Is it possible to have a comfortable life in retirement with no inheritance?

[supertrouper09]

With a low/average salary and basic pension?

It seems many people live their life on the assumption that they will inherit a chunk of money one day, which either pays off the mortgage or helps fund retirement. I won't be inheriting anything, and my salary is on the low end. My current pension forecast for retirement will not be enough to live on by a long stretch.

I just wondered what happens if you have nothing - surely there must be lots of people who reach retirement with very little?

Now that workplace pensions are compulsory I think people will be OK... those that started them early enough. If you put a small amount into a pension from early on it can work hard for you. With the tax paid back in it and compound interest, you can build up a pot that makes a significant addition to the state pension.

Start early, with however much you can afford,

Surely these days many people cannot rely on any inheritance?

I'm early 30s and have saved into a pension from my first job. It amazes me how many of my colleagues opt out. But I have a small flat rather than a house because of less disposable income now. So I suppose it's jam today or jam tomorrow.

I’d say more people are relying on downsizing and thus releasing equity to aid a good retirement. Do you own a property op?

If your pension is deemed by the Govt to be less than the amount you need to live on, won't it be topped up to that level by Pension Credit/other benefits?

If it is just that you don't think it will be enough for your needs, then you will have to struggle through on it if you don't qualify for other benefits.

I think some are thrown into a very limited lifestyle and many work part time until around seventy.
I’d have thought most people with a mortgage aimed to pay it off pre retirement but others will use their lump sum.
We’ll not inherit; the exact opposite in fact. We support elderly parents financially.
We should be comfortable mainly because we’ve worked hard to ensure we can provide for ourselves and our children throughout our lives. We’ve put AVCs into our pensions and bought a couple of letting properties.

I don't think anyone should be counting on an inheritance these days. Care costs could eat up everything.

I'm the same op, I will inherit very little. Certainly not enough to make a difference.

I'm putting as much as I can in a personal pension and also have a mortgage. I chose not to get a nicer house so I can continue to pay into a pension. As a result I'll have paid off my mortgage before I retire so I can take a lump sum from my pension and trade up to a nicer house then. For me it's about going without now, so I can at least have an ok life when I retire.