How much do you have in your pot?

remorseless

hi all - it's already early June and time to do some spring cleaning around pensions...

How much did/do you have [roughly] in your pension pot when you were/are in your first half of your 30's?

Just the pension account, the one you cannot touch till you're at the right age!

dunstonh

How much did/do you have [roughly] in your pension pot when you were/are in your first half of your 30's?

There is a general rule of thumb that you should be aiming for £35k by age 35. Its a crude basis but its designed to get people thinking of where they should be.

However, someone with a lifestyle needing £20k a year will need different amounts to someone needing £30k a year and so on.

hugheskevi

A poll on this board is going to have some severe selection bias

You would get a more representative result by looking at the Wealth and Assets survey, pension section.

Personally I find the numbers amazingly low, and it is hard to imagine so many have so little (not that I doubt the figures in any way though).

PuzzledDave

Slightly the wrong question methinks for the reason dunstonh points out. Perhaps a better way of asking is: What multiple of your salary have you saved ?

I'm personally aiming to retire a little early, 50 if the winds are in my favour. Am just about to turn 37 but have saved only 4x my salary. On the bright side, mortgage now paid so have been able to uptick my savings rate to 40%, with luck I can make that 50% by year out if the OH is able to find work when the youngest goes to school.

Happier_Me

Not quite early 30's, but at 39 DH has £63k in his pension pot. He's been paying a relatively small amount into this since his teens but has recently increased his pension contributions. He is currently on target for a pot in the region of £185k at 60.

I have approx £4,500k in a pension pot at 40 but have been paying into a very good defined benefits scheme for 16 years and hopefully for many years to come!

We have no ISA savings earmarked for retirement and we plan to downsize prior to retirement, releasing around £150k from property in today's money.

We aim to retire early (between 55 and 60) and so retirement savings need to increase soon and by a fair amount to generate approx £30k joint pension income each year in today's money (after tax)

BeansOnToast_2

I've been in final salary schemes for the last 31 years, so I've never really had a pension "pot" as such.

pensionpotsize

As a (recent) 24 year old, I have a pension pot with a value of £50,000, with 2/3rds invested in Aviva Pensions UK Equity S6 and 1/3rd invested in Aviva Pensions Global Equity S6. I just picked these funds from the available list after a cursory glance at how investment funds worked a couple of years back, I need to invest some time in understanding which funds I should have my money in but I figure given my age (and the good performance of these funds so far) I don't need to rush into anything and I'm busy at the moment.

My hope is that with the value of compounding and a few more years of contributions I'm going to be in a position where regardless of what happens in my life, I'll have a semi-reasonable pension waiting for me when I reach old(er) age.

remorseless

PuzzledDave wrote: »

Slightly the wrong question methinks for the reason dunstonh points out. Perhaps a better way of asking is: What multiple of your salary have you saved ?

I'm personally aiming to retire a little early, 50 if the winds are in my favour. Am just about to turn 37 but have saved only 4x my salary. On the bright side, mortgage now paid so have been able to uptick my savings rate to 40%, with luck I can make that 50% by year out if the OH is able to find work when the youngest goes to school.

Thanks - I agree - well it depends too! I suppose salaries may also change over time so 4x the salary at 30 maybe different than 4x at 50?
Though I am curious... how many multiple would you need then?

remorseless

Thank you all for you replies!!!
And well done seem most have managed to lock away £100K+ in the pot in their 30s!

TH1878

remorseless wrote: »

Thank you all for you replies!!!
And well done seem most have managed to lock away £100K+ in the pot in their 30s!

I think most people didn't read the question correctly!

dunstonh

The question in the poll doesnt match the question on the first post.