Average pension pot on retirement and whats your aim ?

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 


«13456716

Comments

  • SouthCoastBoy
    SouthCoastBoy Posts: 1,067 Forumite
    1,000 Posts Fifth Anniversary Name Dropper
    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.
  • Audaxer
    Audaxer Posts: 3,547 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    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.
  • DT2001
    DT2001 Posts: 799 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    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.
  • JoeCrystal
    JoeCrystal Posts: 3,302 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 16 March 2022 at 10:51AM
    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.
    Hahaha. Here I am thinking that £250,000 is a reasonable pot for someone retiring at 60, especially with state pension on the way at 68.  :D
  • dunstonh
    dunstonh Posts: 119,417 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
  • MEM62
    MEM62 Posts: 5,268 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 16 March 2022 at 12:04PM
    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.
    Hahaha. Here I am thinking that £250,000 is a reasonable pot for someone retiring at 60, especially with state pension on the way at 68.  :D
    It might be.  It just depends on what type of retirement you are planning to have.  With £250K at 60 you won't be living in poverty but you won't be having too many luxuries either. 

    It's an interesting question. 
    Isn't it?  And the array of differing answers also.  

    The answers on here may be a little skewed as this forum is populated by... well pension overachievers 
    I would hardly think that to be true in my case.  Whilst certainly taking an interest in my financial future (on the basis that I do not want to live out my later years in poverty) my pension pot will not be stellar.  Maybe circa £450K at 65?       
         
  • noclaf
    noclaf Posts: 977 Forumite
    Part of the Furniture 500 Posts Name Dropper
    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!
  • michaels
    michaels Posts: 29,075 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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....
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.4K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.3K Spending & Discounts
  • 243.3K Work, Benefits & Business
  • 597.9K Mortgages, Homes & Bills
  • 176.6K Life & Family
  • 256.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.