Pension goals?

[Gobimanchurian]

I'm stressing about my pension... DH and I not married, 3 teens and his pension pot is twice mine.

What pension pot are you all on target/aiming for and what annual income will that give you at what retirement age?

Feel a bit clueless and like I'm stumbling towards retirement with no clue what I'll need or have when I get there... ☹️

This is really helpful...

www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pension-calculator

Working on the rough estimate that £100,000 will give £4,500, I'm aiming for a pot of £400,000.

No partner, so I'll have my private pension, the state pension eventually, and maybe a bit of money from downsizing the house.

That's the target. Hitting it is a different matter 😀

I'm in a defined benefit scheme paying in 7.35% and if I stay in this role I could get £40,000 (plus inflation) a year from age 65. I still have 30 years to get to that though so lots could change, I hope to be promoted a few more times so that'll bring the amount up, but then I may go part time from around 55 and would like to take a lump sum too so that would bring the amount down.

This does not include state pension (dubious as to whether that will be around for me if I have a good pension) and DH has his own excellent defined benefit scheme.

We are public sector.

It doesn’t really matter what others are aiming for, if you think you don’t have enough (and @MintJulia gives a helpful guide to how you can judge that) then you need to work out if you can save more to get you closer.

just yesterday i was in touch with my bank, i'm looking at different savings plans that offer a slight bit more interest.
considering if my investments are giving me the best returns at my age (they are in my view underperforming).
so i'm looking at both very conservative and riskier options.
i too have a workplace pension (which i'm collecting), i'm eligible for my government pension (but where i live it's gaining very good interest and i can defer collecting that so i am).
learn, review and recalculate.

I have defined benefits pensions so a pot isn't something I'm concerned with but I think I'm going to be ok income wise at 67.

Aim for as much as possible.

If you are working, look at how much you can divert into your pension.

As you have 3 children, I assume all with DP, what happened to your career/pension in the early years? Did you/DP contribute to your pension if your earnings took a hit?

@Brazilianadventure. I didn't stop working when kids were little so always paid in at least 5% to get the company matched 5% (albeit part time/lower earnings)

Currently paying in 10% + company 5% but still paying off mortgage, and kids at/heading to uni over next 6 years, which is expensive. Have just edged it up to 12% in panic and will go up again to 15% if a few months of 12% feel affordable.

Just feels like a not very big number right now but I guess at 60 or 65, assuming I can pay in at same rate, and it will grow?

@Gobimanchurian thats good. It will grow and it is worth increasing contributions.

The disparity with your DPs pension is partly due to you going PT for a few years.

it Doesn’t matter what others have, it matters what lifestyle/income you want and what pot it’s likely to take to generate that. As a very rough rule of thumb, you need £400k of capital to generate £10k of income.