An Average Mid-Life Assessment (2025)
Discussion
Hi all, I’m documenting my current position so I can refer back in future, and because often the feedback and discussion provides valuable advice and insight.
44, +partner, +2 young kids in school
£520k house, 45% LTV at 1.3% until June 26
It’s our forever home that’s had over £100k spent on a back-to-brick refurb in 2022
£57k notional salary, £5k discretionary bonus
£11k salary sacrifice into workplace pension
+3% employer contribution
Current pot £56k
Previous employer DC pot £126k
Previous employer DB £3k/year
Expected retirement age 67, desired retirement tomorrow (lottery win-dependent)
Partner part-time salary £27k
No debts beyond mortgage
Savings £15-20k majority at 5%
Average family living a pretty average life, no foreign holidays or big expenses etc, but nobody goes without
Monthly income tends to equal monthly expenditure therefore savings are pretty static
We both have parents in good health, all four are mid- to late-70s.
I’m considering paring back the pension contributions and building the savings pot, possibly putting some of it into the pension in 18 months when the monthlies will be going up from £900/m to £1300/m.
We don’t have a luxurious lifestyle, far from it, but we are very happy.
Cheers, Eamonnn
44, +partner, +2 young kids in school
£520k house, 45% LTV at 1.3% until June 26
It’s our forever home that’s had over £100k spent on a back-to-brick refurb in 2022
£57k notional salary, £5k discretionary bonus
£11k salary sacrifice into workplace pension
+3% employer contribution
Current pot £56k
Previous employer DC pot £126k
Previous employer DB £3k/year
Expected retirement age 67, desired retirement tomorrow (lottery win-dependent)
Partner part-time salary £27k
No debts beyond mortgage
Savings £15-20k majority at 5%
Average family living a pretty average life, no foreign holidays or big expenses etc, but nobody goes without
Monthly income tends to equal monthly expenditure therefore savings are pretty static
We both have parents in good health, all four are mid- to late-70s.
I’m considering paring back the pension contributions and building the savings pot, possibly putting some of it into the pension in 18 months when the monthlies will be going up from £900/m to £1300/m.
We don’t have a luxurious lifestyle, far from it, but we are very happy.
Cheers, Eamonnn
Building up an ISA S&S pot is a useful thing to help you bridge the gap from when you do want to retire to when you can start pensions, so if you mean that, good….
….but do make sure you get full pension matching from employer if you cut that back to do this.
Have you looked at how your pension investments are performing: what funds they are in? I moved mine from the default scheme we had to slightly more adventurous funds, made a big difference over my last 10+ years at work.
Otherwise I’d say you’re doing absolutely fine, fiscally speaking.
Be sure to invest in the non-fiscal side of all your home life relationships: that is the real important thing in life
….but do make sure you get full pension matching from employer if you cut that back to do this.
Have you looked at how your pension investments are performing: what funds they are in? I moved mine from the default scheme we had to slightly more adventurous funds, made a big difference over my last 10+ years at work.
Otherwise I’d say you’re doing absolutely fine, fiscally speaking.
Be sure to invest in the non-fiscal side of all your home life relationships: that is the real important thing in life
I’d check out the answers from when asked last time.
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
supersport said:
I’d check out the answers from when asked last time.
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Ahh bless.https://www.pistonheads.com/gassing/topic.asp?h=0&...
OP, create yourself a spreadsheet…..you can put those comparisons next to each other and see the changes YoY.
Crack on!
Eamonnn said:
Hi all, I’m documenting my current position so I can refer back in future, and because often the feedback and discussion provides valuable advice and insight.
44, +partner, +2 young kids in school
£520k house, 45% LTV at 1.3% until June 26
It’s our forever home that’s had over £100k spent on a back-to-brick refurb in 2022
£57k notional salary, £5k discretionary bonus
£11k salary sacrifice into workplace pension
+3% employer contribution
Current pot £56k
Previous employer DC pot £126k
Previous employer DB £3k/year
Expected retirement age 67, desired retirement tomorrow (lottery win-dependent)
Partner part-time salary £27k
No debts beyond mortgage
Savings £15-20k majority at 5%
Average family living a pretty average life, no foreign holidays or big expenses etc, but nobody goes without
Monthly income tends to equal monthly expenditure therefore savings are pretty static
We both have parents in good health, all four are mid- to late-70s.
