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SAHMs - What are you doing/thinking regarding pension/retirement?

(6 Posts)
1234hello Mon 30-Nov-15 21:09:41

Are you relying on DH?
Are you thinking you'll have enough from previous/future jobs? Or are you paying into a pension at the moment?

If the latter, can I ask how much?

I am sort of doing a mixture of all of the above, with a fair amount of "on a wing and a prayer" too. I only put £100 a month away in an ISA, which is earmarked for pension. I know this isn't really enough..I have previously put lump sums in it and hope to continue to do this, but still probably won't be enough.

dontcallmethatyoucunt Mon 30-Nov-15 21:28:03

If you put that money in a pension the government would add £25 in tax (even if you're not a tax payer).

1234hello Mon 30-Nov-15 21:31:20

Thanks, yes, I think a personal pension would be a good plan. I've put this in chat too if you're interested -more traffic there.

InMySpareTime Fri 04-Dec-15 10:29:59

I'm relying on DH's pension and lower living costs once we've paid off the mortgage. I only have a few years of work contributions for NI as I was working while studying, then had DS a few months after graduating. HRP has covered me since then, but my youngest is now 11 so I think that stops this year.
My income is too low for a pension (Self-employed and well under the Lower Earning Limit) so I'm unlikely to get a full state pension assuming it still exists by the time I get there.
PILs are minted, and DH is their only child, so there might be an inheritance (though I'm encouraging them to spend it having e.g. great holidays and theatre trips while they can!)
Mostly, I'm winging it.

Babyroobs Fri 04-Dec-15 14:49:37

I only have a small pension as have been working very part time for many years ( 4 kids) and before that was abroad for some years or studying. I am just hoping that in the next few years as the dc's get older I can increase my hours and pay more contributions, and also with our mortgage finishing in a few years time that we will be able to save more. DH's pension won't be much better than mine as he did not start paying in until he was in his mid 30'.s. I am resigned to us being poor in our retirement! We may get inheritance one day but you can never bank on that, there could be nothing left if df and fil have to go into Nursing homes or pay for care. althugh I hope to care for them as much as possible myself. It is a worry.

TheTigerIsOut Fri 04-Dec-15 14:54:56

Well, I am no longer a SAHM, the husband buggered off and although I returned to work ten years ago, my retirement plan is quite simple: I am signing off at 70, there's no money to survive, out of severe hardship, after that.

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