Pension Provision - Is £220 a month enough?

bigfreddiel

brewerdave wrote: »

Income after retirement is a very personal thing -as example, I have a retired friend who ,with his wife, has a total household income of £4500+ per month AFTER all tax -however,he is always complaining that they are broke and currently is moaning about overdraft charges !!!!!!:rotfl:

I've never earned more than £30k throughout my working life. That boils down to about £1800/month.

Right now I'm working part time, collecting two pensions, and about to get my state pension and my take home pay has never been more, in excess of £3,500/month!

I'm not complaining, but I too cannot understand how anyone on £4,500/month can possibly complain. What exactly do they spend it on?

Cheers fj

lawriejones1

At 34, I put away at least £400 per month, although i run the business, so it's all my money really. My wife and I slot away around £700 per month in savings too. Hoping it's enough for retirement - guess it's the payoff for living a bit of a boring life!

d70cw6

It annoys me that noone gives detailed figures in their comments. Very hard to benchmark.

I'm 36 and have a basic salary of £48k.

I have a current pension pot of £107k in my stakeholder. I'm making payments in of £320 per month.

I also have ~ £20k in my current employer's scheme, which receives contributions of 5% ee and 8% er of my salary.

My aim is to have at least £500k by the time i retire at ~60. Anything over that would be gravy.

I guestimate that £1500 per month (in today's terms) would be sufficient for retirement.

My wife has her own pensions scheme but like to play things conservatively I dont include any of her income in retirement planning.