My pension pot

quanto2009

Hi 
Just wondering how my pot compares with people elsewhere on this board.
I am 58
Private pension to date £120k contribute £200 per month 
Stakeholder pension £6k
£30K stocks and share Isa 
£15K in bank not earning much.
No mortgage now 
2 grown up kids
Work vehicle for private use.
Been made redundant  a couple of times in past and with covid looks like it may come again.
Just wondering if it does how to get through to retirement day 67 years
Thanks

Brynsam

quanto2009 said:

Hi 
Just wondering how my pot compares with people elsewhere on this board.

Why? Comparing yourself to others on this board is a pretty pointless exercise unless their circumstances, aspirations, attitude to risk, other savings etc are the same - which isn't going to be the case.

Much more fruitful is looking at your own position and assessing whether it will give you the sort of retirement you're hoping for - and if you think you might be made redundant again, the period until you get there. If you browse back through various threads on this board, you'll find plenty of helpful links to spreadsheets, planners etc.

Also worth checking to see if your very sensible £15K rainy day fund might be better invested elsewhere. Good starting point: https://www.moneysavingexpert.com/banking/?_ga=2.158637498.1816507810.1584632588-353475065.1523260899

LHW99

had you checked your expected state pension?

https://www.gov.uk/check-state-pension

[Deleted User]

Comparison won’t be helpful because it tells nothing about you being able to retire. And in my opinion you cant afford it yet. 

dunstonh

Just wondering how my pot compares with people elsewhere on this board.

How would you know if people replying are in the same scenario as you?

Generically, if you were in your 40s, you would say the provision is good but your pension contribution is low.  If you were in a rural area of the country, you may need less but if you are in the South you would likely need more.    As you are in your late 50s, you would say its a bit behind where you would like to be but plenty of people can live off £14k a year (the sort of figure you are looking at on your current provision) if they are used a frugal lifestyle.

Albermarle

This can be useful to give you an indication of  how much income you need in retirement to live a certain kind of lifestyle.
https://www.lboro.ac.uk/media-centre/press-releases/2019/october/retirement-living-standards/
If you have to replace a company car with a private car this can be quite expensive. 

Thrugelmir

As an observation, £200 a month saving into the pension fund isn't going to build you a huge pot to draw on. 

garmeg

Thrugelmir said:

As an observation, £200 a month saving into the pension fund isn't going to build you a huge pot to draw on. 

It seems to have produced a fund of £120k so far. Could be more than double that at age 67, depending on how invested and maybe use the ISA to fund it. Not a bad place to be.

wjr4

You need to be saving more into your pension than £200pm. How much money do you actually need to live on?

Thrugelmir

garmeg said:

Thrugelmir said:

As an observation, £200 a month saving into the pension fund isn't going to build you a huge pot to draw on. 

It seems to have produced a fund of £120k so far. Could be more than double that at age 67, depending on how invested and maybe use the ISA to fund it. Not a bad place to be.

Doubling in 7 years. That's optimistic. 

quanto2009

Trying to work out to pay more into ISA or pension currently have no big bills or cc so averaging about £1k a month expenses but it's cause it lockdown nowhere to go to spend