Pension Provision - Is £220 a month enough?

Reue

Towser wrote: »

Is putting away 10% of your income into your pension too high? What are the average % statistics? I want to have a life as well but know I can't have my cake and eat it! I could live with average % figures though...

Personally at age 27 I'm putting in 16% (11% salary sacrifice + 5% company contribution) and have been since starting full time work 5 years ago.

kidmugsy

Reue wrote: »

Personally at age 27 I'm putting in 16% (11% salary sacrifice + 5% company contribution) and have been since starting full time work 5 years ago.

Using SS while it is still available seems sound to me. If I were Chancellor I'd abolish it.

pjread

kidmugsy wrote: »

Using SS while it is still available seems sound to me. If I were Chancellor I'd abolish it.

nobody vote for kidmugsy for another 30 years or so please

kidmugsy

pjread wrote: »

nobody vote for kidmugsy for another 30 years or so please

But, but , but, you've not heard the rest of my policies.

green_man

I have been putting in much more than 10% for many years.

I reckon I need £1500 per month to live reasonably comfortably (my wife has a good final salary pension that she can draw from next year). I am only 49 but completely cheesed off with my job so I am seriously considering retiring now. My DC pot is currently £435K (after a good run recently). In addition I have £213K other cash/ISAs etc. So by my reckoning I should be able to retire using the cash to get me to 55 then drawing out approx £14K a year from the DC pot and topping up with the balance of the £213K.

The only way to have the ability to do this is by putting a lot into you pension. Obviously most people will not be in this position but basically I would try to put as much as you can afford into you pension as the more you have the more options you have later.

kidmugsy

green_man wrote: »

my wife has a good final salary pension that she can draw from next year. I am only 49 but completely cheesed off with my job so I am seriously considering retiring now.

In your shoes I might decide to retire when my wife did, in hopes of being offered a nice redundancy package in the meantime. I'd have thought an awful lot of unpleasant jobs would become more tolerable by virtue of knowing that you are free to offer a cheerful "get stuffed" if you want to, while secretly knowing that you'll be off in a year's time come what may.

geelamch

kidmugsy wrote: »

In your shoes I might decide to retire when my wife did, in hopes of being offered a nice redundancy package in the meantime. I'd have thought an awful lot of unpleasant jobs would become more tolerable by virtue of knowing that you are free to offer a cheerful "get stuffed" if you want to, while secretly knowing that you'll be off in a year's time come what may.

What a nice position that would be lol

Towser

Having recently been shown "The Life Pie". I think 10% of income is reasonable. As I have no debts maybe a higher percentage could go towards that part of my pie.

Towser

I have received mu annual statement today. What are the important bits to look at?

edinburgher

Wife and I get 12% of our gross salaries through work pension + another 5% of our gross salaries paid into SIPPs. We're young 30s and don't think we're doing nearly enough yet.