Pensions so confused

[Lloyd45]

So how much of a pansion pot should I have to retire on seeing as you can't rely on the state pension? I'm forecast to get the full state pension in 2037, do you think it will still be around then? I will have a pot of £400000 to retire on for a couple will that be enough? we have paid off our mortgage

I think you could live on that pretty modestly. Just pray you don’t live to 95.

How old will you both be when you retire, have you included your property value into the 400k. Do either of you have a works pension.

67 yes we have a works pension and no that doesn't include my property value which is about £500000

What is your occupational pension expected to pay per annum.

I read recently that to have an income of £25k pa (including the state pension) you need a pension pot of £300k.

My work pension is £2000 per annum I work part time my husband is £3000 but he will retire in 12 years time

What if there isn't a state pension by the time I retire?

There will always be a State Pension of some sort but it might not be a huge amount.
Can you increase your part time hours so that your private pension contributions are larger? Or maybe see a Financial Advisor regarding your concerns and the best way forward for you?

Saving for pension becomes so much easier once your children are ‘off your hands’, you have paid off your mortgage and hopefully by then climbed the salary level a bit or able to increase hours.

I know your money works harder the earlier you invest, but it isn’t realistic for all of us when we are at peak childcare / mortgage.

I am saving really hard now my kids are teens, and banking on downsizing on the house to boost money for my retirement years.

So how much do you need for a decent pension pot mine will be £500000 and property worth £500000 that still doesn't seem enough to have a comfortable pension?

How much annual income do you think you will need in retirement? A basic minimum so that essential bills and cost of living are covered. Plus how much more to be comfortable rather than just scraping by? Once you know that figure you'll get a better idea of how much you'll need as a capital lump sum.

500k will give you a pension of just over 16k a year for 30 years, that will take you up to your late 90s. That is 1400 pounds a month, without receiving any state benefits and leaving you with a property which you could sell or downsize. That's more than a lot of people earn when they are working so not a bad pension, depends on what lifestyle you want.

Thank you that has put my mind at rest, hopefully we will be ok. We could live on £1400 a month