How much savings do you have - in cash and in your pension pot?

[suebfg]

I am 40 and whilst we have quite a lot in savings (over £150k and no mortgage), my pension provision is practically nil. I chose to pay off my mortgage instead of paying into a pension as tbh, I don't trust pensions.

But it does worry me that I have little saved for my retirement - mainly the equity in the house I guess.

Just interested in what others have done.

No I haven't looked into that Chottie but will do, thanks

150k is nothing for retirement. 15k for 10 years!

Women relying on their husband's pension, like a couple on this thread, should be very careful. Not just for divorce but pensions don't often transfer to the spouse after death. His is why do many elderly women are in poverty.

you are only 40.. you have plenty of time to save more.

you can downsize your house if needs be and have a lot more equity there too..

I really cant see your problem to be honest..

150k in savings seems a crazy amount of savings to me - we have no savings, a mortgage and both have company final salary pensions

YABU, yes. Am also 40 with mortgage and house that won't sell, about to rent a house that costs double my mge payment, 20k savings, 3 DCs, no pension and am not especially worried. If I had yr amount of savings I wouldn't even consider a pension.

perhaps it would be best to invest the £150,000 into something that will provide an income when you retire?

Assuming you live 20 years after retirement, to keep it in cash is 7500 a year (plus whatever interest it's got between now and then) which clearly is not enough on its own.

so you need to think beyond cash. If it's just cash, then you'd need to have double what you've got now if not more.

But if you use what you've got now to plan properly, then you may find that it will provide for you in retirement.

I didn't know that about pensions no transferring to spouse.

Yes, squeakytoy, I guess downsizing the house would be an option in the future.

I dunno OP.
I would have thought 40 is a bit too late to start a pension. You'd need to really load it for it to accumulate even half decently.

As for cash, can I ask why?

Why not buy something that will bring you an income and appreciate?

DH and I have a small amount in savings ( about 15k )
No pension plan ( I'm 52 and will have to work forever :( )
Big mortgage , self employed and all our assets are tied up in the business

Honestly, people will be asking for pin numbers next.

There is no way on this earth that I'd reveal personal financial information on here and I am utterly bemused by people who do.

Asset rich, cash poor.

I can rely on my Ddad, I do his accounts!

Aside from that though, I still see property as the best bet. It still gains value over a long period of time, even if there are peaks and troughs along the way - or am I really outdated in this view? I haven't acted on it - yet, but I was planning on it at some point.

Savings? In my dreams.

31 years old, 40k savings 60k equity in house, final salary pensions.

This might not be a boasting thread but I am a bit about it none the less. You have huge savings and a house with no mortgage. What possible advice are you expecting from Mumsnet?

No Savings.
No Pension.
Council Tenant.

Won't be able to start a pension or savings plan until I can quit being a SAHM and find a decent job, that wont happen until DH gets promoted and stops working stupid hours.

It just sort of happened! We decided to overpay the mortgage as pensions were getting a bad press at the time and neither of us had a pension scheme available to us where the company contributed.

So other than property, what could I invest in that would bring an income?

I have no pension and no savings to my name.
Dh has a very small pension and about 3 grand in savings.
Dh will inherit about 100 grand when his parents die.
I will inherit about 50 grand when my parents die.
Those are our pensions.

I do think this is a piss poor stealth boast though.

I was just interested to understand how other people were planning for retirement.

I have a small pension, but all our savings are linked to our mortgage (offset).

YABU and very nosey

But since you don't seem to mind noseyness - if you're working and therefore don't need the money as an income now, why can't you put a big chunk of your £150k aside for a pension, or into^ a pension plan?

why oh why did I click on this, utterly depressed now

no savings
no pensions
mortgage another 20yrs
no inheritance coming
doubt we will ever actually retire!

Ashoething. What if both sets of parents live to their mid 90s (like my grandparents) and have to pay for care etc. They have 20000 left from a LOT of money. Don't rely on inheritance please.

Another property to rent out?

"I do think this is a piss poor stealth boast though"

It wasn't intended that way, sorry