Scared/Anxious I'm not saving enough for my future.

Albermarle

SteveyJC said:

EEEk. Not a good move by myself.  They were accumulating units and I started in the the Woodford days.  
Looking to the future, my pension is with Standard Life, so had thought of the following two Global Equities - Any thoughts? 

SL BlackRock ACS World ex UK Equity Tracker Pension Fund

SL Vanguard FTSE Developed World ex UK Pension Fund

I know these are very similar, so might be better picking one over the other...

There is some dispute about how much % of your portfolio should be UK investments . However not many would actually have zero. 5% represents approx the UK in the global market . Most UK investors have more , rightly or wrongly .
Investing in the FTSE 100 is not normally recommended but some in the FTSE all share or even a small companies fund could be a good idea. 

Anonymous101

I think its a natural thought for someone your (our) age to be having. Approaching what traditionally would have been thought of as middle aged, you've done a good decade or two in work and that might not be quite as interesting as it once was. Thoughts are bound to drift towards the future and planning for retirement.
You're saving a healthy proportion of your income and, by the sounds of it, are looking in the right places (JL Collins) for investment ideas. On one hand I wouldn't worry about it, 60 seems an achievable target based upon what you have said. On the other hand if you're that concerned you could always try to save a little more. So long as you're not sacrificing too much then there's rarely a negative to saving more?

tonycottee

Thrugelmir said:

SteveyJC said:

 I'm a strong believer in the fact that the stresses and strains on your body at the age and as you get older are what kills you. (personal opinion, don't shoot me down).  

Compared to previous generations life today is cushy in so many ways. 

And harder in many others.

Albermarle

There are many posters on this forum who have ambitions to retire at 50, or latest 55. Some/most underestimate how much money they will need, and that retiring at 50 is really only for people who are pretty wealthy or prepared to live a frugal life .
Some would say it is not even natural to retire at 50 .
60 is a much more realistic goal for most but still impossible for many .

thickasabrick

SteveyJC said:

Hi All,
Im 39, homeowner, with relatively small mortgage left to pay.  My concern is that I won't have enough when I go to retire (hopefully 60ish).  Im on a reasonably good salary, with 20% being added to my pot (defined contribution) between myself and company. I also save a bit into a vanguard SIPP, ISA and top up my emergency fund a small amount (premium bonds) ever month. I also put some money into my daughters JISA.  I've ran the figures into the pension calculators and -should- be ok, but I feel like Im often anxious that Im not saving enough. 
When I look to my peers, I know they are living for the moment, and blowing the excess of what they receive each month. Maybe they have the right idea. 
Any ideas / tips?

Nothing wrong with living for the moment.
It can become a problem when you start to borrow from your future self and end up with all your spare income servicing expensive debt.
For me, the "Millionaire next door" formula works as an easy to understand way of keeping track of whether you are living beyond your means or becoming an accumulator of wealth.
Target Net Worth = (Age – 27) X Annual Pre-Tax Income / 10
"What Should Your Net Worth Be? Why “The Millionaire Next Door” Equation Falls Short – And What A Better Thumbnail Calculation Might Look Like" article from the Simple Dollar.
It's all very well comparing yourself to your peers but preparing for a comfortable retirement now will have many benefits beyond knowing that you won't be scrabbling to survive in 28 years time. 
If you really feel anxious, then check your figures against the "comfortable retirement" target listed in the Which article "How much will you need to retire?"
Sounds to me like you have a sensible strategy in place already. 

barnstar2077

Sounds like you are doing well.  With a bit of planning you could probably retire earlier than 60.

Albermarle

. . . And some would say it’s not even natural to work all your life instead of enjoying it

It is a well worn argument on this forum, but suffice to say that some people enjoy their jobs, and it is well known that being involved in a productive environment is good for many people.

Anyway to work from 20 to 60 is less than half your life, not all of it.

MaxiRobriguez

Personal opinion is that perhaps you could contribute more? You're putting 9% in but your mortgage is nearly paid off, so what are you spending the other 91% on?

If you could find a way to eek in 5-10% more, it'd go a long way to your goals, you might even realise them further.

1813

SteveyJC said:

Hi All,
Im 39, homeowner, with relatively small mortgage left to pay.  My concern is that I won't have enough when I go to retire (hopefully 60ish).  Im on a reasonably good salary, with 20% being added to my pot (defined contribution) between myself and company. I also save a bit into a vanguard SIPP, ISA and top up my emergency fund a small amount (premium bonds) ever month. I also put some money into my daughters JISA.  I've ran the figures into the pension calculators and -should- be ok, but I feel like Im often anxious that Im not saving enough. 

When I look to my peers, I know they are living for the moment, and blowing the excess of what they receive each month. Maybe they have the right idea. 

Any ideas / tips?
Thank you, Stevey

Ive been doing the same, using inflation as a general measure. I put some figures into the calculator which said id need 36k at retirement yearly.... you just need to ensure your expenses match your income each year. A DB scheme is a good start, mixed with savings and the state pension.

SteveyJC

1813 said:

SteveyJC said:

Hi All,
Im 39, homeowner, with relatively small mortgage left to pay.  My concern is that I won't have enough when I go to retire (hopefully 60ish).  Im on a reasonably good salary, with 20% being added to my pot (defined contribution) between myself and company. I also save a bit into a vanguard SIPP, ISA and top up my emergency fund a small amount (premium bonds) ever month. I also put some money into my daughters JISA.  I've ran the figures into the pension calculators and -should- be ok, but I feel like Im often anxious that Im not saving enough. 

When I look to my peers, I know they are living for the moment, and blowing the excess of what they receive each month. Maybe they have the right idea. 

Any ideas / tips?
Thank you, Stevey

Ive been doing the same, using inflation as a general measure. I put some figures into the calculator which said id need 36k at retirement yearly.... you just need to ensure your expenses match your income each year. A DB scheme is a good start, mixed with savings and the state pension.

Thanks, Unfortunately I have. DC scheme, however I guess where a lot of the trouble comes from is knowing what size of pot I need to reach before retirement. There is such a variation in amounts and also you could argue if whether or not the state pension will even be about in 20 years time!