Scottish Widows would love to hear your concerns about retirement: share now and you could win a £250 voucher! NOW CLOSED

[KathrynMumsnet]

Claire Stracey, Head of Marketing Communications at Scottish Widows says:

"We know thinking about retirement is probably not front of mind, especially when you have more pressing tasks to take care of as a busy mum. Whether you’re in full-time employment or you’ve taken a career break, we’d love to hear any retirement planning questions that keep you awake at night. Have you had trouble finding clear information on your pension options? Are you confident that you’re setting yourself up for the best possible retirement?

We want to make retirement planning less daunting so we’ll be sharing stories and suggestions from our pensions specialists to help you get - or stay - on track.

So what are your biggest concerns when it comes to retirement? Let us know on the thread below and look out for pensions information for mums here; on Facebook and on ScottishWidows.co.uk."

By leaving your comment below, you’ll be entered into a prize draw where one lucky Mumsnetter will win a £250 John Lewis voucher*. Standard T&Cs apply and can be viewed here.

Thanks and good luck!

MNHQ

*Scottish Widows and The Lloyds Banking Group are not affiliated to the prize draw and accept no liability in respect of the prize draw.

[MakeTeaNotWar]

My husband and I are at odds over pensions - I pay into a private scheme via my employer, mu husband doesn't have a pension and think we should blow the lot by investing in property. I have no idea what is best for us and already in our 40s, the reality is that retirement isn't that far away.

[CopperPan]

I've only just started a private pension in my 30s, and I'm worried that I just won't save enough for retirement. I know I'm supposed to put a percentage of my salary of half my age into it, but I just can't afford that at the moment. I'm worried about locking any more money away as I know I can't access it until I'm 55+, and that would be no good if I lose my job etc.

[stardusty5]

I am under 30 and have paid into my work pension since i started working full time. I am terrified of being poor in my old age, and being a burden on my family should i need care in later life.

I find it very confusing to know whether i am doing the right things towards my retirement, and other than trying to pay off my mortgage before 60, I don't have any other ideas. I worry that all the money i am sacrificing to my pension now will count for nothing when i try to draw it.

I am resigned to the fact that i will probably be 70 at least when i retire, and this makes me sad that it may mean that i am less useful to my family in terms of providing childcare for my future grandchildren.

I don't lead or desire an extravagant lifestyle, but i just want to feel that i will be able to support myself, and take part in a social life.

[Mickeyanonymouse]

I have a company pension, but it's not great. We are trying to find ways of topping this up - possibly a buy to let. We are thinking that we can either top up our pension income with the rent, or sell and release equity, or use it to help the kids out. Our own home will be mortgage free by then, and we could probably downsize or move to a cheaper area.

[MadisonMontgomery]

I have a pension through work (NHS) but I have no idea whether I should pay into a private pension as well, or whether I should pay more into my work pension. I worry that if I got ill whether I would be able to claim my pension early, or whether I would be better taking out some kind of insurance? I'm on my own and don't wish to ever be reliant on the state. It all seems very confusing, I wish there was an idiots guide to pensions!

[TattieHowkerz]

I too am not sure if my NHS pension is enough. I'm thinking of start a private pension but don't know where to go, or how much is worth paying in. Also DP doesn't have a pension at all. I want to encourage him to start one, but am not sure where he should start, particularly as his income may vary in future.

[chocolatechip123]

I worry about underestimating the cost of living in the future. Also I'd love to be able to help out DS in buying a home as property prices are crazy!

[SusieR]

I'm concerned that I won't have enough enough pension fund when I retire due firstly to a 10 year break whilst being a stay at home mum, and secondly now having a low paid part time job which means I don't have to worry about child care.

[skyeskyeskye]

I only paid into a works pensions fund for a couple of years before having DD and going self employed a couple of years later. I stopped paying into it when my marriage ended as I could not afford it. that pension will now pay me around £250 a year when I retire, whereas it was supposed to be £250 a month if I had stayed in my employment.

I had to remortgage for 25 years in 2013 after divorce, so now have a mortgage until I am 66, unless I come into any money before then!

I can't afford to pay into a pension, so my hopes all depend on the state pension being enough to live on when I am mortgage free. It is not a good thought.

On the down side of pensions, my aunt paid into one for years, then died a year after retiring due to cancer. She had delayed her state pension for 5 years as she could have taken it at 60. So she never got to see any of the benefit of her pension in her old age, so a complete waste of money.

[Dolallytats]

I stick my head firmly in the sand when it comes to pensions. I had a low paid job before having first DD at 19. Then I had part time low paid work and voluntary work as she was growing up. No money to even think about a pension.

When she was old enough I worked in a fairly well paid part time job while going to university-no money for a pension. I was hoping to become a full time teacher after uni.

1.5 years into uni I started getting panic attacks and I became pregnant unexpectedly after having problems conceiving for years.

