Pensions: what is deemed 'enough' 20 years from now

[harajukubabe]

Just that really. Was looking at my pension pot today and thought I may not have adequate funds to last me... at approx £30k a year in 20 years time...

What can I do now to remedy this?

Save more money!

Will get loads of hysteria in response to this (like lots of Qs on MN).

I think I could manage on £7k in today's money. The tax-free allowance for pensioners, is that about £10k? If you don't have commuting costs or a mortgage, then given the benefits available to elderly (heating allowance etc.) this is usually plenty to get by as annual income. Though I know a family raising many kids on barely any more income. Depends on your frugality skills.

My frugality skills are not great, I guess I can always try to learn. And the desire to lead this ideal retirement lifestyle where I don't have to think about beating vs eating is great.

I don't think £10000 a year is a good retirement income.

What if I want to travel to Australia one year for a few weeks? Or japan or other such exotic places?

UK Govermnent are predicting that I will receive approx 8k a year state pension. I have some private pensions too. Plenty of people live on state pension, but it's not much

8k alone sounds like poverty. Watching every penny. Specially bad if you have worked all your life to provide. No respite before death either...

Terrible thought

You must have a massive pension pot or great final salary to get 30k a year. I’d be happy with that.

I have another 20 yrs or so to work and currently pay with employer input 1200 a month and for first time this year added my entire bonus. I don’t think my predictions are near 30k. You need to save more if you want more.

Oggity

It's a real shame. There isn't much going for savings either as the government taxes everything. Inheritance tax is the worst of the lot...

Can’t believe people are saying £7000 is adequate to live on! I mean maybe if you want to live a completely frugal
Life, never going anywhere or doing anything, but I for one intend to do lots when I retire

You’ll just need to stack more money away op. Is it just you who’ll be living off 30k or do you have a partner? If so will they be bringing in a pension too?

Remember you pay no national insurance as a pensioner, so your net income will be higher than an equivalent salary.

30k is plenty in retirement!
I wish I joined the civil service as I look in despair at my pensions (i contribute 20% and employer a meagre 5%)
I have 30 years more of work to get the full state pension, by which time itd probably be gone!

Gosh just realised this is a zombie thread