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

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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.

I'm 37. Small mortgage, approx 38k. I've got 12 k cash savings, 5 years final salary scheme PEnsion and 5 years career average pension. The latter is ongoing.

Dh has more cash savings though I don't know how much, maybe 50k?

Dh also owns some land and semi derelict buildings. My head in the cloud dream is that in ten years time we"ll get planning permission to build a housing estate on the land and be millionaires! Dh doesn't have a pension.

Nd I'd never bank on inheriting money from my parents. They might have to sell their homes to pay for care home fees. I saw my grandmothers capital seriously eroded by this very quickly. At £700 a month the money soon went, five years of that and the capital from her house sale was just about gone.

Me and DH are both 33. We have savings of about £10,000 (although as soon as we save a decent chunk we spend it on our house renovations). We have a mortgage of £225,000 for the next 23 years, but already own about 30% of the value of the house, so around £90,000. I have a final salary pension scheme and have paid 7 years into it, and DH has a private pension with his job that his employer contributes to (he doesn't have to), worth about 10% of his salary, which has 6 years worth of contributions in. We also have about £10,000 of shares in a big European bank, which may one day be worth more if banks ever recover from the financial crisis!

I should add that the shares are part of an employee purchase plan, so we bought them t 80% of the market value and then DH's employer gave us x nmber of free shares each time we bought them. So, although their value has dropped, we haven't lost much of our original investment.

I think people possibly aren't comfortable with that level of disclosure, janey.

I can tell you that I know what I am talking about re investment in east africa!

i invested in a European fund when the news was very anti Europe. it was very OTT - as news often is whether its positive or negative. it made 26% quite quickly but the performance has been much more level since then.

i use www.trustnet.com to compare investments. we have 290k in cash (but this is in my business), a large house in a good location with a small mortgage and small pensions.

pensions seem to be run for pension managers rather than joe public.

The financial crisis began in late 2007 and in 2008 the ftse 100 was at around 6100. This morning it's at around 6400 so up 5% ie it has more than recovered its pre crisis position. In the meanwhile savings rates have been tiny, so even if OP had stuck money in a UK tracker isa fund she would probably be more up than a bank given the bank interest is taxable and the rates are crap. The key is a balanced portfolio of assets which reflect your appetite for risk ie isn't too safe like cash or too risky. Your assets would also need to have some element of liquidity in case of emergency but not be extreme about it ie no point in £150k in instant access.

Wow. I am 40 too but we are still saving for a house deposit .

Both of us pay into pensions - me £125 a month but DH much less.

Have £6000 in savings, (save £500 a month which is no mean feat and we struggle to manage financially in the last week of every month) no debt but as Homage says on here, we are happy and healthy and are hugely better off than most in the world.

janey as novice says - the stock market has recovered (and in the last few weeks has had a good increase!). We also have an employee share scheme so have done well on that. Added to which our property has increased in value due to the area - okay not rising as fast as I would like but better return than cash.

Hecsy - now you are challenging me - it was just a general feeling I was getting from reading the thread but will go back and find examples if it makes you feel better!

I think what I find uninformed is that there is such a distrust of pensions, stock market. Although there have been horror stories, generally these are a good long term investment - and there are the advantages of pensions such as "free money" (employer contributions) and tax exemption. And IMO the focus of people on just getting their mortgage paid off is not going to help their retirement - all that does is provide a roof over your head - the cost of living is way more than accommodation. Obvs if that's all you can afford it is a good start - but to think you are setting yourself up for life by paying off your mortgage is naive.

I'm early 40s, have just under 10 years in a deferred pension from a former employer and am making 5% contributions into current company pension scheme, although have less than three years' worth in this to date. We have just under £3k in savings - it was just over £5k but we were hit by a huge vet's bill earlier this year which insurance didn't cover. No mortgage/property equity as renting. My husband is disabled and only gets non-means-tested benefits and two tiny pensions; one is small as he commuted it a few years ago to clear some debt we accrued following redundancy and the other because he didn't work for his last employer for very long before he became too ill to work. We are currently debt-free but in the event of something happening to me or my job that state wouldn't last very long and we'd be homeless if I couldn't get another job inside three months.

