Managed to hit my 30k pension goal by 30

[talmek]

@ittwirbaacs He probably means people may (and arguably should) stuff that % voluntarily to avoid tax when they enter the higher tax brackets.

 

[diannalynn67]

@ittwirbaacs Well you're not at all in the same position

Take a minute to factor in this small thing called inflation between a theoretical age of 30 say and 65...

Your £20k projection at retirement will be worth diddly squat

 

[ittwirbaacs]

@diannalynn67 The table the other commenter posted accounts for inflation because your savings are always an equation of your salary.

My calcs also account for inflation as I'm assuming just before retirement. Anyone on £20k now will be able to earn significantly more in 40 years time, just as anyone who is nearing retirement currently earning £20k would have been earning significantly less 40 years ago.

 

[3john3]

@diannalynn67 The 20k projection now won't be 20k in 35 years time though Will it? You've chosen to look at one side of inflation yet the 20k now will be more like 40k

 

[kavya123]

@seekingchristiancommunity What does it mean by .5x? Like .5x of your annual income for that year?

 

[point2point]

@seekingchristiancommunity Think I'll just keep working then

 

[luigi289]

@seekingchristiancommunity Are these numbers only for pensions or overall savings?

I have 35% in pensions & 65% in a personal ISA; so I'm above the benchmark if we count all, but trailing a bit if only pensions

 

[jmickett]

@x1extreme1x Half your salary saved by 30 so they say. But doesn't scale well lol

 

[x1extreme1x]

@jmickett Not too bad then, ahead of that curve luckily.

 

[tinyaquatickiwi]

@x1extreme1x £100k by 40.

~20 years of work behind you, ~20+ more to go.

 

[trivalee]

@mikedelmar Well done! It’s important to celebrate these type of milestone. Now on to the next one.

 

[uli]

@mikedelmar I'm going to sit in my crying chair now.

 

[peter95faith]

@uli Same haha wish I could contribute that much into my pension but that amount would be like a third of my salary

 

[ayen]

@mikedelmar I started V late and currently have 65k in at 45, crapping I left it too late, invest 11% and my employer 10% so I’m hitting it hard

 

[soviabef]

@mikedelmar Hey...Well done. Make sure you live a little too. You're young only once

 

[robertlee116]

@mikedelmar I’m 25, just celebrated hitting £20k in my pension this morning. But reading some of these comments I’ve no idea if that’s actually “good” or not. Salary is £44k so I’m at about 45% of that currently, contributing 10% annually.

 

[rdeol]

@robertlee116 What do you do for work?