To be worried that this is the value of my pension age 39?

[Unwiq]

I’m 38 and my pension is currently valued at 55k. I have been paying into it alongside various employers since I was 24. I am not practically 40 and it seems like absolutely nothing. How much should I have saved by this age? Does anyone know how I can get back on track or if it’s even possible now? Also, should it increase faster now it’s got more in it? Or will it take me another decade for just another few thousand?

It’s not stealing , you’ll be getting it back.

Definitely any spare money you can put in it at this stage do. Plus if you’re a higher rate tax payer and can put it in straight off your pay you instantly get a 40% boost. Ie it might only be £100 off your take home pay but it’ll be more like £140 going into your pension (can’t work out exact numbers) and that £140 will then compound over the next 20 or so years so even better.

@DonnaBanana OMG this kind of stuff makes me despair. It's literally the opposite. Not only do you get that 5% back (plus growth) but paying into a pension reduces the amount of tax you pay (you pay in out of your pre tax earnings) AND you employer gives you free extra money.

No one can say really whether you are right to be surprised or not without knowing your salary and career history ….if you aren’t on much above minimum wage and have always had fairly low paid jobs then you could hardly have been expecting a huge pension pot?

for context - ex husband early 40s low paid jobs since 18 pension pot not much more than £20k
me….professional career currently earning around £65k pension pot of £100k

You can increase it by continuing to work and pay in. It depends on how much you earn as to whether or not it’s a decent pot. Try increasing the percentage you put in and see if your employer will add more. Do not stop contributing - ever.

@DonnaBanana a pension includes free money from the Govt in tax relief - if you’re a lower rate tax payer the pension provider add this in for you and you can physically see it. The only person you’re stealing from by not having a workplace pension is yourself.

@HermioneWeasley there’s no need for annuities now as George Osborne removed that requirement as they often give very poor value. Drawdown is the most common option now - leaving the bulk invested and siphoning off a certain amount per year to live on.