Sounds a big number but...... 55 / 20 years that's roughly £20K a year. That's not really a lot of money to play with. Jeeze, could live till i am 100...
Planning for Retirement
- Thread starter randomshenans
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Sounds a big number but...... 55 / 20 years that's roughly £20K a year. That's not really a lot of money to play with. Jeeze, could live till i am 100...
Soldato
Yes, but (if it's still a thing) you can add the state pension on top from 67-68 which is another 10k or so. Also, with a sustainable drawdown figure and the rest invested you won't be struggling too much...
Soldato
Yeah, especially with it all compounding, even at 5%yr that's over £600k
Soldato
I think you'll be fine if you'll be mortgage free at 32!
37 here, employer contributes 3%, and I'm contributing 7% (was contributing 10% for a bit before Xmas), and up to this point have been contributing the 5% required. I've got a S&S ISA as well, and about £100k left on the mortgage which is currently due to complete when I'm around 50.
Not swimming in cash savings, and we've got an extension and loft conversion coming up, so I'm trying to find that perfect balance between a completed mortgage, finished 'forever home', and usable pension!
Not swimming in cash savings, and we've got an extension and loft conversion coming up, so I'm trying to find that perfect balance between a completed mortgage, finished 'forever home', and usable pension!
Soldato
I put some figures into a compound interest generator last night, even at 5% it's amazing how it ramps up over time.
Mine only shows me 60 - 65 but if I retire at 60 and continue to earn what I do now (which goes up about 1% a year without promotions anyway) at 60 I should have about 775k pension pot, with 120k GBP lump sum. If I hold out to 65 it's a good chunk more but by then lol don't think I'll want to be there!