What are you aiming for as an annual pension for you?

FIRSTTIMER

What is your ideal inc or ex state pension?

I am thinking 30-35k which includes state pension in todays money?

enthusiasticsaver

Depends on circumstances, couple, single person, lifestyle etc. We have aimed and have achieved £36k net (£3k per month) for a couple. No mortgage. Two cars. Two to three holidays a year and active lifestyle with money for hobbies, meals out etc.

tacpot12

We have aimed for £36K for two of us, after tax. No mortgage, one car, and one child who needs a bit of financial support for another year before leaving university.

Prism

Its looking like we will probably have about 100k for the two of us. Assuming things look as good closer to the time its likely we will retire early instead

Sharktail

24k pre & ex state pension as a couple in today’s money

ewaste

It really depends at what age etc as well as what others have mentioned, many will be planning for some form for partial retirement or early retirement e.g. retire on Savings before accessing SIP before any defined benefit pensions and state pension come into play.

Ideally for a single person from mid fifties I'd be looking at around £18k of secure income as a base (Scotland), no rent or mortgage etc with savings for anything out of the ordinary. Essentially to get to the point full time work and job security becomes more of an option by choice.

The problem is how to get there before SIPP age which will likely be 58 or higher for me and state pension and DB Pension at age 68+. Post age 68 income shouldn't be much of a problem if DB schemes and the state pension continue to exist in their current guise.

pensionpawn

Thinking as a couple we're aiming to both retire within a year of turning 55 drawing our tax allowances out of our pots and re-contributing £3k6 (gross) into one pension. So approx £25k combined (net) income (with plenty of wriggle room) and due to a large solar installation no energy bills (until we're 70) and considerably reduced motoring costs. However we'll still have our mortgage for a while.

Paul_Herring

Well I'm currently on around £19k (after lots of salary sacrifce, but before tax) so that's going to be my minimum to aim for.

I plan on retiring long before SPA.

ratechaser

Assuming both my wife and I achieve pension pots of ~£1m in today's money by the time I hit 55 (not unrealistic), then between that, another DB pension I have plus state benefit, then I think £100k joint pension is realistic from 55.

Not yet sure I'll need that much, but thinking that we want to travel a lot before I get too decrepit. And not in economy :cool:

barnstar2077

This is totally dependant on your circumstances and philosophy. I could live comfortably on 12K a year. I don't have any kids, I don't drive or take big holidays. I enjoy walking and simple days out. I used to spend my money on stuff but as I get older buying shiny stuff for the sake of it does not appeal anymore, I would rather spend time with friends and family. Time is the only commodity that has any real value to me.

Sea_Shell

barnstar2077 wrote: »

This is totally dependant on your circumstances and philosophy. I could live comfortably on 12K a year. I don't have any kids, I don't drive or take big holidays. I enjoy walking and simple days out. I used to spend my money on stuff but as I get older buying shiny stuff for the sake of it does not appeal anymore, I would rather spend time with friends and family. Time is the only commodity that has any real value to me.

Same here!!! We're planning on an amount of £15000 for a couple until SPs kick in. We've been tracking our spends for a few years and we currently only spend £12-£13k.