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How much do you have in your pot?
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Personally I think that more use of VCTs at younger ages would be a good move. The minimum five year holding period makes them nicer than pensions at younger ages, as does getting the tax relief out at the start instead of having to wait to age 55-57+ as in the pension. With risk levels varying from 100% asset-backed to highly speculative there's quite a bit of risk range in the VCT sphere. Pensions gradually get more attractive as income tax rate increases and age approaches 55-57+.gadgetmind wrote: »Well, assuming someone starts work after uni at age 21, that's only 9 years (or 14 to mid 30s), so yes, a big ask. However, our (engineering) grad starting salary is closing on £30k, and increments after this can be large for good people (closer to £40k in some cases after a few years) so the opportunity to slam more into a pension is there if the will is too.0 -
I'm 31 and have £51,500 pension value in a DC scheme at work invested in L&G Global 60:40 Index Pension Plan. I contribute £130 per month which my employer matches and I add a further £640 each month in AVCs through salary sacrafice. Hopefully aiming to have enough to retire by 60. Would like to have £100k by 35.0
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We hope to retire at 55 with c.500k pot each. Lot of work to do yet!
Me,35,70k
Mrs,34,40k0 -
27yrs old and currently about 20k.0
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At age 44, I have £75k across two personal pension pots, never having had any employer contributions (sadly). Household income £40k.“In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt0
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OK I answered 100+ but I had not read the OP post (you should change the poll description). In my early 30s I would have had in the 35-50K range, it wasn't until my mid 30s that my employee introduced salary sacrifice and my salary went into the higher tax bracket that I really started putting much more in. I'm now 49 with a 450K pot and intend to retire this year with savings supporting me till 55.0
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Thank you all for feedback! Very inspiring!!!!
I do apologies for my 'thickness' and 'curiosity'... for those of you who have managed to put away £100K by 35... how did you do it? Seems very large amount?
Assuming you started a proper career at 21, it's just 14 years of work and contributing £7K to your pension every year??
I guess some funds have amazing returns, still seems a pretty considerable amount of money?0 -
We're hoping to retire at age 55 with over £1e6 in DC pensions and roughly half that in ISAs and unwrapped investments. After PCLS our pension/other ratio should look far nicer!
Still lots of work to do and the stock market could put a dampener on things very easily as we have so little DB pension you might as well call it zero.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
remorseless wrote: »just 14 years of work
"Just" 14 years? That's easily enough for someone with smarts and drive to get from fresh grad to senior engineer/manager/whatever, or for someone to go from Junior Doctor to running their own GP practice, or fill in the blanks yourself!
TBH one of the hardest parts for many (including me, a little, at times!) is seeing those who you know earn a lot less driving around in newer cars, buying fancier houses, wearing all the right gear, and taking three/four holidays per year.
Knowing you'll have the last laugh helps a lot!
I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »"Just" 14 years? That's easily enough for someone with smarts and drive to get from fresh grad to senior engineer/manager/whatever, or for someone to go from Junior Doctor to running their own GP practice, or fill in the blanks yourself!
TBH one of the hardest parts for many (including me, a little, at times!) is seeing those who you know earn a lot less driving around in newer cars, buying fancier houses, wearing all the right gear, and taking three/four holidays per year.
Knowing you'll have the last laugh helps a lot!
The 'just' was strategically placed to create a stir! :rotfl:
14 years is a long time but not that long. Yes, some may excel and be very driven but that would be a smaller %? Even then, putting away £7K or so year after year seems too much to me, that's like 1/4 of the average wage?0
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