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How much should a pension pot be worth?
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# 1
Old 02-01-2008, 5:04 PM
MoneySaving Stalwart
Join Date: Nov 2006
Posts: 577
Default How much should a pension pot be worth?

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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# 2
Old 02-01-2008, 5:11 PM
Deliciously Dedicated Doubly Diehard MoneySaving Devotee
Join Date: Sep 2004
Posts: 15,682

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.
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# 3
Old 02-01-2008, 5:20 PM
Mega Magnificent Maxi-Meticulous Uber-MoneySaving Magnate
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Location: Norfolk
Posts: 77,051

5% is a good guide for income. Its historically always been achievable.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 4
Old 02-01-2008, 5:22 PM
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Thanks guys.
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