What's your next milestone on the savings journey?

mat1964

DC pot should reach £300k this week with last month's payment hitting.  Next milestone is £350k, but this will depend if I carry on part time next year or quit.  

DB will be £10k at age 60 and we have £77k in savings which will soon be £70k once we've sorted out various things for our new house and partner has made up the last 4 years of missing NI contributions to get full SP.  Target on that is not to go below £70k.

1980ds

An interesting thread and one I’m quite in line with a few commenters, £200k age 41.  As I am sad and like round numbers I always look at each £50k being a milestone but also equalling outstanding mortgage with one going up and one coming down.

I have a bad habit though of checking my pension every single day which doesn’t help! Anyone else?

MoneySavingGerbil

Me: Nearly 52. 2 DC schemes from previous jobs: £8K at 60 and another £8K at 65. Current workplace salary sacrifice DC scheme I've been contributing to since 2012 is now at £293K after recent gains and sacrficing 65% of my salary so far this year.

My wife is 57. DC scheme from previous job £24.5K at 60. £417K of crystalised funds in an AJ Bell SIPP. She took the tax free lump sum last month to try and head off LTA issues. 30K SIPP with Hargreaves Lansdown that hopefully we can do the 3x small pots on when she stops working and a workplace salary sacrifice scheme she's currently paying into with less than £20K in currently.

ISAs: about £110K in cash and £220K stocks and shares between us.

Objectives for remainder of 2021 and 2022:

Me: Plans in place to drop to four days a week which is a big step for me but feels like the right thing to do. Work isn't filling me with enthusiasm lately and this way I can spend some more time with my wife who's already on 3 days a week. I plan on opening a SIPP this tax year so I can top it up with some unused carry forward allowance before I lose it as I'm already sacrificing down to roughly minimum wage and so can't contribute any more through work. Hopefully through contributions and growth I can get my DC pension close to £400K by the end of 2022. It was at £198K this time last year so it seems feasible in 14 months. Side objective of gently persuading my wife that she only needs to continue working if she wants to. She's always left the finances to me and has a hard job recognising that between us we already have enough for our needs. She's naturally cautious and has always assumed that she'd continue working until her DB pension kicks in at 60.

OH: I've started reading up on VCTs having been enlightened by some of the posts on here. We might dip our toe in the water with £20K this tax year just to minimise some of the tax she's currently paying, but will only commit what we can afford to be without for five years without leaving us short of cash if stock markets fall.

A non savings objective for both of us is to get the roof sorted on the house in 2022. It's not currently leaking but probably will do soon and it'd feel better to get that probable £30K bill out of the way. If we get to the end of 2022 with the roof sorted and the stock market hasn't had too much of a correction then maybe 2023 will be the year both of us decide we've had enough of the world of work.

RippleM

Age 56. Stake holder pension hit 1million on Saturday so a major milestone for me as I won’t contribute further.The OH pension will be 180k by next April.we have other investments including ISAs at 510k between us and VCTs of 123k ( thanks to learning from JamesD over the last few years).The total is 2.15 million at present with retirement planned for this Summer.

caeler

No real targets yet, still trying to figure out how much I need to retire on so I’ll be lurking around here now having recently paid off my mortgage. I’ve got approx 20-25 years until retirement but I want to get focused. 

MaxiRobriguez

1980ds said:

I have a bad habit though of checking my pension every single day which doesn’t help! Anyone else?

Yeah me. I don't see what the problem is personally provided you know your risk tolerance and stick to your plan.

Dazza1902

1980ds said:

An interesting thread and one I’m quite in line with a few commenters, £200k age 41.  As I am sad and like round numbers I always look at each £50k being a milestone but also equalling outstanding mortgage with one going up and one coming down.

I have a bad habit though of checking my pension every single day which doesn’t help! Anyone else?

Me too, it's doing my OCD no good at all

stevepope

Age: 49

Current DC Pot: 210k

Next Milestone: 500k

 

Currently contributing 1k per month to my pension, but will be increasing to 2k per month next year once CSA payment (550 per month) & credit card (300 per month) are paid off. Still hurts that I had to give up half my pension pot when I got divorced 8 years ago.

michaels

Somehow my total financial assets pot went over £1m over the last week - no doubt it will pass 1m in the opposite direction again soon.

Workerdrone

1980ds said:

An interesting thread and one I’m quite in line with a few commenters, £200k age 41.  As I am sad and like round numbers I always look at each £50k being a milestone but also equalling outstanding mortgage with one going up and one coming down.

I have a bad habit though of checking my pension every single day which doesn’t help! Anyone else?

I do the same, although I think a few people on here would disagree with the notion. I don't make knee jerk moves. Not fun on days when the market goes down, but when its on the up it's quite a buzz :-)