Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • NewLlrd
    • By NewLlrd 14th Jul 17, 12:25 AM
    • 15Posts
    • 8Thanks
    Retire at 60, how?
    • #1
    • 14th Jul 17, 12:25 AM
    Retire at 60, how? 14th Jul 17 at 12:25 AM
    Hi, I'm 30 and I would like to put enough into my pension so that I can comfortably retire at 60.

    I has been working for 12 years and for 10 of those have putting into a pension (with generous contributions from my employer) there is now almost £25k in my pension pot.

    I put in £195 pcm and my employer £113 (which is the maximum I can afford however things should be improving soon and I may be able to increase this further).

    My question is how much do I need to put away each month to end up with a roughly £14k a year pension (or is that an unrealistic dream?)

    I have a mortgage that should be paid off in 27 years (I can't overpay on my BTL but when I move in in 5 years I will be doing to reduce the term).

    Thanks in advance
Page 2
    • NewLlrd
    • By NewLlrd 15th Jul 17, 10:30 AM
    • 15 Posts
    • 8 Thanks
    You must really love your job if you are still there and haven't had a pay rise in 6 years. Not even rises to combat inflation. That means you are getting paid less each year. Overtime at time and a 1/3 isn't that great either.
    Originally posted by Bazofts Revenge
    I do I said it's take a long time to get to this stage (and don't get me wrong it was frustrating having no payrise). Whilst there was so much uncertainty in jobs etc I didn't want to move and then my job changed to what I do now.
    • NewLlrd
    • By NewLlrd 15th Jul 17, 10:32 AM
    • 15 Posts
    • 8 Thanks
    This thread had cemented in my mind how hard things at becoming. We as a country, as an electorate need to tell our MPs our masters our elected thatbthis is just not good enough. They need to get the big corporations to be socially responsible and start to contribute far more. It's up to us isn't it to do this. Good luck and heaven help our children if we dont
    Originally posted by chiefie
    It is worrying.
    • Thrugelmir
    • By Thrugelmir 15th Jul 17, 10:34 AM
    • 57,891 Posts
    • 51,263 Thanks
    The more you can save early in your working life the better. As compounding will then do the heavy lifting for you. As the years pass. Building a sizeable pot of capital is the biggest challenge most people face. Nor take excessive risk. Slow and steady.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

898Posts Today

6,605Users online

Martin's Twitter
  • I must admit I'd expected the same two to top both the 'best' and 'worst' PM (of the last 4) poll. Yet (and it's?

  • Today's Friday twitter poll 2: Which of the last four UK Prime Ministers would you say was the worst? (To pick th?

  • Today's Friday twitter poll 1: Which of the last four UK Prime Ministers would you say was the best? (Then pick t?

  • Follow Martin