How much in your pension?

[Petpank]

I'm a SAHM & DHs pension is doing pretty nicely... just logged on to my account online for the first time however - and had a wake up call...There's £26k. Suddenly that doesn't sound very much. Not going to last me very long.

House will be paid off in a few years - but we have live...

Is it just me? Feel like a bit of a fool for not addressing it much sooner.

Ive just looked at mine (now paranoid!).

My pot currently has approx £270k in it. that is projecting a retirement income of just under £14k per annum if I don't add more to the pot.

To get that up to a £20k pension I would need to put in £1000 per month for the next 20 years.

Newts So £240k in (with no growth) gives £6k a year more - so 40 years worth of income?

Bloody hell! That's not good!

What is interesting is that most of the posts seem to be based on the assumption that you will be buying an annuity with the pension pot. I guess most of you would be better off doing income drawdown -with the advantage that any part of the pot not drawdown can be left for your dependents. The drawdown is taxed bit then so is annuity.

Also, when using online pension projectors most of them factor in inflaton so you are looking at the income in today's money. Same for the pension statements you get.

I have a reasonable pot (although a lot less than some here) and am currently in final salary scheme. I'm hoping to semi-retire in late fifties and use pension draw down to top upy income until I get final salary and state pension.

Not much in my pension.

I am being kind to my children.

carol I'm assuming that's factoring in growth. Its a calculator on the pension provider's website which shows the amounts you need to add to get a particular level of pension pot.

I'm a bit worried now since DH's pension is tiny (many years of being a partner in a firm with no employer contributions).

I think for us, much of our retirement fund would be through downsizing and releasing the money tied up in the house.

Hey,

Can anyone tell me where I can check who I have Pensions with, I let a previous company and cannot remember who the Pensions were with

Thanks in advance

www.gov.uk/find-pension-contact-details

If you are in UK you can check your state pension how many years you need to contribute, estimate of how much you will receive and what year you will receive look here you will need your National Insurance number www.gov.uk/check-state-pension

If you are unable to log in , my estimated state pension is approx £8k a year which is not accessible until I am 68 and I expect that the age may be raised to 70. I am fortunate that I have paid into private pensions I was younger and I have other savings/investments. I remember talking to a pension advisor in my 20s and thinking that pensions seemed a long way in time and how 'boring' they were. However as an older person, I'm so glad that I started saving early !. The average age is that I may live to be in my 80s

Ref comment that people should have more info about pensions when they are younger. Surely it is common sense - if you are not working after state pension age, how are you going to fund your retirement ? The answer is by state pension, your own savings, pension, property, investments, inheritance, etc.

Investors should be cautious of any lifestyling strategy strategy. Lifestyling was designed for the annuity market, not the drawdown market

One of the most sensible things I've read on here.

When you die, what happens to the money in your pension scheme?
You leave it to the person of your choice.

I imagine it dies with you - the pension provider keeps it

You imagine wrong.

If married, does it automatically go to your widow

No, but it usually would, but you may decide to leave it to the kids.

and then dies when they do?

No it can be left to someone else.

With a S&SISA it is part of your estate, so transfers to next of kin. With a wil in place, you decide where it goes. Is that right?

Yes but assessed for IHT, unlike the pension which is IHT free.

Equitable Life - what went wrong there? Could it happen again?
No. This is COMPLETELY different to how personal pensions work now.

No investment is without risk - what are the risks with pensions?

Exactly the same as any investment. A pension is a set of rules, not something in itself.

I think some financial education is in order.

I'm gonna have a pension pot of about £200k when I retire at 67 and the plan is to draw down £10k a year (for 20 years I guess, or probably less but my family can have whats left)

Does that sound like a good idea? I've no intention of buying an annuity, I can't see the point.

Not if it's to be used for income you should have it invested. It should last longer that way