How much do you have in savings?

[kiana2015]

As we are practically all anonymous I don't see this should be an issue with bro g honest. I've never really felt the need to save much, lately I'm starting to regret that, luckily I'm still under 30. No idea what a 'reasonable' amount of savings would be considered

How on earth have people managed to get such big pension pots? What sort of jobs are you people doing 😂

I can't even afford to put in to the employers nest pot anymore more with the cost of living.

I thought I was doing ok but judging by most of these replies I'm royally fked.. 😟

I've earned about £7000 in the past 12 months which I'm happy with.

I no could invest and possibly make more but I'm to nervous about losing it. Premium bonds has done OK for me which I no some people are not to keen on.

But if I wait 2 more years I could possibly buy without a mortgage.
I'm in a catch 22 situation. I work away all week then stay in a hmo at the weekend. The hmo isn't brilliant because I'm sharing with 5 other people and a couple are unable to keep the kitchen clean. Also the landlord is reluctant to spend any money on even the basics or heating.
I would buy a flat immediately but the monthly charges for lease hold flats are £150 to £200 and that's before any other bills

Even though I'm in a hmo and only there at weekends due to work?
It's a tough call because the UK isn't in a good pkace at the moment especially after the last tax rise

I think this very much depends on where you live. I'm I the home counties, so house prices are huge.

Have £300k equity but a £250k mortgage.

£6.5k savings in a lifetime ISA, £1K Premium bonds, DH has£1k PB.

Both have DB pensions (mine is worth £40k a year and DH a lot less but he gets a lump sum and I don't).

Credit card is about £4k on 0%.

£2k of savings will be spent on a holiday soon.

Both have DB pensions (mine is worth £40k a year

I just wanted to point out, assuming

• the pension is index-linked to RPI,
• you'll draw it at 65 and
• it will pay half (20k pa) to your partner if you die first,

you would need to have saved up about £1.1m in a private pension to achieve that level of income! DB pensions really are a fantastic asset that for most people will dwarf whatever else they've got.

Absolutely agree. It is why DH has stayed in a job he hates. We chose public service jobs that don't pay as well as private sector ones but will (hopefully) reap the benefits when we retire.

By the way, didn't mean my post to come across as snippy, well done, good planning!

As my salary rose I spoke a lot with others at work who had been earning similar salaries for a while to get an idea of the sort of things I should be considering.

I then did a lot of research online to get even more ideas about the type of options available.

Once I’d got an idea of broadly what I wanted to do I then spoke with an independent financial advisor and discussed specific options. I used an advisor who others I worked with recommended.

I still use him for advice and updates on occasions but increasingly I make a lot of my own decisions now as I quite enjoy researching everything and am now far better informed than I was at the outset. I also share a lot of ideas with colleagues at work who are equally engaged in it all.

If you are not interested in learning more yourself then just take time to find the best independent advisor you can and let them do all the work.

£160,000 ish but no property and not much of a pension! (Looking to buy a property soon).

I've saved it all - no inheritance or handouts and I'm extremely proud of myself.

@Yellowshirt

Similar circumstances to me!

A lot but then we are 54 so have had a longtime to pull it together

Late 30s and I've got £1k in an emergency fund (think in case washing machine breaks etc) and then 3 months worth of bills / expenses in another savings pot although I'm trying to make that up to 6months.

I have 50k saved (but im not on property ladder etc)

42. I have £33k in personal savings and DH has about £25k. But he is in his fifties and we are both underprepared for retirement. We also don't have savings funds for children's uni costs and we still have £250k outstanding on the mortgage. So I don't feel comfortable at all (although I realise we're also never at short term financial risk)

You should be proud! But - depending on your age - please do put some of that in a pension. Don't be me! I'm in my forties and totally underprepared for the future (but do have a mortgage)

@LostittoBostik

Thank you.

I'm mid 40s and definitely need to focus on my pension! It always felt so far away but here I am, mid 40s and it's fast approaching.

This will be us (or my DH at least)

That's a lovely position to be in.

But if you don't want to stop earning altogether, could you go PT/do consulting/generally slow down rather than drop out into full retirement?

I can't imagine actually stopping working altogether although my goal in later life (while still well) will be only do max 2 days a week.

We are mortgaged until DH is 70 so unless we can pay that off with inheritance before then (possible, but not certain) we'll be trucking on for a while

Should add we do have about £600k in equity in the house too. Half of that came from inheritance though.

£15k in savings in PB
£22k in S&S
£1k for immediate

But we have £300k mortgage.

I am 35.

We have always been quite frugal and good at saving but after early semi retirement ( still working but for ourselves now ) we’ve been eating into that.
However we saved enough to buy our now home without selling our previous one so we could move out and do some repairs and decorating. It really had become a bit of a tip.
It went on the market a year ago.

This morning at 10am we were down to our last £2k in our current account but as of 10:30am that house sale finally went through ( after 20 weeks of endless hassle and stress ) and we now have £700k.

Planning on treating ourselves to a Greggs vegan sausage roll and coffee later.

🎉😁

We’ll be using some of that to repair our current very old property and buy a Student let so all our kids at Uni don’t have to pay rent.

Off to Greggs 😁

ps we have pensions, ISAs and own some farmland which we rent out

Not a huge figure in the bank but if I consider pension funds, house equity, RSU's, the investment accounts for the kids futures etc then we're doing fine.
There is that €450k mortgage around our necks however..

@Todaysthedaytocelebrate

Congratulations, enjoy the vegan sausage roll. x