Pension amount question

[YourElatedLimeShark]

Simple question, is £75000 in your pension pot a good amount? I’m early 40s.

I have no clue about pensions whatsoever. Ignorance is no longer bliss.

Your pension provider will likely have a website with a calculator on where you can input what age you want to retire, what lifestyle you want to lead when you retire. The current guidance is that you need around £30k per year for a single person (which includes the state pension) to live a moderate lifestyle.

Early 40's, I'd say yes. If it's well invested it'll hopefully double twice or maybe three times before retirement age. However, I'd advise against taking your foot off the gas and keep pumping money in because you don't know what the markets will do in terms of future returns.

We're the generation where DB pensions had all but dried up in the workplace and no auto-enrollment was in place until later on. I personally missed out on 8 years of pension investment so am having to play catch-up.

Really depends on a lot of things - what age do you want to retire, where in the country do you live, what lifestyle do you want in retirement etc...

I'd say it's a bit on the low side but not terrible

So if you want to retire at 65 let's say and hope to live another 20 years, assuming full state pension, you need c. 18000*20 years so £360k in today's money by 65. This assumes no inflation.

Your pension provide should provide you with an annual forecast of what your pension will be worth at retirement age.

You should also check what funds you are invested in - people are usually put in the default fund unless they actively choose an alterative. The default fund will be low risk but offers low returns. With 20 years to go you can at this point take more risk