This is not going to be enough to live on is it?

[meddlesomemarch]

Just done a pension estimate and it looks like in 8 years time, aged 67, the total sum of my pensions is only going to amount to £21k per annum. Whilst the house is paid off, this seems depressingly low. Am I being overly pessimistic here?

Financial advisor has said at the age I am now (59), it won't be worth paying into pension but if I have any spare monthly cash to put into AVCs instead.

I've just retired early on a similar amount and I feel loaded. DH will retire later this year.
We do have a separate savings account just for holidays but for day to day living, plus vehicles, with a busy social life and lots of leisure pursuits, can buy what I want, it is plenty. I don't smoke and hardly drink though, no debt or mortgage.
I've earned roughly the same amount part time for a few years now so I suppose I cut my cloth accordingly and am living very well on it.

@IstayedForTheFeminism I can be like this too - two ND dc - pedantry is lots of fun

I would certainly consider it wealthy!

Hi OP,

Just checking that when you receive your pension statements and see the amounts that you will receive in retirement, you know that is the amount you have accrued to date.

if you plan to continue working, you will continue to accrue extra pension and depending on how many extra years you plan to work, this could make a significant difference to the amount of pension you’ll eventually receive.

Hi Summergarden,

I'm not paying in to 2 of them (moved jobs). The third I will be paying into from hereon so I guess the first 2 remain the same amount plus inflation component.

averageapril
The first two should go up in value over time because they're invested surely? I haven't added to one of my old private pensions for over 10 years and it's still going up in value.

No rent/mortgage and 1600 a month? Happy days for most people OP! You’re doing well. Things aren’t how they used to be.

B*earsan
*
Oh, perhaps you're right. That would make sense.

I think that the OPs pensions are all defined benefit pensions so are revalued according to inflation rather than invested in the stock market.

It would be really helpful if she set out what the pensions are and what they are worth because otherwise people keep making assumptions and those might not be correct.

Ha! Oh gosh. I'm going to have around £18,000 with the state pension. If it still exists. So £9,000 without it.

I think you'll be fine. Frugal lifestyle ahead perhaps?

When I was in my 20's and hadn't started paying into a pension, a colleague said something which made all the difference to the life I have now in my 60's.
'What's the point of working all your life if you can't enjoy retirement?'
I know this is a bit late in the day for the OP, but this is the same for everyone - the amount you want/need depends entirely on the lifestyle you desire and what compromises you're prepared to make if necessary.
I have much less now than in my professional role (about 2/3 of what I was earning, not taking galloping inflation into account), but am able to live very comfortably while making some compromises over things that don't add much value in my eyes.
I'd say about 2/3 of your previous income is a good amount to aim for if you can, assuming mortgage is paid.
And if you can't achieve that, decide where you can cut back or earn more, maybe continuing a PT job for as long as you can if necessary.
Comparing yourself with other people's different lifestyles is not that helpful - it entirely depends on your own lifestyle and what brings most happiness after a working life.