SAHM and pension

If your child gets DLA at middle/higher care rate, you can claim Carer's Allowance. This pays Class 1 NI credits, which are slightly better than the Class 3 NI credits that are awarded with Child Benefit. Both credits count towards state pension, but Class 1 also counts towards JSA and ESA eligibility, but Class 3 don't; plus Class 1 will pay credits for caring for a disabled person of any age, whereas Child Benefit only pays credits for a child under 12.

You certainly can.
My old workplace pension was in a 'safe fund' not doing much; and the fees were over 1%.
I transferred this into a SIPP last year and pay a fee of around 0.03%, and it's grown around 40%.
Worth looking into.

I think check your NI contributions. You can pay for extra years to make sure you get a full state pension. Obviously you can add to this with other investments but that is a good baseline I would be looking to cover first.

SIPP is good idea for pension. Make sure you do your research about investing it. Rebel Finsnce School or Mesningful Money Pete mathews or similar.

Also adjacent to your financial planning, it might be wise to think about planning for your DC should they not be able to be financially independent as an adult. There are financial advisors that specialise in this sort of advice, because of the knock on implications. But broadly speaking, because of compound interest, small contributions you make now into a child's SIPP or other investment wrapper would grow in a substantial pot over the decades.

What?!? The ops title said she was a sahm!! What else would she need to explain?

I hope this comment was made by a misogynistic incel trying to be funny.

if not, and you’re a woman, then I feel sorry for you.

a sahp does work, childcare, they just don’t get paid for it. Their spouse relies on them doing this, so that they get paid. And the same way the child is both of theirs, so is the money.

if you are in a relationship where you are not valued and respected, change that.

Balancing payments into ISAs could be used to even out the difference.

Make sure the child benefit is in your name, so you are credited the NI contributions automatically.

DH can pay £2880 into a SIPP for you. Make sure you choose a provider with low fees, and a platform you feel happy using. And do some research on where you invest within the SIPP. General advice would be a low fee global tracker. But you can branch out from that to a greater or lesser degree depending on how much risk you want to tolerate, the level to which you want to manage the investment. There's an investment board on here if you want to mull that over

Also check your previous work pension, and make sure you're happy with how that's invested. The default fund is often low risk, low reward. Which isn't the best choice before 50

I'd also look into opening a LISA if you're young enough, or a S+S ISA and getting DH to pay into that any extra that can be spared. Again choose where you want to invest the money.

It’s totally “possible”, you just won’t get a tax break for it.

It's much better tax wise for you and DH to both work less than full time, and share the childcare. You pay less tax and will be eligible for more benefits like tax free childcare, child benefit and funded hours. In this day and age it is a massive risk to take many years out of work. The job market is incredibly competitive even for people who are working. Even though your marriage gives financial protection in the case of divorce, you would need an income to run your own home in that scenario. I do recruitment and I am turning down many amazing candidates every day who are overqualified. No way you'd stand a chance if you've been out of the work world for years.

You are right for planning and saving into a pension.

Too many SAHMs put their careers in hold and don't plan for the future. This is why you are likely getting push back because they don't see if as a family income and jointly protecting both adults in the family.

No advice but good luck.

@OutOfTheOtherSide I was working after having my first child then bam, medical condition that altered my entire life. I medically retired in my early 30s. That wasn't the plan. As I was a parent to a child I then became a SAHM. Not everyone actually chooses to be a SAHM but as I knew I wouldn't be working again I embraced it and tried my best to make it like a job to me.

As for pensions, ISA and SIPP for the free Government top up. I claimed Child Benefit to get my state pension NI credit.

I am now in my early 50s and am retired because no employer in their right mind would take me on. I am currently hooked up to a TENs machine to manage my pain. Luckily for me Dh is amazing, loving, caring and very generous financially.

Why are you so rude?

I have clearly hit a nerve! What you describe here is a world away from your previous posts. Perhaps if you had explained your situation more, you would get better advice. We are not mind readers - your situation is clearly very different to women who choose not to work (but still expect the world).

As an aside, I would explore both you and your husband going part time so that you can share the caring responsibilities whilst both maintaining your independence and protecting your careers (and pensions).

It counts as your 'stamp' for those years but you would still need to contribute years of work as well.

I am not sure you are in the UK.
Dufferent rules in the U.S.

What a short sighted comment made with only a small part of OP’s story. She shouldn’t have to justify her family arrangement to get the financial advice she asked for.
Lots of marriages are partnerships where one person takes on responsibility for income and the other takes on non financial responsibilities, or one partner may be ill themselves.

I may be wrong on this, but if you are married, are you not entitled to share everything?
I am assuming you are both in agreement that you are the one who is best placed to be with your child.
So when you are one day retired, surely you both share everything?
In the worst case scenario and you split, half of his pension is also yours?
If you have spare money together, you can set up a SIPP in your name. Or you could put money in a stocks and shares ISA. Both have tax benefits.
My husband and I are now a few years from retirement and we will pool everything to share. He has more in pension, I have more in savings.

If you are so committed to having a good pension, why don't you just work instead of relying on your husband to work for you and then expect him to pay for your retirement?