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Original poster

How much pension do I need

128 replies

Bluesky999 · 23/02/2024 08:20

I am 50 and have around 60k in pension fund; want to retire when I am 60k with a pensión of around 30k per year. How much do I need to save now? I think probably realistically I won’t get to 30k per year retirement and we may ending having to downsize move somewhere cheaper.

thanks in advance

OP posts:
ByQuaintAzureWasp · 22/08/2024 11:11

My fund was £400k at 58 when I retired. If you can afford it put 50% of your salary in.
Check your state pension forecast also.

ByQuaintAzureWasp · 22/08/2024 11:18

barkymcbark · 23/02/2024 11:02

Don't forget that when you reach 67 you will get your state pension which equates to about £1000 a month. So you might be short for the first 7 years then it will be bolstered by the state one.

I've got 270k in a final salary which will give me about 14k a year and I've been putting in about £650 a month into a private and work place pension. My private pension gives me 2 lots of tax relief to which means that although I'm paying in £400 a month, nearly £600 is going in. Plus I pay on £250 to a work one and the company pays extra.

The best thing I ever did was speak to a financial advisor

How do you know she will get full state pension? She likely will not given that she's only stated working from age 48.

ColourByNumbers88 · 23/08/2024 21:25

@ByQuaintAzureWasp if you don't mind me asking, what did that equate to per month?

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