How big should my pension pot be at 40

Liz Gordon
Liz Gordon
June 26, 2023
I needed to set up a personal pension and was quite anxious about the whole procedure but Chantelle Dean at the Ashley Cross office was so helpful and friendly, she put me at ease. She really listened to my concerns and explained everything clearly. There was no hard sell. I now have confidence that I have the right pension fund for me. Highly recommended.
Andrew Partridge
Andrew Partridge
May 24, 2023
Maria Bolger was the epitome of professional throughout the course of our transaction. She was attentive, worked quickly and ensured all implications of entering into the mortgage were understood. Would highly recommend to anyone looking obtain funding for property purchases.
Antonina Kheinchtein
Antonina Kheinchtein
December 11, 2022
Great professional assistance from St Barts Finance team . Excellent knowledge of products and efficient service.
debra lovell
debra lovell
July 20, 2022
5* service I have used St Barts Finance for the first time having been highly recommended to them. I cannot thank or praise the team of James and Della highly enough - we had quite a challenge in seeking several remortgages at a hugely busy time with interest rates changing daily etc. James provided very prompt illustrations and managed to secure the best offers available for us, receiving full illustrations within 48 hours, mostly the same day, having gone through all our finances and our requirements for the future at the outset. On securing the offers from the various lenders, Della's due diligence in chasing, updating us weekly, was superb and we have finally secured all the loans we set out to achieve with St Barts Finance. Dealing with some of the conveyancing companies proved a little challenging but Della always sorted the issues promptly and efficiently, keeping us updated at all times. Huge praise and thanks to James and Della for your professionalism, courtesy, swiftness and approachability at all times in looking after Steve and myself in managing all our expectations to completion - what a superb team you are and one that I would highly recommend to anyone I know, or indeed out there, who need financial advice.
Ivan Scardino
Ivan Scardino
June 21, 2022
Outstanding service from Andrea along with Charlotte, both of them very professional and caring, they helped me and kept me updated throughout all the process. I would definitely recommend them and St Barts team!
May 25, 2022
During the height of the "race for space" Ashley Rich was extremely helpful in the purchase of my first property. He was professional and attentative throughout the mortgage application, he explained everything and managed to get me a fantastic rate. He even went the extra mile to call the odd estate agent who was adamant on ensuring my finances were in place when viewing. I can't thank him enough and I will certainly be using Ashley again when moving home in the future.
robin dolton
robin dolton
May 19, 2022
We have used St Barts for all our purchases and Re-mortgages over the past 8 years. Richard and his team are always really helpful and the process is painless. Would very much recommend.
Beth Hawker
Beth Hawker
January 10, 2022
James and the team have helped us massively through really difficult property sales. They always had our best interests at heart and are great communicators! Couldn't recommend them enough.
Maira “maimai”
Maira “maimai”
December 23, 2021
As first time buyer, I thought it would be very stressful find the right mortgage, but I understood I was in good hand and would not have any kind of stress when Andrea patientelly dedicated to me a lot of time to explain me what I must know about mortages and gave me the oportunity to choose the right mortgage, I am very satisfy about this. Sarah was very kind and keep me updated at any time at any stage of the procedure, always available to answe at any of my queries. Richard ensured that I have the right insurances after my purchase. Competitive rates and money very good spent, I would highly recomend St Barts finance. I thank you all the staff for the support received.
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Do you know what you want type pf pension advice you are looking for:

Have you ever asked yourself: “How big should my pension pot be at 40?” If so, within this article we aim to help you answer that question.

Retirement might seem a long way off, but the clock is ticking. At 40, you’ve probably started to think about your pension and whether it’s time to start making bigger contributions or set up a pension if you haven’t done already.

If you are someone who has been making pension contributions for a number of years and you’ve saved up a substantial amount into your pension pot by the time you hit 40, well done! However, do you have enough money to live off? Are you going to be able to sustain your lifestyle without working? Let’s find out below!

If of course you’d rather skip the reading and contact a pension advisor straight away you should give us a call on 01202 520550 or email [email protected].

Half your age pension rule 599x400

Am I saving enough for a good pension pot?

If you have been wondering if you’re saving enough money for retirement and you’re not sure how much you’ll need, here’s a quick and easy way to work it out.

According to HSBC, to calculate how much you should be saving towards your pension, divide your age by two, then use this figure as the percentage of your salary you should aim to be saving each year.
Half your age pension rule

This rule of thumb has been recommended by many financial experts. If you begin saving at age 20, you should aim to be putting away 10% of your annual income; if you begin at 30, 15% of your income is recommended; and so forth.

So, therefore, It is suggested that at the age of 40, you should really be putting 20% of your wages into your pension pot. This is a 5% increase up from the suggested amount in your thirties.

Of course, this percentage is just a recommendation and every circumstance is different. If you are able to save more than 20% then even better. As mentioned above, the more money you’re able to put into your pension pot, the more compounding interest you will earn.


Average pension pot
Based on the UK average, it is said that £260,000 is enough for a comfortable pension at 40.

If you’ve suddenly realised that your pension is much lower than this, don’t panic. We can help you work out ways to increase your pension pot below.

How big should my pension pot be at 40?
Firstly, it’s important to note that this is a difficult question to answer because this is totally dependent on your lifestyle and spending habits. For example, you might be someone that likes to spend their money lavishly on cars, holidays and meals out.

If this sounds like you, then obviously to sustain this lifestyle you will need more money in your pension pot at 40 than you probably think. On the other hand, If you live a very modest and budget-friendly lifestyle, your pension pot may not need to be as big as you think.

UK pension pot statistics
There are about 12 million pensioners in the UK.
In 2018/19, the average State Pension amount in the UK was £176 a week.
The earliest age at which you can usually withdraw cash from your pension fund is 55.
In 2019, the average age of retirement in Britain was 65 for men and 64 for women.
The average pension pot at 65 in the UK is currently £61,897
17% of Brits aged over 55 have no private pension savings.
A single person’s full new State Pension was £175.20 a week in 2019/20.
In 2017/18, 10.4 million individuals were contributing to a personal pension in the UK.
Over three-quarters of UK jobholders were members of a workplace pension scheme in 2019.
The total private pension wealth in Great Britain from April 2016 to March 2018 was £6.1 trillion.