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  • FIRST POST
    • matty2767
    • By matty2767 11th Nov 17, 7:23 PM
    • 432Posts
    • 553Thanks
    matty2767
    size of final pension pot
    • #1
    • 11th Nov 17, 7:23 PM
    size of final pension pot 11th Nov 17 at 7:23 PM
    I'm not sure what my exact question is to be honest, but I was reviewing my pension and wondered if my final aim of pension pot was realistic and actually the right way to look at things.

    I earn about £55k a year. I am 42. My pension contributions are to my workplace pension and in total I pay in £800 per month. My pot sits at £113k ish. I always thought I would retire at 60 but it isn't fixed. So have been assuming 30 years in retirement.

    I am not on track to meet 2/3 of my current salary in retirement because then I would need a pot £1.1m (36*30) obviously SP kicks in at 68 reducing my pot size requirement by 183k over 22 years but I am still well short.

    At 18 years to go to retirement, assuming I don't pay in any more and 0% growth i can only pay in 173k taking my pot to 286k and giving me 9k a year until SP kicks in. If I split it equally over the 30yrs.

    There isn't a lot I can do about it I suppose. But get concerned that the number is so much less than my salary and yet feel I put quite a lot away.

    Matt
Page 2
    • Triumph13
    • By Triumph13 18th Nov 17, 11:28 AM
    • 1,105 Posts
    • 1,355 Thanks
    Triumph13
    thanks all for the advice. yes i guess i was being overly cautious with my sums. whether this is because of all the negativity surrounding saving for retirement i don't know. your posts are certainly much more positive and i will re-look at my sums and what my plan of outgoings might be in the future.
    Originally posted by matty2767
    A quick play with your numbers suggests you should expect a sustainable post-tax income of something in the £20k to £23k range from age 60 if you just keep increasing your contributions in line with inflation each year. That includes state pension. If that sounds like enough, then fine. If not then you need to think of increasing your contributions or retiring later.
    • Audaxer
    • By Audaxer 18th Nov 17, 1:52 PM
    • 587 Posts
    • 255 Thanks
    Audaxer
    no pay TV, use a lot of vouchers, gain a few thousand a year from cashback and surveys,
    Originally posted by Alexland
    You've amazed me again Alex. Very impressed with your financial management but how do you survive with no pay TV? My wife has just upped ours to the full package including Sky Sports etc. - £99 per month including the discount!! A few thousand a year from cashback and surveys - interested to know more about how you earn that via cashback with so little spending.
    • msallen
    • By msallen 18th Nov 17, 3:26 PM
    • 565 Posts
    • 510 Thanks
    msallen
    ... how do you survive with no pay TV?
    Originally posted by Audaxer
    Is that a serious question?
    I have more TV choice than I need with Freesat.
    • kidmugsy
    • By kidmugsy 18th Nov 17, 3:30 PM
    • 9,851 Posts
    • 6,644 Thanks
    kidmugsy
    how do you survive with no pay TV? My wife has just upped ours to the full package including Sky Sports etc. - £99 per month including the discount!!
    Originally posted by Audaxer
    Sky would surely just give me even more channels filled with rubbish I wouldn't want to watch. I can get that from the Beeb already.
    Free the dunston one next time too.
    • bigadaj
    • By bigadaj 18th Nov 17, 4:49 PM
    • 10,725 Posts
    • 7,012 Thanks
    bigadaj
    You've amazed me again Alex. Very impressed with your financial management but how do you survive with no pay TV? My wife has just upped ours to the full package including Sky Sports etc. - £99 per month including the discount!! A few thousand a year from cashback and surveys - interested to know more about how you earn that via cashback with so little spending.
    Originally posted by Audaxer
    That's a mad amount it be paying for tv.

    We've got bt, no sky sport or movies but bt sport and the dozens or hundreds of channels you never watch, £35 a month including phone and Internet.
    • Alexland
    • By Alexland 18th Nov 17, 5:21 PM
    • 690 Posts
    • 430 Thanks
    Alexland
    We are straying off topic now but it's not unreasonable to earn £1k each from cashback and surveys each year. Some of that that comes from switching banks, intro offers on ISAs, credit cards and life insurance. My wife does loads of online surveys, product trials, focus groups, etc. There's a research company that buys our junkmail and another that wants us to tell them all the food we buy, etc. Plus there's another £500 to £1k to be earned from stoozing.
    Last edited by Alexland; 18-11-2017 at 5:52 PM.
    • Audaxer
    • By Audaxer 18th Nov 17, 7:32 PM
    • 587 Posts
    • 255 Thanks
    Audaxer
    That's a mad amount it be paying for tv.

    We've got bt, no sky sport or movies but bt sport and the dozens or hundreds of channels you never watch, £35 a month including phone and Internet.
    Originally posted by bigadaj
    That's a good price. Who you are as with we were getting the same for around £77 per month with Virgin before this latest 'deal' with them? I think we'll need to look at it again.
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