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AIBU?

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Original poster

To pause pension contributions on mat leave

31 replies

Sparksi · 31/07/2024 18:35

I understand about the pension gap, and that pension contributions are very worthwhile as they gain interest & often employers match your contribution.

I am wondering though if 9 months really makes a difference? Yes I want to be comfortable in retirement but I also want to be comfortable now, and £150-200 extra (can’t remember what I pay exactly) would really help.

AIBU to pause contributions over mat leave?

OP posts:
TemuSpecialBuy · 31/07/2024 18:43

It’s free money.

i dropped mine to minimum matched on my second mat leave but wouldn’t drop them entirely ever.

I’d rather go without baby classes, buy 2nd hand vs new, forgo a holiday than stop my pension contributions

i plan to retire at 60 come hell or high water

stealthninjamum · 31/07/2024 18:42

I’ve got two teens now and if I could go back in time I would’ve asked exh to pay into my pension. If your employer makes a contribution and you have tax relief added, with compounding interest that small amount of money could have grown considerably.

Google compound interest calculator, there are loads of tools where you can pop in an amount of money, expected growth rate and number of years you expect to be investing that money and then make a decision with the best information available.

Original poster
Sparksi · 31/07/2024 18:39

PotteringAlonggotkickedoutandhadtoreregister · 31/07/2024 18:39

But if you have more children it’s not just 9 months - I had 3 so it would have been 27 months.

Do anything you can to protect your pension - your future self will thank you.

We’re thinking we just want one, but I appreciate your point and hadn’t thought of that

OP posts:
Original poster
Sparksi · 31/07/2024 18:39

Underlig · 31/07/2024 18:37

Will your other half - if you have one - be contributing to his pension? If yes, I think you should too. I didn’t, and wish I had.

My husband, yeah probably, whilst also doing a ton of overtime to further boost our funds as a family.

OP posts:
PotteringAlonggotkickedoutandhadtoreregister · 31/07/2024 18:39

But if you have more children it’s not just 9 months - I had 3 so it would have been 27 months.

Do anything you can to protect your pension - your future self will thank you.

Underlig · 31/07/2024 18:37

Will your other half - if you have one - be contributing to his pension? If yes, I think you should too. I didn’t, and wish I had.