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How old are you and how much do you have saved in your pension?

163 replies

availableforlunch · 17/06/2019 08:25

I'm dreaming thinking about retirement and using the MAS calculator. Apparently I need to put a huge sum into my pension each month (over £700!).

I'm 31 and have about 20k saved. Started aged 20 thanks to my sensible boss at the time advising me that I should. She was only 7 years older than me so I took her advice on board.

£20k still seems paltry for 11 years of saving!?

How old are you and how much is in your pension pot?

OP posts:
SpideyMom · 17/06/2019 10:59

I have only been paying more into my pension since May 2018 after a pension review which made me realise I would be up shit creek based on what I was paying in.
In my defence I had no advice previous and just accepted that a contribution would be taken straight from my salary without giving any thought.
I am now early 30's and my pension pot is only £10,000 or so. It worries me hugely.
I am now contributing £2500 a year but that is my absolute maximum I can afford (i cant really afford that to be honest but a future without a decent income scares me so I have to do something more than I was).
Hopefully when money gets easier I can review again. But I will never be in a position to be drawing thousands each month when I retire. My parents neighbour draws £3000 a month from his pension. Unless a miracle happens that will never be the case for me

luckygreeneyes · 17/06/2019 11:00

32, around £80k I think. I haven’t checked recently.

Tigger03 · 17/06/2019 11:06

27 and about £15k - i pay in 8% and employer pays in 12%, still doesn’t seem enough!

TixieLix · 17/06/2019 11:16

Mid 50s and £300K as at 31st Dec. Sounds like a lot, but the projection at age 65 is £15K per year which probably won't go far in a decade's time (wouldn't go far now!) I contribute 6% of my pensionable salary and my employer contributes 14%.

NotSuchASmugMarriedNow1 · 17/06/2019 11:19

54 and £200k

Smurfie12 · 17/06/2019 11:30

I'm 50 and have saved £0.00 in my pension, I'm assuming I will have a state pension to exist on. Don't give it a second thought to be honest. However I have ensured my daughter who has a good job is paying into her pension.

Jaxhog · 17/06/2019 11:35

Do it now. I'm now retiring on a lot less than I'd hoped, due to getting nothing from 13 years of non-contributory-pensions earlier in my career. No-one thought to mention that these would be worthless when they were selling them as a perk of the job.

blue25 · 17/06/2019 11:44

Not a good idea to rely just on the state pension!

I've got a defined benefit scheme, so no pot as such. Will get 37k a year if I work til 67.

xxxCheshireMumxxX · 17/06/2019 11:54

Age 26, 9k, 2.5 years of paying into main pension (about a thousand elsewhere)

Oliversmumsarmy · 17/06/2019 11:55

Nearly 60 and £0

NameChangeNugget · 17/06/2019 11:56

58 and in excess of £1M.

Made lots of sacrifices in my 20’s to do this

elfofftheshelf · 17/06/2019 13:34

47 and currently have £300k in pension pot.

Fairylea · 17/06/2019 13:38

38 and zero.

Full time carer so not enough income to save anything!

bluebunnyblue · 17/06/2019 13:40

I'm 38 and have £135k (surprised it is that much!) I've paid in ever since I started work at 23 as my dad works in financial services and told me to! Every time I get a pay rise I increase the amount that goes into my pensions (ours is a set amount, not a percentage, so it doesn't increase automatically).

jackstini · 17/06/2019 13:49

46 and £115k
Am currently working hard at getting that up. Work put in 7% and I pay £500 month AVCs

DH has far less, about £60k but has some properties too

Seedlip · 17/06/2019 13:54

46 and £200k

littlebillie · 17/06/2019 14:06

Average pension pot at 65 is around £35k current state pension £8500 66-68 retirement age its sobering figures

Happyspud · 17/06/2019 14:08

37 and £10k ish. We do have a fairly substantial property portfolio and other investments. But I started last year putting £800/month into an actual pension too.

HerRoyalNotness · 17/06/2019 14:11

I’m 46 and have $40k in Aussie. That’s it!! I’m unemployed now too and can’t save anything. We have a house we rent out so that will have to be kept to form part of a pension too

SometimesItRains · 17/06/2019 14:21

36 and about £90k in a SIPP from my previous career plus am now contributing to a teachers pension since January this year, as well as £250p/m into a lifetime ISA.

I’m worried it’s not enough, but I’m counting on a decent inheritance from my parents (provided it’s not used up in care fees), plus we can always downsize our house if needed as we’ll own it outright by then.

availableforlunch · 17/06/2019 14:40

I am Shock at some of these. I don't earn badly but I'd need to be putting in my entire salary to get anywhere close to these numbers. Gahhhh.

OP posts:
TailsoftheManyPaws · 17/06/2019 14:44

51 and £40k (self employed so no employer top up). Currently working as hard as I can on it but it’s not going to grow enough in the next decade.

SkintAsASkintThing · 17/06/2019 14:48

Full time carer and zero.

The current pensions rates are roughly what ds,dp and I are surviving on after paying bills. So I'm sure I'll manage fine without having to factor in entertaining and clothing DS. I'm used to being skint so it is what it is.

Magmatic80 · 17/06/2019 14:51

39 and £13k. Only got mortgage 2 years ago so am overpaying to ensure roof over head befire retirement, as well as paying into pension

Megan2018 · 17/06/2019 14:56

Mine is final salary, so I don’t have a pot as such. If I do the full term I get a lump sum plus approx 50% of my final salary, adjusted for inflation. So if my final salary was £50k, I’d get roughly £25k a year in pension.

I pay in 8.5% of my salary, so its about £350 pm

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