I’m considering paring back the pension contributions and building the savings pot, possibly putting some of it into the pension in 18 months when the monthlies will be going up from £900/m to £1300/m.
We don’t have a luxurious lifestyle, far from it, but we are very happy.
Cheers, Eamonnn
Whereabouts do you live?44, +partner, +2 young kids in school
£520k house, 45% LTV at 1.3% until June 26
It’s our forever home that’s had over £100k spent on a back-to-brick refurb in 2022
£57k notional salary, £5k discretionary bonus
£11k salary sacrifice into workplace pension
+3% employer contribution
Current pot £56k
Previous employer DC pot £126k
Previous employer DB £3k/year
Expected retirement age 67, desired retirement tomorrow (lottery win-dependent)
Partner part-time salary £27k
No debts beyond mortgage
Savings £15-20k majority at 5%
Average family living a pretty average life, no foreign holidays or big expenses etc, but nobody goes without
Monthly income tends to equal monthly expenditure therefore savings are pretty static
We both have parents in good health, all four are mid- to late-70s.
I’m considering paring back the pension contributions and building the savings pot, possibly putting some of it into the pension in 18 months when the monthlies will be going up from £900/m to £1300/m.
We don’t have a luxurious lifestyle, far from it, but we are very happy.
Cheers, Eamonnn
Maybe it is strange posting this info on a public forum but nobody knows who I am so I don’t see the harm.
Of course I have a spreadsheet too, but that doesn’t give any advice or guidance.
If I go and see a financial adviser I get one person’s opinion, that I pay for. If I post here there are such valuable comments, from a range of people with varying opinions, not only on the financial side of things but also employment, health and mental well-being etc. it really is a hugely valuable resource. You. The members of the forum who actively post. So thank you.
Apologies if you’re bored having seen/commented on last year’s post (or the one before that), but perhaps there will be one new comment that provides useful insight.
All the best, Eamonnn
Dweller of a Home County
Of course I have a spreadsheet too, but that doesn’t give any advice or guidance.
If I go and see a financial adviser I get one person’s opinion, that I pay for. If I post here there are such valuable comments, from a range of people with varying opinions, not only on the financial side of things but also employment, health and mental well-being etc. it really is a hugely valuable resource. You. The members of the forum who actively post. So thank you.
Apologies if you’re bored having seen/commented on last year’s post (or the one before that), but perhaps there will be one new comment that provides useful insight.
All the best, Eamonnn
Dweller of a Home County
Eamonnn said:
....Expected retirement age 67, desired retirement tomorrow...
As someone 7 years older than the OP, this seems to be the figure to look into lowering, or at least plan to be able retire at any time after 57 when access to pension pots kicks in. (eg. have mortgage paid off by then, any remaining children's education/college funded, etc)Even in my more modest circumstances I'd be a richer pensioner than I ever was as an employee if I worked through to 67 but that seems a waste of my remaining time on the planet.
trickywoo said:
£5k+ a month combined take home, 1.3% on mortgage don’t live the highlife but also expenditure = income?
If you are serious about early retirement you need to have a good look at what you are spending that £5k on.
Just “life” I guess?If you are serious about early retirement you need to have a good look at what you are spending that £5k on.
I’m a generation ahead, but one of our daughters and her husband have pretty similar income to the OP, and also have two kids at junior school. Their house value is half and they have something like £100K outstanding currently on a low rate. They do have a Spanish beach resort type of holiday each year.
They reckon the kids just cost an absolute fortune - she added up their activity cost the other day and it was £500/mth. In thinking about that, she did decide to knock weekly swimming class on the head - I forget how much that was but it seemed ridiculous.
Life has got very expensive in the last few years.
We are over £100K a year combined (gross) and make pension contributions but never have things left for savings. We have 3 kids. We live comfortably- take aways most weeks but rarely eat out, eurocamp holidays but not this year.
Im sure I could be better with money, and Im absolutely not moaning as I know were not poor and therefore lucky, but despite earning more than ever, things are feeling tight.
