Is my pension pot diabolical?

[FetaCheeseManiac]

I lived out the country for 20 years, then I was a SAHM. I now work p/t and put all my salary into my company pension and an ISA. I’m 55.

My pension pot as it stands is 70k. I’m also playing catchup on my state pension, with 7 years to pay.
I’ve premium bonds, ISA’s and some savings.

I’m putting £880 a month into my co. Pension, they pay 8%, then govt top up.

I’m more concerned about my pension though.

My DH has a private pension but I’m just interested in mine right now.

How can I bump it up, or save in other areas for retirement?

Will you have worked and/or claimed child benefit for 35 years by the time you retire? If so, you should receive full state pension.

If I were you, I'd take the money out of premium bonds and put it into an ISA - far better return on investment projections.

Can you increase your working hours?

Are your savings getting the best interest rates?

Your pension isn't great but if you have £500k in an ISA and maxed out Premium Bonds then you're probably fine. It's about the bigger picture really. Do you have a mortgage? What are your savings? What is your DH's pension looking like? Etc

Please ignore the 35 years = full SP advice - you must log on to gov.uk to know your personalised forecast. Some people (assuming you started work before 2016) have to pay more years than that.

I’ve 7 years left for state pension contributions. Believe me, I watch it like a hawk.

DH has about £300k in his pension. Not great. But he had to cash it in when we returned to the UK as it was liable for tax. He has 15 years till he hits retirement age.

DH has loads of shares, about £500K. Mortgage paid off, house with quite a lot.

I will up my hours when my youngest goes to uni as my DC still have me running round after them like C3PO.

My DH has quite a decent amount of assets, and of course, they are half mine, but I want to make sure I’m personally covered pension wise.

You can also downsize house when the kids move out.

There are ways and means.

It’s cheaper for two - you are still subsiding teens. I have 2 working now so saves £10 here and there - they buy their own clothes look after their own cars etc.

Easier to save.

If you were single you'd be right to be worried but as you aren't and your OH is well covered I don't think you need panic . Just keep putting away what you can . A lot will depend on what age you decide to retire .

Based on this update, I really think you are worrying uneccessarily. You have a huge amount of money in savings and assets.

Taken your married assets as a whole it looks fine. You need to work out what kind of retirement you want but given you're mortgage free and nearing £1m in existing pensions and shares you're not doing too badly.