Today I started gathering up my pension pots from the various jobs I’ve had. There aren’t a lot, only a couple. Overall the total pot is around £30k.
I did some searching online and saw that on average, that would be an okay pension pot at age 30. £90k would be average at 40. Of course these are just broad-stroke indicators but gave me an idea of where I want to land at 40.
My aim is to have around £100k in retirement funds at 40. There’s a lot of ground to cover to meet that broad goal and given the latter half of my thirties is going to be given to housing and family costs (due to starting those activities rather late) I’m not sure it will be doable, without some fine planning and actions to raise my income significantly.
In any case, that’s another thing to think about: an extra £1,200 per month to fund a retirement over the next five years would be nice but with the clash of housing and family costs falling within those same five years, it remains to be seen how much I can really put towards my retirement to grow my pot over the next few years. But it’s something I don’t want to lose sight of, even if it’s taking a backseat right now to the goal of raising a deposit for a mortgage.