Dreaming of a new life in Norfolk.

norfolkdream

So finally come across my pension info from work (have decluttered my dining room like you wouldnt believe!)

So the letter states -

Member contributions 2.1% of NI band earnings (1.68% net of basic rate income tax)
Company contributions 3% of NI band earnings

Is this good?? I have tried to read the info pack but its all over my head!
I just wanna know if I pay £100 a month from now aged 40 and retire at 65 how much would l likely have if the investment didnt go belly up!
I work p/time, almost f/t and earn a measley £15k

Seanymph

If you ask them they should be able to tell you.

gallygirl

norfolkdream wrote: »

I just wanna know if I pay £100 a month from now aged 40 and retire at 65 how much would l likely have if the investment didnt go belly up!
I work p/time, almost f/t and earn a measley £15k

Assuming 3% growth, which is fairly conservative, 58.6k. That's in today's money, I'm assuming your wages and contributions will rise in line with inflation so in real terms it'd be the same value in 25 years. Will check later and post workings!

norfolkdream

Just looked at pension calculator on 'money advice service' and if I put £300 in and take no lump sum plus the state pension then it tells me I should get about £11.5k

norfolkdream

Another milestone now passed :beer:
My mortgage balance is now £9964, only just under 10k but under 10k just the same
And with the amount I have put aside to OP once I come off my fixed rate will take another monhth off and my end date is now next July so less than a year to go now.
Very excited!!

shangaijimmy

So envious! This time next year you'll be feeling very smug!! And rightly so.

Luckyinlife

norfolkdream wrote: »

Another milestone now passed :beer:
My mortgage balance is now £9964, only just under 10k but under 10k just the same
And with the amount I have put aside to OP once I come off my fixed rate will take another monhth off and my end date is now next July so less than a year to go now.
Very excited!!

Wow that is great next target 5k :]

greent

Fab news, ND!:j:j
xx

Secret_Saving_Squirrel

You are getting so close! Like you, i shudder when I hear friends of a similar age still have huge mortgages. There has been a spate of fifty something redundancies in my group of friends and this would be a real problem if they still have huge payments to find.

Well done you.

Mrs_E_3

That's amazing, well done