What's your next milestone on the savings journey?

sheslookinhot

My milestones are less about savings and more about the countdown to retirement. Next milestone is 6 December when I will resign by reason of retirement  . 5 Feb I will drop to 2 days a week until the big day on 6 May. My vacation time means a last working day mid-March.

The big decision is how I take my pension. Full DB, reduced DB and max LS or somewhere in between. Last option is preferable. I think I want to keep below higher tax rate when my state pension is added in 3 1/2 years time. I may also defer for 1 year as my DB pension has a late retirement factor of 7.5%. A small SIPP would bridge the gap.

I’ll take the tax free element and then enough to keep below my personal tax allowance for a year. 

noclaf

MaxiRobriguez said:

I don't have any milestones to be honest. I'm 33, pension pot currently £127k with a S+S ISA of £75k but only a couple of years ago those combined figures were closer to £50k so I'm not going to set expectations for near-term future because there's every chance of market corrections or prices going nowhere for a while, and actually for me I don't mind that as that means getting to buy more units at lower prices.

For me the target is to keep the money flowing in from my salary sacrifice as high as possible. We've just had our first child and I've reduced sacrifice from £2.3k to £2k flat to free up a tiny bit more cash flow. There's expectations from the wife of a new house soon, and I've earmarked a further drop to £1.6k, so anything more than that for the next few years is me on target.

At 33, I was getting drunk every week, throwing money on useless trinkets and generally 'having a good time' but not really too smart with my finances. So you are doing much better than I was at that age.
The last 4/5 years has seen my mindset shift, this forum as always has been brilliant seeing how others navigate the minefield that is pensions and investments.
My combined pension pots have just touched £120k but this year has seen me move to a 'war footing' and blitz my sal sac contributions esp the latter part of the year. Generally been contributing £1.5-£2k per month including employer matching, with a child on the way I can see that figure dropping but if I can stay at £1.2-1.5k minimum per month then all good. Using a mix of Baillie Gifford and Vanguard funds to help optimise the DC pots. I just need to curb my excessive daily checking of the pensions performance...v addictive but need to change that to monthly or even less!

LookingForward20

Interesting reading all - thanks for the insights.

Just turned 37. Current SIPP is £182k just about to add £50k contribution (using some carry over from last year). Planning on minimum of £20k per annum into SIPP moving forward but hoping to get closer to £30k every year. 

Hoping to hit £250k first half of next year and then aim for £500k by my Mid-40's. Sacrificing a lot to put the money into my SIPP currently but hoping my future self will thank me!

33scott

Before Lockdown
DB - Didn't know what it would paid out or when
DC - £84k invested in the default fund
Cash ISA - £18k

Now
DB - Will pay out £17k indexed linked at 60
DC - £172k in equities, £2,300 going in each month
S&S ISA - £43k in Vanguard 80%

All I can say is this forum has been a great source of information and really helped me.

Workerdrone

Well after one hell of a week in the markets I logged in again this morning to find I am now at £248,064. Didn't see that coming, another little push next week and I might just top the £250k

Or of course it could all go pear shaped lol.

NannaH

Pensions wise - £150k (joint) is the next milestone, a month ago the whole portfolio was under £100k,  now it’s £108k.
The target for retirement in 2027 is £175-200k, contributing £600 monthly gross .   It would be lovely to think that current growth is sustainable but I’ve modelled growth at 3% net for the lower end. 

We also have £40k in savings, planning for £60k in 2027. 

We will need £90k for 5 years income to SPA ( plus DB pension).  Planning to fund it 50/50 from Sipp and savings. 

TBC15

Our targets are the next 25K in the pot. At which point a bottle of Champagne comes out.

IamWood

I am a slow learner and have paid little attention to my personal finances until this year.


Age:                                 48
My current pension pot:  430K
cash ISA:                         40K (emergency cash fund)
Current account:             30K
Two properties with no mortgage (bought a second home 6 years ago with cash from ISA due to job changes, what a mistake🙁)

My goal is to maximize my pension pot before I turn 55. My current contribution is 3K each month.

justcheckin

Started in earnest in 2017 at minus 8k net value excluding DB pensions. (Minus due to mortgage outstanding.)

 Now at £313000 (joint). Next milestone is 400k, hoping to hit this in June when current job ends and then have a rethink.

Cus

I don't have a milestone with respect to the total amount, more the annual milestone of saving X amount annually. That's all I can really control tbh.