Managed to hit my 30k pension goal by 30

[mikedelmar]

Hi All,

So I had a post up last year where I hit my first 20k in my pension pot and had a goal to hit 30k before I hit 31 (which is in less than 2 weeks) so I could say I hit 30k at 30 (cringe I know). Checked my app this morning to see I finally hit it. I’ve been trying to put in around 7/8k with employer match each year and luckily some of my funds have gone up so have managed to make a couple k on top of that. Aiming to get to 40k next year now! Thanks for your support guys, wouldn’t be hear without the advice in the past.

 

[dbazil]

@mikedelmar Well played. I logged into my main pension for the first time the other day aged 35. £18k. Lol. Got a few other smaller pots I think, need to look them out. Doubt I’ve got £30k between them.

 

[doggobloops]

@dbazil Possibly worth combining other pensions to save on fees etc.
Also, you can even get cashback through quidco etc, just for transferring money.

 

[dbazil]

@doggobloops Yeah I’ve been meaning to for a long time. It’s bad really, I’m going to lose track of them soon. So I think it’s worth it just from that respect. One has changed names so many times due to buyouts etc.

 

[adalia89]

@dbazil I made a spreadsheet and went through them all. After some organising, managed to find them all and get logged in.

Transferred all pots to one SIPP and manage it myself now, only took a few weeks and a bit of admin.

 

[doggobloops]

@adalia89 Beauty is, you don't need to log in. As long as you can locate a provider and policy number, you're new provider should be able to transfer.
Probably don't use one of the "find my pension" apps, think they take a fee.

 

[ionnaine]

@dbazil Do it! I combined 3 earlier this year into a Vanguard SIPP. It was done and dusted in 6 weeks. It really decreases stress!

 

[bnr32fan]

@dbazil Same..22k and 37 YO. Argh.

 

[bonitadan]

@bnr32fan 7k and 40YO

Trying my best to catch up two years ago I had nothing.

 

[floodland]

@dbazil Don't feel bad, I'm 32 and don't have a clue how much I have in mine, but I'd be amazed if it's more than £10k.

Just not feasible, bought house, had wedding, had kids. Hopefully that's most of the big expenses done so I can start saving more now!

 

[dbazil]

@floodland I’m kind of not bothered, which is terrible really. We haven’t bought yet either but should be able to soon, just need to find somewhere on this island that we actually want to live, with jobs we actually like doing. We’re not having children, so that’s one positive for our financial outlook.

 

[trisuimaoga]

@dbazil It’s sometimes worth holding a few small pots as well as you can draw down under small pot rules

 

[dbazil]

@trisuimaoga Thanks I will dig them all out. Get valuations. And then probably come back to UKPF to ask what to do.

 

[januaryrose]

@dbazil I have £500

 

[x1extreme1x]

@mikedelmar What's a good benchmark by age?

 

[seekingchristiancommunity]

@x1extreme1x Different sites say different things, but typically they are within these ranges.

Investor's Age
Savings Benchmarks

30
.5x of salary saved today

35
1x to 1.5x salary saved today

40
1.5x to 2.5x salary saved today

45
2x to 4x salary saved today

50
3x to 6x salary saved today

55
4.5x to 8x salary saved today

60
5.5x to 11x salary saved today

65
7x to 13.5x salary saved today

Of course state pension can add a decent chunk, depending on your views on it.

 

[h8sin2luvgod]

@seekingchristiancommunity How would one value a DB pension pot? I've seen figures like multiplying the yearly income figure by 20.

 

[martinengland]

@h8sin2luvgod I'm 45, my MOD pension after 26 years is worth 350k. My new job is also DB and that is 2.3% of your salary a year so in 20 years, roughly 50% of the salary. Looking at probably another 300-400k pot if I stick it out. DB is defo the way to go if you can.

 

[ionnaine]

@martinengland You are in a fortunate position. Well done you

 

[nicl]

@martinengland As a fellow Civil Servant, is it not worth also adding a SIPP alongside this for earlier retirement? Already have an ISA etc