, most of which has been added in the last 5 years. My job provides a good final contribution scheme and I'm topping it up by £250 per month using pensionbee. The government give you 25% of whatever you add to your pot.
I'm trying my best to build it up as fast as I can.

I am not going to even buy an annuity with my pension pot. I intend to top up the state pension by drawing down when I need to. I prefer that option to receiving a paltry few grand a yr for quite a large pension pot.
I look at money saved in a pension as a savings account and a good one at that because the gov also contributes tax free and I could never earn anywhere near the interest that replaces.

I do not have any extra to add to mine. It's going to be state pension I imagine...

I am 50

I think i have about 2k

Dont think thats going to go very far and I haven’t made full contributions so won’t get a full state pension

I’m 39 and have $29,000 in mine (American) so not much.

@flapjackfairy

I totally agree with your stance on buying an annuity.
Also, when you die the annuity dies with you - gone!
Whereas with a pension pot, all funds remaining go to your spouse.

I also agree with the poster who said that it's never too late to start.

Teachers can't really complain (I was one) even if they were part time. In any other part time job they'd have nothing.

I'm forever grateful that I was auto enrolled in the TPS and had no choice to opt out ( it would have been very tempting to). I was a SAHM for a few years, and part time for ten more. But I've still managed to retire at 60 with a decent amout coming in. When I get my state pension on top, I'll be fine ( though I own my house now, which is important to recognise).

Sometimes teachers should head out of their bubbles and recognise how difficult it is for others.

I don't think it's even worth it. I am about to turn 40 and have around 100k in mine, even if I continue to pay in at the same rate (about £400 a month I think) at 60 I will get around 6k a year. Annuity rates are so crap.

If it's a personal pension, you don't have to take an annuity. On the above figures, you'll have £196K, not allowing for any growth. With growth over the next 20 years, that should be up to at least £250K, probably more.

If £250K and you retire at 60, you can take £62500 tax free to invest. Also, as your state retirement age is 68 and you won't be working or earning after 60, you can take your annual allowance of £12500 (currently) tax free. That's another £100K. So you'll get out £162500 tax free, having got 20% or 40% tax relief when you paid in. And at 68, you'll still have £87500 left in your pot to draw on as needed.

How is that not worth it? It's a brilliant deal.

We both work part-time now. Whilst we have pensions, dps is worth less than mine. Even combined we couldn't afford to live anywhere near like we do now. We both have a rental property each and savings, added to the pensions we'll be OK if we carry on saving. But we're already in our early 50's and like going out, lots of holidays and have expensive hobbies. So we're still enjoying like to the full and that costs money. We will continue as we are no point living frugally just to be well off age 70-80 when our life could be over or care takes it all.

I've ramped mine up the past few years as I'm worried about the future, but coming in here and seeing that I'm paying more into my pension per month now than some people ten years older than me have in their entire pension pot is eyeopening.

Teachers can't really complain (I was one) even if they were part time. In any other part time job they'd have nothing.

I don't think anyone is complaining that the teachers' pension scheme is a bad one. But people can still be in it and have a small pension pot for all kinds of reasons, which is the actual point of the thread.

I agree@bridgetreilly
But the pp saying that as she works part time at the moment, her pension is about 50p, was being disingenuous.

But the pp saying that as she works part time at the moment, her pension is about 50p, was being disingenuous.

Or maybe humerous? An illustrative rather than accurate picture of her situation?

Or am I in that humour less part of MN again?

Don't know how much is in it, but the forecast is that I'll get less than £100 a month.

I'm not planning on giving up work anytime soon.

I'm early 40s and have a Lifetime ISA as my entire pension. I add £4K a year and govt adds another £1k. It's something at least.

Don't know how much is in it, but the forecast is that I'll get less than £100 a month.

I don't know whether what I'm saying is encouraging or discouraging, but bearing in mind that the fallback is the state pension at £167 a week, an extra £20 a week is not to be sneezed at. That's a 15% uplift - you'd be pretty grateful for that.

What’s a lifetime isa?

I'm early 40s and have a Lifetime ISA as my entire pension. I add £4K a year and govt adds another £1k. It's something at least.

Martin Lewis Moneysavings Expert, and just about everyone else, says a pension is likely to beat a LISA if used for retirement.

I was in the civil Service final salary pension scheme, I got my pension paid from when I was ill health retired at 45 years old after 27 years service, mine was enhanced to 30 years service, I had only been part time for the last 6 years I worked. I got £35k lump sum & I get £470 a month index linked for the rest of my life which increases every April.

Have just 60k in a pension fund aged 50 now starting to panic but there is so much info out there that it is very confusing