My parents insist I will inherit their house but I work on the principle it will probably have to go on care fees as they get older/frailer. Much as I would prefer to care for them myself, my job has taken me nearly 300 miles away and it isn't the sort of company where there are transfer options, plus I am carer for my husband already.

I'm 29 and around 20k in savings, but we need this to top up the almost vanished equity on our house in order to move, so it's not a long term pot.

Both pay into university/civil service type pensions, which I don't trust as far as I can throw. We really do need a decent nest egg or private pension in order to feel secure.

No chance of inheritance from my side - my DM has a lovely house but will be using this as her pension and downsizing when she hits 70. DP's side might have something left to leave, but we would never rely on it!

yearofme - if no-one has already answered, a final salary pension is one where the pension is a percentage of your final salary, i.e, what you were earning when you retire. That percentage is defined by the number of years you worked.

you will almost certainly find it impossible to get such a pension now. They now all work by stockmarket investment, and there are tax breaks. Makes sense to put some money into it, you'd be surprised what can happen in 40 years.

but first: pay off all credit card debt and get six months worth of expenses as savings. No-one has a secure job.

You should see a financial adviser. I agree that £150k sounds a huge amount but when it is funding two of you from retirement to death, it's not a lot and peoples' pension pots will be much bigger.

Pensions are well protected by either the Pensions Regulator or whoever it is that regulates insurance companies. Of course there is the risk that your investment could go down, but an IFA will be able to direct you to a product that has minimal (if any) risk attached. At least then you'd get tax relief on contributions going in, and then be able to take 25% as a tax free lump sum at retirement.

I assume you haven't literally got £150k sat in one savings account?? An IFA would be able to direct you to good products ... ISAs, bond portfolios etc.

I'm a pension trustee ... like most things: pensions aren't untrustworthy, but there are some untrustworthy people around that try to scam you. An IFA will point you in the right direction.

And I agree with everyone who is saying not to rely on (a) inheritance or (b) husband's pension. Be independently solvent if at all possible.

I have a final salary index linked pension from my previous job and in 12 years when I can retire will be much better off than now!!

No mortgage - took advantage of low rates and paid it off.

Savings mixed cash £10k, investments £30k.

Comfortable, but worked bloody hard for it.

I find it amazing how many people rely on inheritance . My parents are wealthy and have a big house business etc but its their money they have worked hard for not for me to earmark!! They will probably need care and they should have the best care they can afford so if it all goes it all goes . I would definitely not bank on inheritance as part of your grand plan !!

Neither my folks, nor in-laws will leave a bean.... We are first generation financially savvy... our folks were "council house, the government will always take care of us types" that just isn't going to happen for our generation - there are too many of us....

Worst 'I've got £150k' thread ever

Seriously though, I'm a similar age, £160k equity in more than one property, £20k savings and currently saving about £10kpa. No real pension other than a few dribs/drabs from various companies.

If it were me I would do some equity release (via an offset mortgage) and buy up a few properties. I rent one out but am hoping for another within the next year or so. Yields can still be ok but will at least provide an income, come retirement. You are still young so can do a fair bit before 65.

I've been paying £500 a month from my salary into a defined contribution employer pension scheme for years now (I'm 30s) it'sworth about 60k. It mostly invests in UK stock market and some overseas. Has gone up a lot in the past year. I'd rather save in a pension than in a savings account.

I have piss all. No house, no job, no pension, no money saved up. I will inherit a lot though

I'm 32 and have NOTHING. No savings, no pension. I live in London and earn £16k. Saving is simply not an option.

Personally I think you are all counting too much on inheritance and final salary pensions, job stability in the public sector (except perhaps some civil service) has gone, and once you stop you will be forced to rejoin on a contributions basis (for all schemes except civil service I think) then you loose a few years, by being unemployed, maternity etc will have taken another chunk, then you loose your partner and only get 1/3 of his.

Didn't I read somewhere that the gov wants to reduce public sector pension payouts by 1/3?

Lots are saying their parents property will come to them but like others point out they are not considering care home fees.....

I expect lots of people will be left with just enough to take them out of any state support but nothing more

Plus property prices may fall, inflation may go up, loads of variables. Booms are notorious for having had the best deal ever and then changing it for those following on so they keep the benefits I see no reason to assume the behaviour pattern will suddenly change in the future

Sorry boomers not booms gotta love autocorrect (and why didn't it correct gotta?!)