What's your next milestone on the savings journey?

Workerdrone

Just logged in this morning and pleased to see my funds have just tipped £240k. For me £250k is the first big milestone to £1m with around 15 years to go (Sounds ambitious I know). Anyone else care to share

jim8888

Markets seem incredibly buoyant right now. Trouble with these milestones is that your funds can pass them one month on the way up and the next month pass them going down the other way! 

Workerdrone

jim8888 said:

Markets seem incredibly buoyant right now. Trouble with these milestones is that your funds can pass them one month on the way up and the next month pass them going down the other way! 

Yeah, figures. But it does seem on a long enough timescale markets tend to go up. Anyway, cheerful start to the day :-)

jimi_man

I had a milestone of achieving £120k by the end of this year - 31/12 - which I'm over (at the moment!). Obviously it fluctuates and with the amount I'm putting away, the milestone for the same time the next year is £150k. 

I don't plan on another year after that, we plan to finish work at the end next year.

As someone said, things go up and down all the time so whatever will be, will be.

SouthCoastBoy

The markets have been crazy the last few years, for example at end of 2017 I had around £800k in my pot, today that is around £1.4m, I have made contributions but no more than 100k to 120k. So I my milestone is to still have £1.4m + inflation in 3 years time when I hit 60. 

ex-pat_scot

Next one for me is the "double comma". ie 7 figures.
I did recently tick off the £900,000 mark although the last 2 months have been bouncing up and down around it.

The key milestone will be hitting the LTA.
£1,103,000 to be precise.
(LTA plus 3 lots of "small pots", which don't use up any LTA).
This will happen on 14 January 2024. (my spreadsheet tells me so).

However I ought to be concentrating on milestones within my control:
- contribution levels
- months until I can access my DC

ex-pat_scot

Workerdrone said:

Just logged in this morning and pleased to see my funds have just tipped £240k. For me £250k is the first big milestone to £1m with around 15 years to go (Sounds ambitious I know). Anyone else care to share

 

I hit £250,000 in Jan 2015. It's the start of my current tracking spreadsheet, when I consolidated my old pensions and really started focusing.
I'm now  6.75 years on, and have hit £925,000
Obviously your experience will have different inputs and economic conditions, but 15 years doesn't sound too ambitious!

Workerdrone

ex-pat_scot said:

Workerdrone said:

Just logged in this morning and pleased to see my funds have just tipped £240k. For me £250k is the first big milestone to £1m with around 15 years to go (Sounds ambitious I know). Anyone else care to share

 

I hit £250,000 in Jan 2015. It's the start of my current tracking spreadsheet, when I consolidated my old pensions and really started focusing.
I'm now  6.75 years on, and have hit £925,000
Obviously your experience will have different inputs and economic conditions, but 15 years doesn't sound too ambitious!

Now this is really interesting. Can I enquire how much of that is growth.

I assume you must be in a position to put away a reasonable amount. If I ran that through a compound interest calculator on growth alone its about 19.5% growth year on year over the 6.75 years!

With my current monthly contributions of £14687.28, I'd need to be seeing 16.85% year on year to hit £925k in 6.75 years!

jimi_man

Workerdrone said:

ex-pat_scot said:

Workerdrone said:

Just logged in this morning and pleased to see my funds have just tipped £240k. For me £250k is the first big milestone to £1m with around 15 years to go (Sounds ambitious I know). Anyone else care to share

 

I hit £250,000 in Jan 2015. It's the start of my current tracking spreadsheet, when I consolidated my old pensions and really started focusing.
I'm now  6.75 years on, and have hit £925,000
Obviously your experience will have different inputs and economic conditions, but 15 years doesn't sound too ambitious!

Now this is really interesting. Can I enquire how much of that is growth.

I assume you must be in a position to put away a reasonable amount. If I ran that through a compound interest calculator on growth alone its about 19.5% growth year on year over the 6.75 years!

With my current monthly contributions of £14687.28, I'd need to be seeing 16.85% year on year to hit £925k in 6.75 years!

That's a lot per month!!! About £176k per year!

Reg_Smeeton

In December 2017 my sole assets were the contents of my current account and £1257.60 in an instant access ISA at 0.2%. Now hoping to reach £40k in the next few months. I have bought my first house and had first child on the way which has slowed things down a bit too.

Im sure someone famous said “You need to get your first 100k however you can, after that you can ease off the gas a little bit”, so that’s the big one for me. If I can get there before I turn 40 I’d be delighted!

ex-pat_scot

Workerdrone said:

ex-pat_scot said:

Workerdrone said:

Just logged in this morning and pleased to see my funds have just tipped £240k. For me £250k is the first big milestone to £1m with around 15 years to go (Sounds ambitious I know). Anyone else care to share

 

I hit £250,000 in Jan 2015. It's the start of my current tracking spreadsheet, when I consolidated my old pensions and really started focusing.
I'm now  6.75 years on, and have hit £925,000
Obviously your experience will have different inputs and economic conditions, but 15 years doesn't sound too ambitious!

Now this is really interesting. Can I enquire how much of that is growth.

I assume you must be in a position to put away a reasonable amount. If I ran that through a compound interest calculator on growth alone its about 19.5% growth year on year over the 6.75 years!

With my current monthly contributions of £14687.28, I'd need to be seeing 16.85% year on year to hit £925k in 6.75 years!

£258,000 is contribution. (ees and ers).
ie £425,000 is growth.

We have been in very buoyant market conditions for that time.
I expect your contributions figure is annual, not monthly.