300k pension pot

tommyedinburgh

Albermarle wrote: »

Also you do not mention any other savings or investments, apart from the pension ?

We have savings and investments etc, really just wanted to see if £300k was around an average sum.

My wife will have a significant pot as her work based pension is final salary based. I think the figure of around £900-£1000 along with the state pension will be more than enough for me personally when you factor in her pension and our wider savings etc.

As someone highlighted earlier, I do wish to retire a little under retirement age, I have a property I intend to sell then to fund that although I will be able to access my work based pension at 65.

Albermarle

We have savings and investments etc, really just wanted to see if £300k was around an average sum.

The average DC pot at retirement is about £75 K but that does not take into account people with no private pension provision at all, or on the other side people sat on a nice final salary scheme
Royal London quote a target minimum pot of £260K for a couple with full state pensions to have an 'adequate income ' . The problem is one couples 'adequate income' can be quite different from another .
However with other savings and your wife's pension you should be 'comfortable'.

crv1963

tommyedinburgh wrote: »

£300k - retiring at 65
Mortgage will be paid off
Lifestyle is modest currently and that won't change
Retirement activities will consist of supporting my football team

It does depend on lifestyle costs and intended activities on retirement.

We took the view that my DB pension will be the foundation of our retirement and Mrs CRV pension pots a top up for luxuries/ holidays long haul.

If I pop my clogs early into retirement the survivors pension and her drawdown on her various pots should enable her to continue with retirement, with the added bonus of SP further into retirement.

So in a mercenary way would either of you be able to be comfortable with your inherited pension from the late spouse+ your own pension provision. If the answer is yes then your pot is enough, if no then maybe see if you can increase it?

tommyedinburgh

crv1963 wrote: »

It does depend on lifestyle costs and intended activities on retirement.

We took the view that my DB pension will be the foundation of our retirement and Mrs CRV pension pots a top up for luxuries/ holidays long haul.

If I pop my clogs early into retirement the survivors pension and her drawdown on her various pots should enable her to continue with retirement, with the added bonus of SP further into retirement.

So in a mercenary way would either of you be able to be comfortable with your inherited pension from the late spouse+ your own pension provision. If the answer is yes then your pot is enough, if no then maybe see if you can increase it?

I share you logical thought process.

JoeCrystal

JoeCrystal wrote: »

There is an ONS spreadsheet that breaks the median down based on age, gender and employment status if I remember correctly. I see if I can find it.

EDIT: Here is the link to the spreadsheet I am referring to at ONS. Recently updated on 6th Dec 19

https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/datasets/pensionwealthwealthingreatbritain