Retirement fund

[trickywoo]

I know this is PH and I risk the 'anything less than £1m isn't worth worrying about' answer but if you were in the position of not being able to top up a retirement fund with a retirement date 12 to 15 years from now what would you say is a reasonable sum to have now?

Happy with a 100% equity managed style home for the money until then.

Not looking to live the high life in retirement BTW.

[trickywoo]

Looking to take it around 60 +/- a few years.

[trickywoo]

BlackG7R said:

How much do you ideally want / need to live on a year, and how much are you putting in a month ??

In today’s money £1,500 a month would be plenty.

I have a reasonable fund now but may not be able to add to it significantly hence my question about what is a decent pot 12 years out.

I know it’s crystal ball stuff but am still interested in other people’s views.

I’m hopeful that around £200k isn’t too far off.

[trickywoo]

BlackG7R said:

So back of a fag packet calculations you want roughly the equivalent of a £25k p/a salary in 10 years time, so call it £30k p/a in 2031.

Isn’t it more like £20k now because there won’t be any NI just income tax?

That 20% less makes a big difference.