2 years later I was severely agoraphobic, still am. On benefits unable to walk far enough to get DS to school without DH, let alone a job. No money for a pension.

I have no idea what I will be doing about a pension.

[CMOTDibbler]

DH and I both have company pensions, which should be OK, but I still find it hard to think about what those figures will actually mean as we'll have only just paid off our mortgage and got ds out of the house at that point

[Pixi2]

We have just set up a Ltd company. First year projections are on target but neither of us have any pension. It's something we want to look into soon though.

[LauraChant]

I didn't join my company pension when I should have done, so only got a few years out of it before I went on maternity leave, then left the company. I don't pay into a pension at present, as I don't earn enough working part time from home, although DH has one.

I also kind of stick my head in the sand - I don't know how much is in my pension, or at what point I should think about paying into it again or how to do that. It is actually with Scottish Widows I think! I will have to look at it shortly.

I do sometimes think I will be eating dry bread and cheese as a pensioner while my more affluent and saving-orientated friends are cruising the Med, but I balance that with the thought that at lease I am spending lots of time with the kids right now.

[PinPon]

Although I've been contributing to a pension all of my working life, I find it tricky to calculate how much I'll actually need in retirement. And whether I'm on track to achieve that (based on the rate of return of the funds in which my defined contribution pension is invested). I'd like to see the financial results of a number of scenarios - what would happen if I stopped working / worked part time / bought a buy to let property etc.

[InAndOfMyself]

My concen, especially since my divorce, is that there just isn't money to save. I am struggling at the moment to just make ends meet so I can't even think of retirement 30+ years away.

[chairmeoh]

I've been paying into a pension since 18. But only the minimal amount, and I'm not a high earner
I worry that my pension won't be enough to live on. I also worry that my DD (only child) will feel or be pressured to financially support me if I need care.

[VivaLeBeaver]

I'm seriously worried we won't have enough to live on in retirement. Dh is in his 50s and doesn't have a pension at all. I have a company pension but I only work part time so not paid in a lot. Plus I won't get it till I'm 67, so I'm more worried about what will happen when I physically can't do my job anymore but I'm too young for my pension.

[RoosterCogburn]

I've paid into a pension ever since I started working. I do worry that when the time comes it won't be enough so I save as well, I try not to become obsessed about saving - especially as I have some close friends who didn't live to draw a pension - and I remind my self that sometimes you have to live for today.

[starlight36]

I'm currently a SAHM but have paid into defined contribution pension plans over the last 18 years. Due to changing jobs and one company takeover I now have five pension accounts. At some stage I need to sit down and work out how much pension income I'm likely to receive at pension age and whether or not I need to try to put extra aside whilst I continue to be a SAHM.

[StickChildNumberTwo]

I have my head in the sand over pensions to a large extent - I pay into a work one but it won't be very big. My husband has a better company one (largely because he earns more) and manages other investments, but I'm a little concerned that I'm relying too much on his decision making and good financial sense.

[WowOoo]

My biggest concern is that we simply won't have enough. I think I need to start paying into another private pension as I really don't think mine is very good.
With the cost of living rising, I need to save more.

[Maiyakat]

When I first started working for the NHS in my early 20s, I thought paying into their pension would be enough. 'Gold plated pensions' and all that! Now, as I watch the value of that pension being constantly eroded, I do worry about whether there will be enough money there. However, my primary concern is how I will manage working in a physically and emotionally demanding job up to the age of 67.

[RubySparks]

My DH is 11 years older than me, how do we plan for retirement when I will be continuing to work when he doesn't? I can see he will be ok as there will still be a salary but what will happen when we both are retired?

[Orangeisthenewbanana]

I work for the NHS and so have had a good workplace pension since I started working after qualification. however, I worry that successive governments keep moving the goalposts in terms of contribution Vs returns and the age we can claim it (2-3 significant changes to the scheme in the 14 years since I qualified). I worry as it is a physical job, and if the retirement age keeps getting pushed up and up, whether I will actually be able to do it until I can claim my pension!

My DH has had a private pension for years at FIL's insistence, but he says he is definitely in the minority in his office. As with mine, it is almost impossible to work out what you will actually get out when you come to claim it and a part of me worries how well protected they are if something was to happen to the provider. Lack of clarity and complicated jargon make it difficult to know if you're actually planning appropriately. So I think our priority will be to clear the mortgage as soon as we can, and put the extra cash each month into savings to supplement the pension pots or give us the option of early retirement.

[missorinoco]

My concern is that the public sector pension I am paying into, whilst good, is less good than it used to be, and I expect will be altered again. I wonder if I should get a private pension also, but would be doing so on my expectation as opposed to what i know will happen. I dislike the uncertainty.


I also wonder re the shifting goalposts of how long I work until and when I can claim my pension. I am aware all these are years away, but it is hard to plan if an external factor can shift my plans.