How much should a pension pot be worth?
TTMCMschine
Posts: 684 Forumite
Hello,
slightly difficult question I know, but how much money should we have in our pension pots by the time we retire?
I imagine that there's a standard £x thousand pounds in the pot will give you £y thousand per year type equation?
Can anyone shed any light please?
slightly difficult question I know, but how much money should we have in our pension pots by the time we retire?
I imagine that there's a standard £x thousand pounds in the pot will give you £y thousand per year type equation?
Can anyone shed any light please?
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Comments
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Look at 100k per 5k of income: so if you want an income of 20k, you'll need 400k in the pot.
If you want fancy add-ons like index linking for inflation, spouse and dependants pensions and guarantees, be prepared to pay a lot more. For instance the basic state pension would cost about 150k if bought on the open market.Trying to keep it simple...
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5% is a good guide for income. Its historically always been achievable.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Thanks guys.0
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