We are over £100K a year combined (gross) and make pension contributions but never have things left for savings. We have 3 kids. We live comfortably- take aways most weeks but rarely eat out, eurocamp holidays but not this year.
Im sure I could be better with money, and Im absolutely not moaning as I know were not poor and therefore lucky, but despite earning more than ever, things are feeling tight.
Eamonnn said:
Expected retirement age 67, desired retirement tomorrow (lottery win-dependent)
Have you considered sitting down with an IFA or similar to work out what you'd have to do to reduce your retirement age? You've got a couple of decades to go at work, which is a grim prospect if you don't enjoy it.Eamonnn said:
Average family living a pretty average life, no foreign holidays or big expenses etc, but nobody goes without
No foreign holidays because you don't want to, or you think you can't afford it? Eamonnn said:
Monthly income tends to equal monthly expenditure therefore savings are pretty static
Have you analysed your expenditure? Could savings be made in order to do other things (such as a foreign holiday each year)?Eamonnn said:
Hi all, I’m documenting my current position so I can refer back in future, and because often the feedback and discussion provides valuable advice and insight.
44, +partner, +2 young kids in school
£520k house, 45% LTV at 1.3% until June 26
It’s our forever home that’s had over £100k spent on a back-to-brick refurb in 2022
£57k notional salary, £5k discretionary bonus
£11k salary sacrifice into workplace pension
+3% employer contribution
Current pot £56k
Previous employer DC pot £126k
Previous employer DB £3k/year
Expected retirement age 67, desired retirement tomorrow (lottery win-dependent)
Partner part-time salary £27k
No debts beyond mortgage
Savings £15-20k majority at 5%
Average family living a pretty average life, no foreign holidays or big expenses etc, but nobody goes without
Monthly income tends to equal monthly expenditure therefore savings are pretty static
We both have parents in good health, all four are mid- to late-70s.
I’m considering paring back the pension contributions and building the savings pot, possibly putting some of it into the pension in 18 months when the monthlies will be going up from £900/m to £1300/m.
We don’t have a luxurious lifestyle, far from it, but we are very happy.
Cheers, Eamonnn
That is spookily close to me too. House is worth about half but owned outright. The rest is a rounding error.44, +partner, +2 young kids in school
£520k house, 45% LTV at 1.3% until June 26
It’s our forever home that’s had over £100k spent on a back-to-brick refurb in 2022
£57k notional salary, £5k discretionary bonus
£11k salary sacrifice into workplace pension
+3% employer contribution
Current pot £56k
Previous employer DC pot £126k
Previous employer DB £3k/year
Expected retirement age 67, desired retirement tomorrow (lottery win-dependent)
Partner part-time salary £27k
No debts beyond mortgage
Savings £15-20k majority at 5%
Average family living a pretty average life, no foreign holidays or big expenses etc, but nobody goes without
Monthly income tends to equal monthly expenditure therefore savings are pretty static
We both have parents in good health, all four are mid- to late-70s.
I’m considering paring back the pension contributions and building the savings pot, possibly putting some of it into the pension in 18 months when the monthlies will be going up from £900/m to £1300/m.
We don’t have a luxurious lifestyle, far from it, but we are very happy.
Cheers, Eamonnn
I guess the difference is that despite total income (from both) being a few hundred apart we do have 4 or 5 foreign holidays a year but won't have a nest egg house to downsize from when we're old, unless we move to a caravan in Middlesbrough.
If it was me then I would keep up the pension contributions rather than putting some in the savings pot. You're currently making best use of the 40% tax relief.
Otherwise, I would pretty much do the same as you if I was in the same position. It sounds like your family are happy with your current lifestyle and that is most important so I would carry on as you were.
Otherwise, I would pretty much do the same as you if I was in the same position. It sounds like your family are happy with your current lifestyle and that is most important so I would carry on as you were.
Seventyseven7 said:
2 kids, 55k salary and people saying talk to an IFA. 
So it's much better just to plough on with work for the next 23 years in blissful ignorance, rather than have a retirement planning session with somebody who can run through various scenarios?The OP's potential household income is currently £89k. Not sure why having children precludes people from getting advice.
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