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.

Maybe my thread could have been better worded but it was not meant that way. And many people in the public sector have way more than that in their pension pots

I think it's worked out on your salary at retirement and the number of years worked. (but if I'm wrong someone will come along and put us right)

But I wouldn't count on being ok with it, if I were you. I've been reading scary stuff about final salary pensions being hugely in the red. It worries me.

Your post is actually quite rude!

No one is forcing you to read or comment on this thread, why shouldn't she ask a question?

The op said she should have worded it differently.
Have a

I think talking about old age is important!

It comes to us all (hopefully!) and there's no good burying your head in the sand.

If people have nothing - they are screwed. The way things are financially in this country you can expect to be extremely poor in retirement if you haven't been able to arrange anything.

It seems too far in the future to worry about, but it's coming and faster than you think.

If people have absolutely not one penny to put away, then there's nothing they can do, but everyone who possibly can put something by, needs to do so because if they're counting on the government looking after them - they're going to starve to death! This country is up shit creek in a concrete canoe. We should ALL be looking at how it is at all possible (if it is) to look after ourselves in old age.

Thank you ImTooHecsy I should really pay more attention to these things.

150k isn't that much if you consider you will probably live to 100 and have a care home to pay for. Dh and I are lucky enough to Have been working for the nhs and council and paying into their pension schemes since our 20's. 80k left of mortage to pay by the time we're 60, 2k in savings. I know of lots of people at work who don't pay into The pension scheme, or do anything else to help prepare for there retirement. Personally I don't understand this and if I'm honest feel slightly resentful.

No pension, about £2k in savings. Carer for my ds with autism.

My parents will leave me and my sister a house, which isn't worth a fortune but helps me not be so terrified of the future guess I had better make up with them after our last blazing row

Well I'm boring and very anal. I could join the pension fund when I was 24 and did. 24 - 37 good company contributions. 43 - 53 public sector pension fund. At 67 I should have 35 years of contributions health permitting.

DH is not so keen on pensions mainly because he has calculated the risk and on th whole his side don't make very old bones. [Sad]

Sue, you really need to see a financial advisor because your money isnt working hard enough for you. however.....

Personally, I wouldn't be keeping more than a year's living expenses in cash if you're not saving for anything. Or you might want to go for £25k cash, £75k in shares (over a 25 year period to retirement, I would be surprised if you didn't get a good return, unless you were trying to cash them in during a downturn) and then £50k in other including bonds, premium bonds, NSI products and commodities such as precious metals. I have a friend who has diversified into Art and another into wine.

I would start with moving £22k of it into uk tracker isas (one for you and dh) one that is v cheap with low fees, and then I would do the same next year.

Just my tuppence worth!

My final salary pension was 40ths (for the first 18 years, then dropped to 75ths when the pension crisis hit) so for every year I contributed into the pension scheme I got a 40th or 75th of my final salary as an annual pension. So I had accrued 18/40ths and 6/75ths of my final salary when I left.

Idea is if you work 50 years you get 50/75ths of your final salary for a pension when you reach retirement age.

I do have some NS&I investments and ISAs and I do keep track of finances, moving things around to get better rates.

But I'm just nervous of equities, financial advisors and pensions - I suppose I'm a control freak! But I do agree I need to sort this out - perhaps paying into a pension as it's more tax efficient.

£150K in savings with no mortgage - you could draw £15K a year for ten years & then what? How much is your house worth (assuming you own it). Would you sell & down-size. What age are you planning on stopping working & how old are you now? It sounds a lot at first sight but I'm not sure you have enough.

i have paid into the pension at numerous jobs but i have never worked anywhere longer than 3 years - one job. 1 year on 5 jobs and the rest has been temping. Now i'm SAHM so have nothing either.

DH fortunately has saved and invested in shares so we have something but he doesn't have a pension either as never been at a job with one. ATM i think we get a better return on our shares than a pension. But i'm scared if we split i will have nothing and no skills for anything paying over min wage either.

The sad thing is we are in a better financial position than anyone else i know :(

I know I haven't enough, hence the thread. There's a lot of equity in the house but even that wouldn't be enough to support us through retirement.

I'm 40 so have time ahead of me yet but am considering a career change, hence the focus on finances.

Sorry yes I didn't notice you'd said you were 40. You have 20 more years to increase your pot which is a good thing.

will have full NHS pension (1/2 pay) when l retire. At present have £36,000 mortgage trying to pay off asap and about £100,000 in savings/shares/premium bonds

I think paying into a pension fund is absolute madness.

We have only just started trying to save. It is hard, as it doesn't come naturally to either of us. But I never want to be within a few K of poverty again, which is why we aren't having any more kids, and I am trying to save at least 20% of my salary from now on.

I'm going to divide my kingdom into three unequal parts and give them to each of my sons (the biggest part to the one who says he loves me the most) and then visit them in turn until one of them cracks and poisons my tea.

I suppose that's partly why I don't save into a pension. Money is being set aside for 20 - 30 years from now when you might need it more desperately now.

Why is paying into a pension scheme madness? My employer pays more each month into my scheme than I do. I will get a monthly "wage" until I die. I have savings too but should be able to live on the wage and use savings for holidays etc.

150k. Poor you. I guess your house is worth a tonne too. Seriously...that was not a sensible OP.

A wry smile to those hoping for inheritance from parents, you'd be better served looking into care home provision to make sure there savings will even cover their care costs, let alone leave some over as an inheritance...

DP and I are going to top ourselves when we get to the care home stage.