How do I work out my 'pension pot'?

rnj

Albermarle said:

Yes, if I live to a grand old age it will in the long run be better 

If you took the pension at say 65, then by around age 75/76 you will be losing out every year from then on by taking the lump sum.

A person aged 65 will on average live another 20 years and has a good chance of reaching 90+ especially if they have no serious health issues, very bad habits etc 

Totally happy with that. I place more value on money earlier in life.  It will be no good to me at 75. I have no kids to leave wealth to and have plans to finish my travel goals around 60. Ons say I have 50/50 chance of seeing 82 and even more likely to have limiting conditions leading up to this age.

PoGee

I was looking at utube videos where they talked about pension pots and 'can you afford to retire' so that's where my question came from. I want to retire at 60 the latest due to a few health scares. I've been lucky so far in that they've been either scares or wake up calls (meaning I can do something about it e.g. dietary, exercise). Many thanks for replies.

Marcon

PoGee said:

I was looking at utube videos where they talked about pension pots and 'can you afford to retire' so that's where my question came from. I want to retire at 60 the latest due to a few health scares. I've been lucky so far in that they've been either scares or wake up calls (meaning I can do something about it e.g. dietary, exercise). Many thanks for replies.

Pity the videos didn't make it clear that 'pots' only refers to defined contribution schemes - maybe you could add a comment to the relevant videos pointing out that they it would be helpful if they did so?

Qyburn

PoGee said:

I was looking at utube videos where they talked about pension pots and 'can you afford to retire' so that's where my question came from. I want to retire at 60 the latest due to a few health scares. I've been lucky so far in that they've been either scares or wake up calls (meaning I can do something about it e.g. dietary, exercise). Many thanks for replies.

The equivalent for a Defined Benefit scheme would be to get an estimate for what it will pay annually if you retire early.