What should I have in the pot?

chelseablue

Just wondering if I'm doing ok regarding my pension.

I'm 34 and currently my pension pot is at £78,000

Would this be considered good for my age? or am I behind where I should be?
I work full time and hope to continue until at least 68

atush

It sounds good for your age, if you plan to work that long (most dont).

But really, it all depends on what level of income you need/want in retirement as to what your final pot size should be.

Do continue to increase pension contribs as you get pay rises, and to have an emergency cash fund plus use your S&S isas.

chelseablue

Thank you


Not sure what sort of income I'd be wanting. My current salary is £35,000 but hopefully when I'm in my 60's I'll have no mortgage to pay so am thinking £20,000 a year?? (in todays prices)


When my son goes to school next year and we're not paying £900 a month childcare I'll be able to increase my contributions.


I've only just started my S&S ISA with £5,000, plus I pay £50 a month into it (will increase this to £100 when my son goes to school)

TadleyBaggie

chelseablue wrote: »

T
Not sure what sort of income I'd be wanting. My current salary is £35,000 but hopefully when I'm in my 60's I'll have no mortgage to pay so am thinking £20,000 a year?? (in todays prices)

You get to keep more of your pension income, as the only deduction will be income tax. At the moment your take home salary is reduced by income tax, NI, pension contributions etc.

I went from a near £60K a year job to around £40K of retirement income and have more "take home" than when I was working.

chelseablue

Thank you, didn't think of that.


Hopefully I'll get the full state pension too