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

[availableforlunch]

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?

I sometimes question the point of pensions as most of the people I know passed away before they could even access any pension.
Although some of these figures are staggering 1 million?! Why? It seems so pointless to me.

Just open a savings and put it in that. I do understand that employers pay towards it, and that makes sense.
I'm self employed so private pension wouldn't really matter to me too much, I'd rather save it and be able to access at any point.

38 and £50k, thought I was doing okay but some of these figures are impressive!

I need to stop reading this thread

Terrifying isn't it. People could be retired for 30-40 years and have no where near what is needed.

Floofen, just how ridiculous is £1m for 35yrs if life including nursing care for maybe 15 yrs of those?

Seriously it’s not pointless. It’s not much more than £2k/month!

35 and nothing. Everything went into paying for my nan's carehome after my dad died.

My grandparents used to spent every winter abroad, so I was motivated by them doing that when I started overpaying into my pension. I've got a final salary one of £6k pa at age 60 (so probably £150k equivalent assuming the safe 4% withdrawal rate plus £20k lump sum) and £110k in my current defined contribution scheme, plus £20k in a S&S ISA earmarked for retirement, so £300k in total. I pay >£1k per month, 15% from my employer and I match it but it's not compulsory to. I'm 40 and hope to retire at 60 but will have a DC still at uni then (just!) if they choose to go.

53 I think my pot is at about 308,000

But I have 32 years in a defined benefit pension scheme and another one in a defined contribution where I will stay until retirement. I am also
Now massively overpaying making 21% contribution and my employer is making 13% but this is a sweetener for stopping their defined benefit scheme.

I am about to turn 33. Have only been consistently paying a pension over the last 5.5 years as prior to that I was retraining/in full time eduction or working in various jobs where it just didn’t seem worth it to the young adult I was at the time.

I think I have just under £60k across two pots. This month I paid £345 in and my employer contribution was £535. I will probably have to work for this organisation until retirement so that I can keep this pension scheme, as I have so much time to make up for.

I have absolutely no idea.. I have one that will pay me £50 a year (LOL) and now I pay 9.3% a month into my NHS one, which is topped up by 14% (I think).

Not a clue how I actually work out what I will retire with though.

I was with Civil service - just taken early retirement - the pot is £157,000 equivalent (lump sum around £22k), gives me around £600 a month (78.8% of a full pension for 5 years early) index linked.

Taken a step back for health reasons, (with the best will in the world I am not going to make 67 - or more - if I carry on working full time) working part time in a little shop for just over that amount too.

Comfortable enough to make a difference.

Late 30s and I have approx £110k. Have saved 5% for the last ten years in a fairly well paid career.

This entire thread makes me terrified. I am 33. I have a small teachers pension from 5 years service which will apparently give me just over 3k per year. After a couple of years out of employment I then went to work at a private school part time, then full time. They started a pension for me at the start of last year which has something like 9k in it. I'm about to leave this job to work overseas for two years- I will only be able to pay £100 a month in this period into my pension but am doing it for a highly inflated salary for the short term (to buy a forever house).
So, I'm probably a bit fucked but I expect I'll be working till I'm about 80 so I've got time to make it up!

Flo what are you going to live in - have you looked into tax relief on pension contributions it's is free money!

www.moneyadviceservice.org.uk/en/tools/pension-calculator/info

Useful tool

52 and nothing. I don't believe in them.

I have about £40k I think at 38, maybe a bit more. But I was studying then ill for much of my twenties, and then had babies in my early thirties. Between employers and my contributions am paying in about £800/MTH now so it is growing steadily at least. And we have a big house so plan to downsize when we need to. DH has a much healthier pension despite earning similar, which shows the impact of years of ill health and maternity leave and part time working

For those of you relying on the state pension (UK), the full basic State Pension you can get (if you retired today) is £168.60 per week. However, you need 35 qualifying years of National Insurance contributions to get the full amount. Less than that and you'll get a percentage.

Thanks TixieLix

More people should be aware of this, and it's easy to check.

Romany I can assure you that pensions do exist and nobody ever said "my pension fund is too big"

I currently have 2. One pays £3000 p/a with £9000 lump sum and the second currently pays £4000 p/a with £20,000 lump sum. Aged 31.
The first I can’t pay into anymore as it closed. The second I pay around £200 a month in

Putting money into a pension is tax efficient, so it pays to do it, particularly when interest rates are so low. Because of tax relief, every £80 of what you save is topped up by teh Gov by a further £20 - as a pp said, free money.

It's also worth saving as much as you can as early in your career as you can.

I have a final salary pension (NHS) projected to pay about 11K per year (so not the fabled gold plated pension everyone talks about- I've got 25 years service!) and a top up AVC that I hope will pay 4K, (though I pay 1K per month into this). That plus state pension should give me 22.5K pa. Should be ok, but it won't be a luxury old age!

Kil that is a decent pension income

How can anyone "not believe" in pensions?

Mid 30s. Not alot at all. I was never earning enough to be able to afford to put any away then when the new scheme came in I think I paid around £2.20 a month for 12 months till I left.
I'm a full time carer for my disabled partner now.
We know were fucked in old age