Pension Pot at 52

Charity_Dalek

Could anyone give me a typical value of a pension pot for a male at 52. Been working since 16.

Thanks

Robert

dunstonh

How much do you want to retire on?

That said, you should be in 6 digits by your 50s if you are looking for a resonable retirement and have nothing else put aside.

chesky369

I thought your 'pot' was £138,000 and was from the last twenty years, not your full working life. If you have a specific question regarding this, it's probably best to give as much info. as possible.

Charity_Dalek

The 138,000 is from my whole working life, there is one other pension but it's very small.

All I am trying to gauge is what the average might be and if my pot is roughly about right.

dunstonh

A simple rule of thumb is to use 5% as an income figure. So, if you were to retire now with a pot of £138k, that would provide £6900 a year.

If you wanted £10k a year then you need £200k in your pension. So, you work out the difference and calculate how much over the years you will have to pay in using a sensible growth rate.

EdInvestor

Don;t forget to include your 2 state pensions. Get a forecast of how much they might be worth here:

https://www.thepensionservice.gov.uk

cyclonebri1

It's very simple and probably flawed, but many years ago I was told that for every £1k you had in the fund, it would buy an anuity of approx £1 per week???

Near enough?

EdInvestor

cyclonebri1 wrote: »

It's very simple and probably flawed, but many years ago I was told that for every £1k you had in the fund, it would buy an anuity of approx £1 per week???

Near enough?

After tax yes. It ties in with the 5% "rule of thumb" on income.