AIBU to know how much in your pension pot

[Newnamepension]

If you have a private pension, roughly how much is it worth?

Asking because I got ill several years ago and it’s been progressive. As a result, I can’t work anymore and my finances are shot, savings gone. We had to remortgage during the Truss debacle which hasn’t helped. I have £100k in private pension, but no idea how much that will increase or what it will be worth in real terms in 20 years’ time. I am pretty limited in what I can do in any given week, so need to be realistic. I have decided to pause most health appointments (have been more detrimental than helpful to my health unfortunately) and use that energy to apply for PIP (hopefully manageable to apply for by end of year/Spring) as one step. Husband has a small amount put in pension by company each month, but obviously can’t afford to contribute himself anymore due to me no longer being able to work.

I wouldn't tell you but will say I have a pension not a pot there of.

Only while that person is alive - they would put a charge against the house which would be settled when it is either sold or the remaining occupant passes away

I have got about 300k across four pots.

I earn a lot but have really upped contributions the last 5 years or so. I am turning 40 this year.

If you are not working (anyone not working)
You can pay up to a maximum of £2880 per year into a SIPP pension
The Government will add free money into pot
You will have a total of £3600 per year.

Suggest look into doing this

Will you be able to retire at 55 if the actual pension age for you has increased to 67 or above?

that’s my issue when statutory pension age impacts when I can draw my private pension age

Also disabled, I’m 41. I recently reviewed my pension and invested it in a higher return/ higher risk fund. Not going to be able to draw on it for another 16 years so might as well try and get it to grow. It estimates my income from the fund will be c £4k per year but I should also get full state pension. Are you on ESA or anything to ensure you’re still getting NI credits?

This is interesting.... if a house is jointly owned and one person goes into care - and then sadly dies; when the other person [who has remained in the house] eventually dies too, can the council claim the CH fees back from the estate?

ie., does the local authority retain an interest in the value?
If so, for how long? Does anyone know?
I am looking at a situation where a lady does not want her husband to go into care because she wants to leave her house [jointly owned with her husband] to her son. Who doesn't live there.
Apologies for posting off the point 😕

If you want to maximize your pension make sure you minimise fees and it is invested in something that is expected to grow.

Have a look at something like meaningful money podcasts or similar for more in depth info on how to do this

Name changed...

I'm a WASPI woman at the tail-end of that spectrum, and will reach state pension age at the end if this year. My pot was about £300k, but I won't be on Easy Street as many assume for a boomer. I lost my job and my marriage in my 50s, nobody wanted to employ that age group and I also had to buy out my EX from family home as still had school-age children living there.

So I took a lump sum and levelling payment option as the only way to get a mortgage for house purchase when unemployed, and have been skint for last 8 years paying this off. Pension is due to drop to around £2,000 per year once I hit 66, so already panicking about how I will cope.

For example, while still on the higher income from workplace pension, I have run out of food money for this month and it's only the 13th. Will be living out of the freezer and whatever is in the cupboards until the 1st September. I'm already looking at cutting back on hobbies (not many) and reasonable quality food when I reach state retirement age, and hoping my children will contribute to vet bills for pets. I'm even thinking of asking for cash this Xmas instead of presents.

I know I own my home so should be grateful to be mortgage-free, but I dread every repair bill, every grocery shop and every energy bill price hike. So having what sounds like a decent pot on paper isn't a guarantee of carefree retirement.

Depends how you’re funding it , if drawing from a SIPP or work / private pension minimum pension age is rising to 57 but if you have ISA you can just retire whenever you like really

I have a DB civil service pension, hopefully with 43yrs service when I retire. So i’ll have a very healthy 250k lump sum, and then around 15k a year (yearly taxable so less). Downside is though, due to living in south east I won’t even be starting to pay a mortgage until i’m 49 as can’t relocate until DD goes to uni next year. Hoping to pay off mortgage in 15yrs but also have a health problem which isn’t too bad at minute thanks to major surgery, but it is progressive and likely to rear it’s head again.

I'll have between £450k and £700k on current contributions, but will put more in with any payrises. DH will have similar.

400k across a few pension pots and a DB which will pay around 5k a year when I'm 60. I plan to retire at the end of next year when I'll be 57 and put my pension pots into one drawdown fund, will front load drawdown until the DB kicks in at 60. Also have 100k in ISAs.

£100k for 20 years at 5% is £265k
its really important for you now to ensure that your pot is invested appropriately for your age, I.e. majority in equities, as cash value will erode over time.

You may find this helpful to answer some of your questions...

https://www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/do-i-have-to-sell-my-home-to-pay-for-care/

I’ve just turned 39 and have only £15k in my pension pot. My DH is a high earner though and we invest heavily into his however for tax benefits. I also own one rental property on my own that will top up my pension pot as well as another two with my DH.

Late 40’s and I’ve got 700k in a DC scheme plus 2 DB pots that will give me about 20k pa on top, half at 60 and half at 65.

My DC pot is relatively large as I’ve managed to put the maximum in for the last few years as my salary grew significantly.

I have a 4 year old DS so will need to use quite a bit of it to fund him as I’ll be retiring well before he leaves school.

DH also has a healthy sum but not as much.

I’ll answer as my situation is very similar. 53 and £600k in pension pot. I am self employed and planning to tail off work over the next few years. I have consolidated pensions - a couple of company ones from my early career and then in the last 8 years I have been putting all earnings (profits) over £100k into the pension. Averaging £40k a year. I am the main earner in my household but we cut our cloth etc etc.

This is a good guide to how much on should have saved at each age as a multiple of your salary.

www.retirementliving.com/how-much-should-you-have-saved-for-retirement-based-on-your-age

I have 7 times my salary so far and I'm a good bit off the age at which it says to have that by, so on track.

I’m 29 and opened a SIPP back in March, but I also have my old workplace pension. I no longer work due to my disabilities, but hope to return to work eventually 🤞🏽

In my workplace pension and SIPP combined, I have £2,894. It makes me so worried about the future. I pay in £40 each month into my SIPP, which is what I can afford. Sometimes I wonder why I bother…

Edit: I claim ESA, but the beauty of it is that I still get my NI credits. I’m doubtful that the state pension will exist by the time I reach the age, but it is something I keep on top of!

I have a military pension so a bit different. ChatGPT just estimated it to be around 900k +. I have drawn 24k a year for the last 10 years.

I only have my workplace pension and there’s not much in that - 5 years of contributions at 5.5% on a low wage. But I’m 33 so plenty time for saving in private pension pots

I have 2 DB pensions which in total will pay £28k per year. I also have 3 DC pensions which are currently worth £50k. My OH has a DB pension which will pay £12k per year. They have already taken their DC pension (£24k).