To ask how much your retirement pot will be

[Futurama1]

Off the back of some threads today, how much are you aiming to have in a retirement pot?

I’m going for 600k at today’s value which seems an insane amount but 20k per year for 30 years + state pension. What are you aiming for?

I put 2k per month in currently (inc employer contribution)

[MyCatDribbles]

I’m aiming for at least £350k in the pot for retirement at 60 and so far that shouldn’t be a problem, though ofcourse life happens and things change.

Here’s a calculator that some might feel useful as a demonstration as to how much you could have in your pot after a certain amount of time. I invest my pension with a financial advisor.

www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

[Sciurus83]

Well you'll be fine living off all your biscuits

[HMG107]

I'd love to be in your position OP.

I currently save £375 a month and am only earning £10,000 this year. I've seriously cut my working hours as I have a two year old. ​I'm hoping to increase this to at least £1000 a month and fingers crossed more when she goes to school and I'm working full time.

My husband is a high earner so his income pays for our everyday expenses. There's nothing we need so we'd rather proritise saving. I've had times when I've really struggled financially so I understand the importance of protecting your future when you can.

[BigSandyBalls2015]

What’s the point of saving that amount per month in a pension when none of us have any idea if we’ll live to retirement age. Enjoy it now.

[Belindabelle]

I am not going to say but DH and I are early 50’s and hope to retire by 60. We have been together over 30 years so this is something we have been planning for a while.

We are now self employed but both have old workplace pensions. Mine is Civil Service final salary that I get at 60. DH gets his two at 65. We will also both qualify for the full State Pension at 67.

Between retiring at 60 and getting the bulk of our pensions at 65/67 we will live on our savings and investments. Eventually we will downsize too.

[MarleneDietrichsSmile]

Who has £2000 a month spare to put away every month?!

[ilovesooty]

@MoiraNotRuby

Fuck me, you pay IN 2k each month? So basically you earn shit loads and thought you would start a thread about it?

Exactly. It's a bit tone deaf.

[BeautyQueenIamNot]

I don’t even earn 2k a month…
Bit distasteful…

[Pieceofpurplesky]

You don't earn a wild salary? 🤣🤣🤣 Yeah, right. I don't bring home £2k a month and can't afford to add anything to my pension at all. I think my lump sum will be about £30k and I will get about £7K a year on top of state pension.

[KitchenKrisis]

Op look up Mr moustache and fire.

[PinkiOcelot]

You don’t earn a wild salary?! Yeh 👌!! Whatever!!

[Bunnycat101]

You’d have been far better to have asked other higher earners or people looking to prioritise pension savings to avoid something that sounded quite tone deaf tbh. I know people who have been average to high earners that have chosen to really throw money at a pension in their 50s once their mortgage had been paid off and I know people who have always prioritised high pension payments as I have done. However, to do a faux naive ‘how much is your pot, I’m saving £2k a month’ isn’t going to get you the best responses when there will be many people who can’t save anything.

[Okki]

I checked my pension prediction last week. I'm currently going to be receiving the grand total of £72 A YEAR . Though I do have an old one to trf in which might take me up to about a tenner a month.

[Futurama1]

As everyone is asking, I earn 60k per year, I wouldn’t class that as a wild salary.

[zaffa]

@Futurama1

As everyone is asking, I earn 60k per year, I wouldn’t class that as a wild salary.

How much are you personally putting in OP? If your employer is contributing 15% of that, it would make quite a difference to what you are putting in.

[ilovesooty]

@Futurama1

As everyone is asking, I earn 60k per year, I wouldn’t class that as a wild salary.

You might not. It's well beyond what many people have a hope of earning.

[Futurama1]

I put in 1.2k per month, my employer contributes 800 per month

[Zipkey]

There can’t be any information you are seeking from this thread other than to boast. Fortune changes quickly always remember that!

[TSSDNCOP]

Yay for you! I've made excellent life choices, but life has a way of throwing up shit that wipes that security and smugness right out.

So have my first ever and I have to say I hope it drops in your tea as a metaphor.

[WingBingo]

To be fair, didn’t the OP say that the 2k includes employer contributions?

Some employers match contributions

[lomoloko]

You put more in your pension than the median monthly household income. If you post this in a public forum you should expect that most people will find it hard to swallow.

[Harryfrog12]

I think this thread shows how much people with money live in their own reality.
If you can afford 2k a month to put into a pension you can afford a financial advisor to tell you that is enough.
Ive only just started to pay into a pension pretty late in my working life enough to live ok in my 70 as long as the mortgage has been paid off and by 80 hoping ill not want to leave the house anyway

[tttigress]

Some interesting replies, I think there is going to be a lot of struggling for a lot of people.

My pension situation is ok, but I am currently living abroad which confuses things.

I can see myself still working into my 70s though, maybe a few days a week.

However I am not sure what job I will be doing, currently work in i.t. which is an industry that tends to get rid of people at about 50.

[Dancingbugbadge]

Literally laughing out loud at the bragging nature of this thread, though it’s actually quite distasteful… You know a lot of people in the UK don’t earn 2k a month right? I know you’ve just said you put in 1.2k a month and your employer puts in the rest but you must appreciate that’s significantly more than most people do. You’re in a very privileged position. Please realise that.

[Harryfrog12]

Just seen your salary, great way to keep you under the high tax threshold