To ask how much is in your pension pot if your mid 30s?

[Kanfuzed123]

I started working in a proper PAYE job at 28. Didn’t know the foggiest about pensions and the place I worked in did the bare minimum which at that point was like 1%/2%.

ive moved around a bit work wise so got 3 separate pots and did some life admin today and saw I’ve got 30k. I’m 33.

my husband has around the same. His pension provider has a calc that shows if you continue at this rate you’ll have X amount by state retirement age and can expect X amount per month and what sort of lifestyle it correlates to. DH’s calc said it would be 3k a month which correlates to a moderate lifestyle. That whole thing seems baffling, since when is 3k a month (no mortgage) moderate and not comfortable but whatever.

maybe that should fill me with confidence that it will be enough in retirement but it doesn’t really. 30k at my age seems low? Any one?

I’m 40 and have £65k, it doesn’t feel like it will be enough for retirement. I doubt they’ll even be a government pension by the time I retire 😕

Honestly nowhere near enough.

We're counting on downsizing and using the equity. So will have a few hundred grand.

But it'll be a shame not to be able to give that to DC as that would be my preference.

I've worked in private companies with really good pensions since i was 25, I now have £100k in my pots which I'm happy with because I'm 37 now so still have time to fill it further. They'll be people along soon to tell you they've got £2mil though! You can only do what you can do and you might not even live that long into retirement. So don't stress.

I'm 38 and mine is just short of 50k

36 with about £125k. I didn't really contribute in any meaningful way during my 20s and have been trying to make up for it by putting 50% of my pay into my pension since I was 30 😅 I'm hoping to stop contributing by the time I'm 40 and let compound interest take the rest.

I’m 34, I’ve got £40k. DH is 38 and has £80k (thanks to generous employer contributions and starting earlier than me).

I put in 5% a month matched by my employer, he puts in 4% and his company puts in 8%.

I’m not too worried about it right now, mostly because with two in nursery at the moment there’s no cash spare for it anyway! Will look at upping contributions when they’re in school…

Christ don’t let that be the silver lining! you might not live that long anyway.

£70k at 35, always put more than the minimums in but nothing crazy. Think I get matched 7% now. The annual letters always paint a bleak picture of the projection!
I save in ISAs too as I'd like the flexibility to retire early if possible.

OP 3k a month sounds a lot if he only has £30,000 at the moment and is contributing the minimum. I would be double checking those figures.

Just being realistic but also trying to make you feel a bit better about it. I know loads of people who've worked their arses off through life to then retire and then die early on. Live more zen and just do your best, you can't do much else.

I agree. It's probably saying £3k a year and you've misread.

Probably less than half of that. i have about 6/7 pension pots, no idea who they all are. But i should know, i mean, i deal with pensions daily!

So I’m taking from DHs and he makes an overall 14% contribution that it should be ok because if his standard life calculator is somewhat accurate we should have 500k each? If we stay at the same salary? Which means we’d maintain our current salary in retirement (well slightly under) if we roughly had 3k each but it just seems like huge growth

I am almost 38 and have just over 40k, my predictions are nowhere near 3k a month, probably more like 3k a year!

I console myself that my children are into their teens and I am studying a professional qualification so plenty of scope to increase it before retirement.

I currently contribute 8% which is matched by my employer.

He’s not contributing the min, he’s contributing 14% (made up of employer 12 and his 2 he can’t do more)

i do 13% 8+5

You've misread I think.

I was reading a presentation recently suggesting someone staring in their 20's should be paying in at least 12% a year (between employers and employees contributions) for a comfortable retirement.

The stakeholder pension minimum is 8% (3% employers contribution and 5% employers), I think.

To the extent you have 'missed' years (effectively) and therefore the growth that accrues from those early contributions you do need to try and pay in more now - it will do you more good than waiting until it gets easier to pay in more.

When I was in my 30's I had zero. Nyada. Zilch.
I did not start paying in seriously until after I had cleared my mortgage.

I now have enough that with my state pension and a bit of part time work I'll have a comfortable lifestyle into my 80's

It was definitely a month state and private were combined in this calc. In no way would 3k a year be considered a moderate lifestyle consisting of 1 abroad hols and 4 meals out a month

it wasn’t based on what it is now, but what it would be at statement retirement age, if he continued his contributions

Honestly I haven’t. Anyone else got standard life, you can log in and look, it tells you by month state and private combined. I’ll try and find his logins

I have defined benefits, so a bit different. Currently predicted about £7k per year, so champagne is on me!

Ive just reached a point where I can afford to overpay, so planning to do that considerably over the next few years.

I pay the max my scheme allows I think, same with hubs.

but I agree, it’s what defined as comfortable which is 2 hols a year abroad and some other stuff. Our life style has projected back as moderate

I agree on your salaries that doesn't sound accurate at all, you need to check that again.

DH and I are early thirties and have a pittance. However DH has a decent pension scheme so over time we should be alright I reckon. When I say alright I really do mean a modest, pretty frugal retirement but we have that sort of lifestyle now anyway. Mortgage won't be paid off until early 60s at the earliest but it's only small anyway so not a huge deal. We won't be able to financially assist our children particularly though at any time and inheritance, even without considering it being eaten up from care fees, will be small as it's a modest house and it will be split into 3.

Having said all that I may inherit something from my DPs at some point which would help but never think you can bank on that as who knows what will happen. Don't think DH will have any inheritance at any time.

I've only started paying in to mine in the last four years or so. I'm 47. Bugger.

Nope definitely right, if he retires at 68 he will get 3341 a month of £40,100 a year.

but I never stated my salary. Dh is on 63 and I 53 base and then an average 15% bonus each