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)

@Futurama1

OP I think you are getting an unnecessarily hard time for asking a valid question. But this is AIBU and it's pot luck.

There are some good posts in the Money topic and I got some great advice re pensions in there and also got links to the MSE pensions / retirement forum which is excellent and well worth a look.

Civil service, I pay £220 a month and should get over £30,000 a year but I'm still only 30s so hoping to get promoted a few more times before I retire so hoping for more! That's not including state pension or my other pre-civil service pensions, they're about £2k a year I think.

I was working private sector and at my pension review my forecast was id have £250k by retirement. I was then made redundant and I took a job in public sector taking a fair bit of a salary drop cos I was desperate to ensure I kept up my mortgage payments. Well one of the perks is final salary pension so whilst my annual salary is not that great compared to what I qas.getting in private sector the benefit makes up for it. So ill be getting something like £25k pa from final salary based on my salary today (not accounting for it goes up) plus state pension. So I think ill be okay and even know I know compared to other thats alot it doesn't seem like a lot to me so im putting money aside in shares to help bump it up.

I guess I find it hard to think I wont be spending as much as I do now so I have this small bit of fear its not enough

The last time anything went into my pension was 14 years ago.

Perhaps those of you without pension provision will be glad OP earns sufficiently well. It is exactly this bracket of earner and higher who will be paying into your state pension by contributing 40% or more of earnings in tax.
Why the contempt for those who earn more? Would you turn down a higher salary for fear of upsetting others?
There will never be equal pay for everyone so better to get used to the fact that there is a spectrum from minimum wage to considerable salaries.
It's good to talk pensions because soon the state pension won't even get you a weekly loaf of bread and pint of milk.

Kite22 Tue 19-Oct-21 20:20:40
Yes, YABU to come here and boast about being able to put that much into your pension pot each month.

She's not being unreasonable; she is pointing out how much money you need to set aside for retirement. It's much, much more than the amount of state pension, and you/me/we all need to save for it if we ever want more than a cup of tea outside our home.

If you don't earn well while you work, then you are likely to have an impoverished retirement. I understand that, my mum took a bad divorce deal and is on pension credit to make ends meet. But she is 86, and doesn't plan a cruise this year, but she can afford via equity release, her new hearing aids which are better than the NHS version.

I would much rather my mum had better hearing aids now than inherit her house.

18% of my salary goes in per month but I'm about to up that to 20%. When I am 40 it will be 25% including employer contribs.

I am genuinely confused by pensions. I don't have a clue how to work out what I might have at retirement. If there is anyone on here that could give me a guesstimate I'd be grateful!! I have an NHS pension that I've paid into since 2009 and will retire in 2047!

Oh, fucking millions. Absolute millions.

£2k a month is A LOT. OP says employers pays £800 and they contribute £1200, wonder what pension scheme that is?

I have no idea what my pension pot is as I've just started paying. I really wished I started sooner. My monthly contribution is somewhere near £500 (13.78%), not quite sure what my employer pays.

I admit it, I've never understood them at all
They seem so complex to me.

People on this thread are so bitter and jealous. Look at yourselves, Jesus Christ,

OP you've had a hard time on here. As much as your thread is a bit tone deaf (you could have asked without stating your contributions as unless you've lived in a cave you must know that's a privilege position and people have an issue with that).

Nonetheless people have to accept that some have good earnings and that's just life - stop the hating!

Actually, there will be no cruises in my mum's future. My dSis gets very seasick, and DM went off boats 50 years ago.

@Embroidery

What if you die before 65. Live for now ffs.

I am 49 and have 5000 in pension. Im hoping to pay off mortgage by age 60.

That’s awful advice. What if you live to 100?

Who wants to spend 35 years living in poverty.

Not much but enough to give a base income. I don't plan to retire, I freelance and just plan to drop one or two roles when I get to 65.

