How much savings should someone in their early 30s have?

Ivrytwr3

sourcrates said:

There are only very limited circumstances in which you can take any pension before the age of 55, are you certain of your position here ?

Yes, it's a military Immediate Pension.

kimwp

Ivrytwr3 said:

[Deleted User] said:

Ivrytwr3 said:

!!!!!! all!

With CoL and 1 child at Uni and the other starting next year (hopefullly!) we have burned through any savings we did have + about £6k in debts.

But, we have 12 months left on our mortgage (£300k+) and in 2yrs i'll have access to £70k lump sum and £19k immediate pension at age 52.

There is no money left at the end of the month

You are planning to pay off a mortgage of £300000 in just 12 months? How are you able to access a pensions at 52? I must be missing something?

12 months remaining of the mortgage. Originally took out in 2006, 1 house move and increased mortgage in 2010 and due to finish mortgage in 2024.

Also, sorry, the mortgage is/was £175k and the property is worth £300k+. I wish i could afford to pay off £300k in 12 months

Pension is Government pension.

But the point is, we have no savings anymore

Paying off £175k in 12 months is pretty good going though?

TheAble

kimwp said:

Ivrytwr3 said:

[Deleted User] said:

Ivrytwr3 said:

!!!!!! all!

With CoL and 1 child at Uni and the other starting next year (hopefullly!) we have burned through any savings we did have + about £6k in debts.

But, we have 12 months left on our mortgage (£300k+) and in 2yrs i'll have access to £70k lump sum and £19k immediate pension at age 52.

There is no money left at the end of the month

You are planning to pay off a mortgage of £300000 in just 12 months? How are you able to access a pensions at 52? I must be missing something?

12 months remaining of the mortgage. Originally took out in 2006, 1 house move and increased mortgage in 2010 and due to finish mortgage in 2024.

Also, sorry, the mortgage is/was £175k and the property is worth £300k+. I wish i could afford to pay off £300k in 12 months

Pension is Government pension.

But the point is, we have no savings anymore

Paying off £175k in 12 months is pretty good going though?

The mortgage was 175k taken out in 2006. There are 12 monthly repayments remaining.

kimwp

TheAble said:

kimwp said:

Ivrytwr3 said:

[Deleted User] said:

Ivrytwr3 said:

!!!!!! all!

With CoL and 1 child at Uni and the other starting next year (hopefullly!) we have burned through any savings we did have + about £6k in debts.

But, we have 12 months left on our mortgage (£300k+) and in 2yrs i'll have access to £70k lump sum and £19k immediate pension at age 52.

There is no money left at the end of the month

You are planning to pay off a mortgage of £300000 in just 12 months? How are you able to access a pensions at 52? I must be missing something?

12 months remaining of the mortgage. Originally took out in 2006, 1 house move and increased mortgage in 2010 and due to finish mortgage in 2024.

Also, sorry, the mortgage is/was £175k and the property is worth £300k+. I wish i could afford to pay off £300k in 12 months

Pension is Government pension.

But the point is, we have no savings anymore

Paying off £175k in 12 months is pretty good going though?

The mortgage was 175k taken out in 2006. There are 12 monthly repayments remaining.

Oh I see! "Is/was" is actually "was in 2006"