How much do you have in your pot?

TH1878

remorseless wrote: »

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?

You're assuming no growth.

£7k invested 14 years ago with 5% annual growth would now be worth £13,860.
£7k invested 13 years ago with 5% annual growth would now be worth £13,200.
£7k invested 12 years ago with 5% annual growth would now be worth £12,570.
£7k invested 11 years ago with 5% annual growth would now be worth £11,972.
£7k invested 10 years ago with 5% annual growth would now be worth £11,402.
£7k invested 09 years ago with 5% annual growth would now be worth £10,859.
£7k invested 08 years ago with 5% annual growth would now be worth £10,342.
£7k invested 07 years ago with 5% annual growth would now be worth £9,850.
£7k invested 06 years ago with 5% annual growth would now be worth £9,380.

That's £103,435 worth of pension without even accounting for the last 6 years.

remorseless

TH1878 wrote: »

You're assuming no growth. £7k invested 14 years ago with 5% annual growth would now be worth £13,860.

I do consider some growth... even 5% growth - x% of fees, still is a long way to £100K+ in 14 years locked away in a pension fund to me!
As said, well done though I am interested cause maybe I should do the same!

gadgetmind

remorseless wrote: »

putting away £7K or so year after year seems too much to me, that's like 1/4 of the average wage?

We start graduates on 1/4 more than the average wage, so that works out quite nicely!

R_P_W

33 and when I checked a couple of months ago it was about 100k.

Started work at 19 paying in 6% employer paid in 8%.

When I was 25 I upped my payment to 9 and that was matched by employer.

Then when 30 moved companies I'm paying in 10 they pay in 5 for first two years then they match up to 10

TH1878

remorseless wrote: »

I do consider some growth... even 5% growth - x% of fees, still is a long way to £100K+ in 14 years locked away in a pension fund to me!
As said, well done though I am interested cause maybe I should do the same!

I think I edited my post whilst you were responding. See above.

Humanista

Interesting thread, although probably not representative of the average 35 year old!

For what it's worth, I'm 44 with four personal pensions (in both GBP and CAD) coming to approximately 110GBP, along with a small Final Salary that will pay 2400GBP pa at 65. So I feel as though I'm a little behind and with 2 young kids it'll be difficult to catch up ....hey ho.

cns06

The real kicker is inflation, what is a good pension income now wont be in 20-25 years.
We had initially planned for a pension income of £20k PA, between both of us but don't think that's enough so we target £40k now. As a self employed person earning normal ish money that's serious saving!

remorseless

Humanista wrote: »

a small Final Salary that will pay 2400GBP pa at 65.

I read this few other times... what is this final salary? is that like an annuity or something?
Is that 2.4K a year for life?

puk999

Oops, voted based upon the title then realised you are asking about mid 30s which was about 10 years ago for me, sorry.

atush

Humanista wrote: »

Interesting thread, although probably not representative of the average 35 year old!

For what it's worth, I'm 44 with four personal pensions (in both GBP and CAD) coming to approximately 110GBP, along with a small Final Salary that will pay 2400GBP pa at 65. So I feel as though I'm a little behind and with 2 young kids it'll be difficult to catch up ....hey ho.

probably doing better than you think, with the DB CETV added to your 110K pot?