@speakupattheback

Oh please. This is Mumsnet, not "minimum wage net". Some people - a great many people - earn a lot more than the national average. Are they to stay quiet and meditate on their good fortune? Many on MN spend stupid money imo on tat, on interior decs, hobbies, etc. If the OP who is on a decent but not excessive salary wants to save for her future then good for her. She has a right to ask questions like every other poster.

Exactly this. Pathetic jealousy some people.

If you want to earn 60k like OP there is nothing to stop you doing so other than your own bitter whining.

@donemeover I wasn't whining. Ops question was a valid one. But you're so wrong that nothing stops people other than whining. Try being disabled and earning 60k

Pensions are complicated but VERY important. The most important information is START PAYING IN AS SOON AS YOU CAN AND PRIOITISE IT ABOVE ANYTHING ONCE YOU HAVE FED YOUR KIDS.

[quote AllThingsServeTheBeam]@donemeover I wasn't whining. Ops question was a valid one. But you're so wrong that nothing stops people other than whining. Try being disabled and earning 60k[/quote]
Exceptions to every rule - and being disabled doesn't mean you can't earn money.

Emlouwat, if you’re in NHS pension then 1/49 of your salary goes into pension each year…that’s about 2%. So if you earned £30k, then your pension grows by about £600 per year. And inflation is added to it, so it keeps track with prices.

There will be an online thing you can join to see exactly where yours is now.

If you’ve worked 12 years since 2009 on £30k (made up numbers) you’ll have over £7k in your pension. That’s not a pension pot if £7k but £7k yearly pension. To buy that with a pot would cost over £200k.

So you’re doing well.

Bear in mind those 12 years have also added 12 years of NI contributions towards your state pension. You’re at about £3k per year from that from the 12 years.

Already you’re at a level needed for a very basic retirement.
There are threads this week on the Money threads about a report this week about how much a single and a couple need for minimum, moderate and very comfortable retirements.

On one level, people need more than they think. They don’t realise that £30k pension pot only buys a £1k annuity.
On the other hand they forget that they shouldn’t need to pay for mortgage, childcare or such big tax bills or pension contributions and that £20k really can give a decent retirement.

Knowledge is power. Look into signing into your online pension….you’ll manage it in about 10 mins. Find out how many NI years contributions you’ve got - another minutes to create the required accounts. You’ll be so much more informed about your personal circumstances in less than half an hour.

@saleorbouy

Perhaps those of you without pension provision will be glad OP earns sufficiently well. It is exactly this bracket of earner and higher who will be paying into your state pension by contributing 40% or more of earnings in tax. Why the contempt for those who earn more? Would you turn down a higher salary for fear of upsetting others? There will never be equal pay for everyone so better to get used to the fact that there is a spectrum from minimum wage to considerable salaries. It's good to talk pensions because soon the state pension won't even get you a weekly loaf of bread and pint of milk.

This is the exact problem with the country. The gap between rich and poor is appalling and getting worse.

Of course you should get more for years of study but generally there a ton of non essential jobs that are stupidly overpaid and the jobs “at the bottom” get squeezed.

@donemeover where did I say it did? I work ft. Granted it's from home at the minute but I couldn't do more. It may stop some however. And saying otherwise is just a completely abelist thing to say.

Absolutely zero. No one in my family has lived long enough to enjoy retirement so it’s very unlikely I will. All my money goes on my son - either childcare or activities. I’ve no spare to save for retirement & I’ve taken the calculated risk that I won’t need a pension pot.

Bully for you OP. Why are you asking?

[quote AllThingsServeTheBeam]@donemeover where did I say it did? I work ft. Granted it's from home at the minute but I couldn't do more. It may stop some however. And saying otherwise is just a completely abelist thing to say. [/quote]
No it's not. For starters I wasn't addressing you personally there's many people on this thread.

For second - if you work then you could go self employed for instance and likely increase your income or retrain.

If you're able to work, even if you are disabled I'm confused why that's an excuse to your earning being capped?