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Average pension pot on retirement and whats your aim ?

Mick70
Posts: 740 Forumite

morning all
would anybody happen to know what the average pension pot is come retirement , and also out of curiosity what posters realistic aims are for their pot value ?
mick
would anybody happen to know what the average pension pot is come retirement , and also out of curiosity what posters realistic aims are for their pot value ?
mick
0
Comments
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Not sure what the average is, everybody has their own spending and requirements profile. Personally if you have no db pension I consider £1million is a reasonable pot for somebody retiring at 60.It's just my opinion and not advice.1
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How much you need depends on whether you have a DB pension(s), and how long you plan to retire before you are eligible to claim your State Pension.0
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I should imagine that the average is dropping as more people have been enrolled in schemes.
We have split our investments between pensions and ISAs to hopefully cope with any rule changing. Total between the lot, equally split, will be 800-1m depending on retirement date and market performance over next 3/4 years.0 -
Mick70 said:morning all
would anybody happen to know what the average pension pot is come retirement , and also out of curiosity what posters realistic aims are for their pot value ?
mick
If you got more than £57,000 in your pension funds (both CETV and DC pensions), then you already got more than 50% of the population aged 16 to 75+ WITH pension funds. If you want to consider people who don't have any pension funds, it dropped to more than £14,500 instead.
However, if you are referring to a person aged 55 to 74, then it is between £189,700 to £190,000 (just for those with pension funds) and £92,100 to £102,400 (if you includes people with no pension funds at all).
As you see, if you read the spreadsheet, you can get your answers on the specific amount you want, so what are your answers then?
In other words, the numbers that get thrown around here are MUCH higher than a median person would have.8 -
SouthCoastBoy said:Not sure what the average is, everybody has their own spending and requirements profile. Personally if you have no db pension I consider £1million is a reasonable pot for somebody retiring at 60.2
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would anybody happen to know what the average pension pot is come retirement , and also out of curiosity what posters realistic aims are for their pot value ?I believe the average pot is around £19,000. That figure is from a few years back but it won't have changed much.
The problem is that some people have 1 large pot and others may have 5 smaller pots.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.4 -
It's an interesting question. The answers on here may be a little skewed as this forum is populated by... well pension overachievers and those who are quite focussed on this little hobby. For me, well the LTA being a little over a million, I'd like to be at the LTA by retirement at 60. I'm not a high earner. Not even a 40% taxpayer, but I am a bit of a supersaver so am reliant on riskier investments to go my way. 60 would be a nice to have. I'll just keep plodding and see what occurs6
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JoeCrystal said:SouthCoastBoy said:Not sure what the average is, everybody has their own spending and requirements profile. Personally if you have no db pension I consider £1million is a reasonable pot for somebody retiring at 60.Workerdrone said:It's an interesting question.Workerdrone said:The answers on here may be a little skewed as this forum is populated by... well pension overachievers
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40 and currently net value of 2 DC pensions is around £110k.
The plan is to contribute fairly aggressively over the next few years to push this up..for context in 2016/17 my total monthly contributions inc employer matched via sal sac were between £200-300 per month....this year it's been between £800-£3000 for some months so I am going in big but hoping that by doing that for a few years it helps to recover my pension situation.
£500k pot at 57 would be a reasonably good achievement....doubt I will ever get close to LTA...it would involve taking significant risk IMO to reach it but never say never!1 -
I guess also important is whether we are talking about finances of an individual or a couple. 2 x £1m pots is very different to only 1....I think....1
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