After retiring how much in savings do people have

[Umatsu]

I just wondered after retiring and paying for, perhaps moving house etc how much do people have left in savings for their retirement.

I'm 39yrs old and this thread was a worrying read. Financial understanding is so key to life. So many don't plan ahead. If you want 30k/year in old age net of state pension, and apply the 4% draw down rule, you need 750k invested. You need to start early and keep at it. Or contribute more from a later date. State pension age will keep rising until it's all but phased out.

I started working at 25 after finishing my Masters. Bought a rough house with my wife in a good area at 27, did some DIY and flipped it on, did it again and now mortgage free in a 4 bed.
I started paying attention to my pension when I got to Director level at 37. If I hit my targets (which I do, coke hell or high water I make that happen) the bonuses and 20% salary contributions mean I max the annual allowance. Pot is only 200k now but can get close to 2m by 60 if I keep at it.

Shocks and saddens me that friends and colleagues haven't even considered how they will fund 30-40% of their lives, or what level of comfort and money they want, it's nuts.

Schools should teach this stuff. Aim high, push yourself, plan ahead.

If i was in my 50s, with a low pension, I'd remortgage the house. Go on Interest only. Put the cash in a pension over 3-4 years by maxing your contributions (60k a year) and top up your salary net pay from the mortgage money, once it's all (effectively) in the pension, the compounding will help a lot. Chip away at the mortgage with overpayments rather than an actual mortgage to maintain flex. Then when you retire at say 65 use the 25% tax free to clear any remaining mortgage. you'll have a much bigger private pension from the compounding on the mortgage lump you put in, to supplement the state pension.

Fucking hell. 🙃

Clearly a stealth boasting thread .

@5thCommandment I didn't say I had a low pension. I've got 4 defined benefit pensions. Defined contribution pots is what I'm asking about. It doesn't need to be 2 million! Mortgage will be cleared prior to retirement too.

We have prioritised pension savings for more than 20 years. So between our investments and SP entitlements, we should have enough to replace our income for the 10 fun years between stopping work and being too old to enjoy it.

I’m always intrigued by people with multiple BTL properties, I don't know anyone in RL who has them, yet many people on mumsnet use them as a second income source and make profit and I always feel like I’m missing out on something here! Yet, many people also say it costs too much to maintain a BTL, fees and taxes are high and it’s not worth the hassle.

On the pension question, we recently put all our cash into our forever home then woke up shortly afterwards panicking about pensions and now throw everything we can at this tax free as hugely behind (late 30’s). We do have about 500k equity in our house though and would be worth 850k if mortgage paid off so that’s the backup plan if all else fails. Also have 30k in savings / emergency fund.