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What are you aiming for as an annual pension for you?

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What are you aiming for as an annual pension for you?

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FIRSTTIMERFIRSTTIMER Forumite
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What is your ideal inc or ex state pension?

I am thinking 30-35k which includes state pension in todays money?
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  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    Depends on circumstances, couple, single person, lifestyle etc. We have aimed and have achieved £36k net (£3k per month) for a couple. No mortgage. Two cars. Two to three holidays a year and active lifestyle with money for hobbies, meals out etc.
    Early retired in December 2017

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  • tacpot12tacpot12 Forumite
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    We have aimed for £36K for two of us, after tax. No mortgage, one car, and one child who needs a bit of financial support for another year before leaving university.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always check official information sources before relying on my posts.
  • PrismPrism Forumite
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    Its looking like we will probably have about 100k for the two of us. Assuming things look as good closer to the time its likely we will retire early instead
  • SharktailSharktail Forumite
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    24k pre & ex state pension as a couple in today’s money
  • ewasteewaste Forumite
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    It really depends at what age etc as well as what others have mentioned, many will be planning for some form for partial retirement or early retirement e.g. retire on Savings before accessing SIP before any defined benefit pensions and state pension come into play.

    Ideally for a single person from mid fifties I'd be looking at around £18k of secure income as a base (Scotland), no rent or mortgage etc with savings for anything out of the ordinary. Essentially to get to the point full time work and job security becomes more of an option by choice.

    The problem is how to get there before SIPP age which will likely be 58 or higher for me and state pension and DB Pension at age 68+. Post age 68 income shouldn't be much of a problem if DB schemes and the state pension continue to exist in their current guise.
  • pensionpawnpensionpawn Forumite
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    Thinking as a couple we're aiming to both retire within a year of turning 55 drawing our tax allowances out of our pots and re-contributing £3k6 (gross) into one pension. So approx £25k combined (net) income (with plenty of wriggle room) and due to a large solar installation no energy bills (until we're 70) and considerably reduced motoring costs. However we'll still have our mortgage for a while.
  • Paul_HerringPaul_Herring Forumite
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    Well I'm currently on around £19k (after lots of salary sacrifce, but before tax) so that's going to be my minimum to aim for.

    I plan on retiring long before SPA.
    Conjugating the verb 'to be":
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  • ratechaserratechaser Forumite
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    Assuming both my wife and I achieve pension pots of ~£1m in today's money by the time I hit 55 (not unrealistic), then between that, another DB pension I have plus state benefit, then I think £100k joint pension is realistic from 55.

    Not yet sure I'll need that much, but thinking that we want to travel a lot before I get too decrepit. And not in economy :cool:
  • barnstar2077barnstar2077 Forumite
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    This is totally dependant on your circumstances and philosophy. I could live comfortably on 12K a year. I don't have any kids, I don't drive or take big holidays. I enjoy walking and simple days out. I used to spend my money on stuff but as I get older buying shiny stuff for the sake of it does not appeal anymore, I would rather spend time with friends and family. Time is the only commodity that has any real value to me.
    If you don't have your own strategy, then you are already following someone else's plan! Do you trust the government or your employer with your future? Think first of your goal, then make it happen!
  • Sea_ShellSea_Shell Forumite
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    This is totally dependant on your circumstances and philosophy. I could live comfortably on 12K a year. I don't have any kids, I don't drive or take big holidays. I enjoy walking and simple days out. I used to spend my money on stuff but as I get older buying shiny stuff for the sake of it does not appeal anymore, I would rather spend time with friends and family. Time is the only commodity that has any real value to me.

    Same here!!! We're planning on an amount of £15000 for a couple until SPs kick in. We've been tracking our spends for a few years and we currently only spend £12-£13k.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow ":beer: JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!! :j:j:j
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