What's your next milestone on the savings journey?

Retirebefore50

My SIPP hit £205k today. It's scary seeing that number, didn't know it was possible. 

I also updated my spreadsheet of ISA/general investments and cash and have a similar number so my goal is fast approaching (hopefully the stock market won't tank before I get there).

Dazza1902

Our sipps have gone from 130k Dec 2020 to 175 k now. 3 more years until dB pensions due.

noclaf

40 yrs old, combined DC pots sitting at just under £117k in total and a LISA at £21k.
The priority is to keep pushing as much as I can into the primary DC pension and short term target the combined value of the 2 pensions at £150k and then onwards to £200k.
The LISA was never originally intended for the pension but it is now, so that's just a bonus.

S&SISA's need to grow too, more time needed for those.

Mistermeaner

I like these threads ; some have criticised these sort in the last for being 'bragging' but personally I like seeing how others are doing as it gives benchmarks to think about

For us i think about me (age42) and the non working missus (age 36) as a single economic unit so while the money is split across multiple wrappers in various names it is all our retirement next egg 

totalling the pensions Lisa's and isas to answer this was pleased to see were at 670k vs my worst case total of 600k at retirement so well above track

In terms of our benchmarks we've achieved what we need in absolute terms which is a lovely reassuring feeling so focus now is on life style ..... Our youngestchild  is 3 and will be in school in 2 years time .... That's our next milestone where we will take stock but odds are i will look to.go part time / contracting and missus will also go back to work part time - hopefully with retirement covered the pressure to earn won't be the main driver and we can concentrate on enjoying life with more free time

Getting in this position took a lot of hard work and sacrifice and we want to make sure we see the benefit of that rather than chasing bigger  houses and newer cars

Scrudgy

Hit my big milestone of reaching the LTA just today, after quite a few months of up and down, the pot just managed to get over the line today.

Next focus is to build up some cash savings which I have neglected in favour of benefitting from the tax relief whilst building up the company DC pot.

I still contribute 6% to the pot, as I need to do this to get the company matched contributions, which are paid to me as a cash payment as part of my salary strangely. However, all AVC’s are now stopped while I focus on some cash savings.

ex-pat_scot

Scrudgy said:

Hit my big milestone of reaching the LTA just today, after quite a few months of up and down, the pot just managed to get over the line today.

Next focus is to build up some cash savings which I have neglected in favour of benefitting from the tax relief whilst building up the company DC pot.

I still contribute 6% to the pot, as I need to do this to get the company matched contributions, which are paid to me as a cash payment as part of my salary strangely. However, all AVC’s are now stopped while I focus on some cash savings.

Huge milestone!
Congratulations.
I guess you now have a few considerations:
- managing the pot (investment strategy, risks, costs)
- continuing contributions, particularly where employer contributions are still possible
- planning a depletion strategy and tax
- whether to plan to take PCLS and what to do with it
- growing your non pension savings
- exit strategy from the world of paid work. Retire? Stop? Switch? Slow down? Volunteer?

Exciting (exiting) times.

Scrudgy

ex-pat_scot said:

Scrudgy said:

Hit my big milestone of reaching the LTA just today,

Huge milestone!
Congratulations.
I guess you now have a few considerations:
- managing the pot (investment strategy, risks, costs)
- continuing contributions, particularly where employer contributions are still possible
- planning a depletion strategy and tax
- whether to plan to take PCLS and what to do with it
- growing your non pension savings
- exit strategy from the world of paid work. Retire? Stop? Switch? Slow down? Volunteer?

Exciting (exiting) times.

OMG you have summarised that so succinctly. Those are all the things that are totally occupying my time now. Trying to figure out my strategy from here is consuming a lot of my meagre brain power.

Workerdrone

Scrudgy said:

Hit my big milestone of reaching the LTA just today, after quite a few months of up and down, the pot just managed to get over the line today.

Next focus is to build up some cash savings which I have neglected in favour of benefitting from the tax relief whilst building up the company DC pot.

I still contribute 6% to the pot, as I need to do this to get the company matched contributions, which are paid to me as a cash payment as part of my salary strangely. However, all AVC’s are now stopped while I focus on some cash savings.

Well done! Delighted for you. I can't wait for that day!

Workerdrone

Mistermeaner said:

I like these threads ; some have criticised these sort in the last for being 'bragging' but personally I like seeing how others are doing as it gives benchmarks to think about

For us i think about me (age42) and the non working missus (age 36) as a single economic unit so while the money is split across multiple wrappers in various names it is all our retirement next egg 

totalling the pensions Lisa's and isas to answer this was pleased to see were at 670k vs my worst case total of 600k at retirement so well above track

In terms of our benchmarks we've achieved what we need in absolute terms which is a lovely reassuring feeling so focus now is on life style ..... Our youngestchild  is 3 and will be in school in 2 years time .... That's our next milestone where we will take stock but odds are i will look to.go part time / contracting and missus will also go back to work part time - hopefully with retirement covered the pressure to earn won't be the main driver and we can concentrate on enjoying life with more free time

Getting in this position took a lot of hard work and sacrifice and we want to make sure we see the benefit of that rather than chasing bigger  houses and newer cars

I think it's handy and often inspiring to get a feel for how like minded (And often aged) people are getting on. Finances are such a private thing it can often seem you are on your own in your savings goals. Forums like this are anonymous in nature but often great for camaraderie, support and advice)

jim8888

Workerdrone said:

I think it's handy and often inspiring to get a feel for how like minded (And often aged) people are getting on. Finances are such a private thing it can often seem you are on your own in your savings goals. Forums like this are anonymous in nature but often great for camaraderie, support and advice)

Couldn't agree more. Now I'm in retirement and having to make real decisions and actually having to withdraw monies after just saving for decades is quite intimidating. I was a big fan of pension freedoms - and still am - but managing the amount of money in such a complex arena is challenging. How do I minimise my tax exposure? Which pot should I draw on first - my DC pension, my DB pension, my own savings and investments? How do I avoid or minimise the future breach of the LTA? I've found this forum absolutely invaluable in helping me navigate some of these considerations.