Hi
I am 43 and will probably be made redundant in the next few months,
I have worked so far in a niche area where there are few jobs and one option we are considering is that I may end up staying at home to mind our 2 young kids while my partner continues to work.
We believe with some cutbacks we can manage long term on my partners salary plus some savings (but time will tell on this).
I am wondering what my current pension fund will be worth in real terms when it comes to retirement age,
I think I have been fairly OK at maximizing pension contributions and AVCs to date and have paid a lot into the fund so far.
My current pension fund stands at 260k as of April 2010.
If I was to make no further contributions to this fund, can anyone tell me what kind of income this would provide when I draw this down at retirement age ?
What yearly pension could I expect to get from this assuming average growth rates over the next 20 odd years ?
Figures in todays value would be great,
ie this would be equivalent to an annual pension of 5k,10k 15k or whatever in todays terms if you were to leave it as is and then draw it down at age 65.
Hope this is clear
Many thanks for any insights
I am 43 and will probably be made redundant in the next few months,
I have worked so far in a niche area where there are few jobs and one option we are considering is that I may end up staying at home to mind our 2 young kids while my partner continues to work.
We believe with some cutbacks we can manage long term on my partners salary plus some savings (but time will tell on this).
I am wondering what my current pension fund will be worth in real terms when it comes to retirement age,
I think I have been fairly OK at maximizing pension contributions and AVCs to date and have paid a lot into the fund so far.
My current pension fund stands at 260k as of April 2010.
If I was to make no further contributions to this fund, can anyone tell me what kind of income this would provide when I draw this down at retirement age ?
What yearly pension could I expect to get from this assuming average growth rates over the next 20 odd years ?
Figures in todays value would be great,
ie this would be equivalent to an annual pension of 5k,10k 15k or whatever in todays terms if you were to leave it as is and then draw it down at age 65.
Hope this is clear
Many thanks for any insights