How do I know I’ll have enough in my pension

barnstar2077

Sounds like you are well on your way to a happy retirement, but I would urge everyone to think about money across the whole of their life and the most efficient way to use it.

If you don't already own one, I would look into buying your own home (it was the best financial decision I ever made) and having some money in an ISA is also a good idea (in case of emergency. or you need to bridge a gap between when you are fed up with work / have health issues and when you can access your pensions.)

As was also said, with a DC pension you don't necessarily have to buy an annuity anymore and should have the flexibility of just taking out what you need.  Don't forget that once your state pension kicks in you will just be using your DC pension to top it up, so you don't necessarily need to have a million to live a comfortable life.

Certainly you have made an excellent start though.

snowlaser

Yankee24 said:

When my husband’s and my parents died, we inherited.   Stupidly we had never considered that.  .... we were too conservative with it when we had a young family…. We should have enjoyed that time more.  Having pots of money at 60 isn’t what it’s cracked up to be. 

Relying on an inheritance would have been very risky though: what if they had needed a long period in a care house before they died, using it all up?  As with everything in life, it's about finding the right balance between enjoying the moment and planning for the future.

@Jes_Ter shouldn't be too worried about needing to pay more than that if they keep that up.  Maximising the employer contribution is the main thing, and that's being done.

Personally I pay 10% and my employer pays 10% and together that 20% I anticipate to be a decent enough pension from 62 (when I intend to retire), especially when you include the State pension too from age 68.  I'm putting money in a LISA to bridge that 62-68 gap too.