Building up pension challenge

[Dashel]

Hi all,

One of the things that I have financially gotten around to looking at properly during Lock Down is my pension or lack there of.

I have a work place pension which is easy to log into and to make one off payments to, so I thought that now would be a great time to start trying to build up this pot as it’s not like I am spending normally, with hardly going out, no holidays or weekends away or meals out.

I wondered if anyone else out there would like to join me for support and to hopefully increase our pension pots to help have a more comfortable retirement?

A pension thread on here a few months ago, leads me to believe that I’m probably not the only one who has left it a bit late. I started this year with a work place pot of £3k so not going to keep me in a comfortable retirement unless it improves significantly.

Any money that I pay into this pot does get the 20% added to it (short of a lottery win I won’t be exceeding the £40k limit for the tax benefit) so I am hoping that I can finish the year on at least £10k but in an ideal world it would be more.

Thanks for reading and it would be great to have others for support and encouragement!

Mortgage free
Pay extra into work pension (may increase this again)
Have some other investments too
Hope to retire before 60

However, I want to enjoy my life now !, while I am relatively young & in reasonable health
So I do spend on holidays, travels, hobbies etc

I am in a fortunate position

I don't want to just save, save, save

I’m 49 and have been building my pension up. All the annuity talk seems so old now, it’s going to be draw down and then the 4% also seems a little dated.

Would like to retire at 55, but will have to see. I’m becoming more sceptical about work and it’s harder to find it also. Will keep trying, but perhaps a ch age in a year or two might be an idea.

Two of the best things I did pension wise

Started paying into private pension in my early 20s & have continued

Secondly, not relying on anyone else to provide for me financially

However, I do have friends who do not have a private pension, due to their different circumstances

Hi to everyone who has been on since I last posted.

@Gufo I’m glad that this thread has motivated you to pay more in and I hope that continues. It can be quite hard to find the money at times I know.

I started this thread in February with the aim of getting my current Work Place pension to at least £10k by the end of the year and when my next payment goes in on the 22nd December I will have just scrapped that, but that is about £7k paid in this year on top of some other investments which I am happy with.

I think my 2022 target will be to get to £20k whilst continuing with my S&S ISA and spending money on the house. Luckily DH is fairly frugal naturally and with all the DIY we don’t have much time to go out spending.

I am going to try and do a make £10 a day thing from non work related funds to try and make me a bit extra to pay into it as well.

Hi @Dashel just popping in to see how you are doing - well done on reaching your target!

I have done something quite dramatic in the name of pension planning and have just accepted a job with the civil service I mean, it wasn't just about the pension but it certainly makes the job more appealing.

Thanks @Fleurchamp and congratulations on your new job! The are quite a few perks with a government job, but you will no doubt do very well on the pension front! I hope that you enjoy it.

I had some mileage money paid in from work so put another £100 into my pension.