Average across all individuals who have some level of private pension cover or across all workers including those who have no private pension cover at all?
Be wary of what AI tells you.
Pension was Paused during 2008 Crisis - At 53, I feel Like I am Playing Catch-Up!
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Be wary of what AI tells you.
This is likely not a good idea. I had a look at my own pension values, and they've recovered all the initial Trump losses.
The average pension pot figure is completely irrelevant to you whether it's correct or not. There's hundreds of thousands of people with zero bringing the average down. And just because you have a higher than average fund doesn't mean it's enough for your planned lifestyle
Very true. I intuitively knew the AI reply was incorrect but the explanations, above, all explain why the 'average' might be so low.
Next, I need to get a handle on calculating our spending...this being specific to us and our lifestyle.
I'll look into this again also. Hope to be more brave!
Dr Strangelove
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It’s probably about right at the level of the pot.
But it’s an underestimate per person as lots of people have >1 pension pots and the providers don’t know this.
Out of interest, I asked Grok another question about the desired pension pot Irish people aspire to.
This was €433,000.
Without some clarification of the criteria used to arrive at such a figure it's meaningless.
I think this falls into the category of questions that GenAI's will never admit they do not know the answer to!
To be blunt, who cares? All that matters is how much you need.