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Original poster

Pension

9 replies

Nicetobenice67 · 09/03/2024 16:55

I’m 57 and I haven’t got a private pension and I opted out of the work pension I’m really worried about the future now wish I had been in a pension but I’m not I have no mortgage now so that’s a bonus but is it to late to start a pension

OP posts:
NannyGythaOgg · 09/03/2024 17:12

It's not too late to start one, but unless you earn an absolute fortune, it's too late to start one that is going to be worth very much.

It is still worth paying as much as you can possibly afford into a pension though as it has tax benefits for you. Money paid into a pension is pretax and (again, unless it's a lot) you won't pay tax on it in the future either.

I also don't have a mortgage and have a very small private pension on top of my state pension. About £150 per month. I could, currently, just about live on my state pension without this money - this money pays for holidays, Christmas extras and a few small luxuries. No one knows what the pension will be by the time you get there but there will have to be something for those with no private pension.

I would put as much as you can afford away in a pension and other than that, all you can do, is hope for the best. I would also check that you have the full complement of stamps to ensure you get the full state pension. Go here https://www.gov.uk/ to register to see your national insurance record as if you are short, paying into this would be a bigger priority than anything else.

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Original poster
Nicetobenice67 · 09/03/2024 17:22

NannyGythaOgg · 09/03/2024 17:12

It's not too late to start one, but unless you earn an absolute fortune, it's too late to start one that is going to be worth very much.

It is still worth paying as much as you can possibly afford into a pension though as it has tax benefits for you. Money paid into a pension is pretax and (again, unless it's a lot) you won't pay tax on it in the future either.

I also don't have a mortgage and have a very small private pension on top of my state pension. About £150 per month. I could, currently, just about live on my state pension without this money - this money pays for holidays, Christmas extras and a few small luxuries. No one knows what the pension will be by the time you get there but there will have to be something for those with no private pension.

I would put as much as you can afford away in a pension and other than that, all you can do, is hope for the best. I would also check that you have the full complement of stamps to ensure you get the full state pension. Go here https://www.gov.uk/ to register to see your national insurance record as if you are short, paying into this would be a bigger priority than anything else.

Thanks for taking the time to reply …yes I’ve paid a full stamp …I could also get by on state pension but don’t want to just get by my fault I guess

OP posts:
TempleOfBloom · 09/03/2024 17:33

Are you still working?

Can you opt back in to your work pension now so that you benefit from the employers contribution?

Have you got other savings?

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Original poster
Nicetobenice67 · 09/03/2024 17:34

TempleOfBloom · 09/03/2024 17:33

Are you still working?

Can you opt back in to your work pension now so that you benefit from the employers contribution?

Have you got other savings?

Yes I work can opt in but is it worth it …I have twelve thousand in savings which isn’t a lot but I am single just one wage

OP posts:
Galliano · 09/03/2024 17:41

A very small private pension could stop you being eligible for pension credit and cost you the benefits associated with this so worth assessing this.

Original poster
Nicetobenice67 · 09/03/2024 17:42

Galliano · 09/03/2024 17:41

A very small private pension could stop you being eligible for pension credit and cost you the benefits associated with this so worth assessing this.

I’ve paid full stamp you only get pension credit if you haven’t paid a full stamp I will get full state pension

OP posts:
Tel12 · 09/03/2024 17:47

Yes, it's worth opting in to your employers scheme. Not being in is equivalent to a pay cut as they also contribute. You have possibly 10 years before state retirement age. TBH I would contribute as much as you can while also building up your savings. Maybe in an ISA?

Original poster
Nicetobenice67 · 09/03/2024 17:49

Tel12 · 09/03/2024 17:47

Yes, it's worth opting in to your employers scheme. Not being in is equivalent to a pay cut as they also contribute. You have possibly 10 years before state retirement age. TBH I would contribute as much as you can while also building up your savings. Maybe in an ISA?

Thank you I’m going to do this 10 years worth should be worth something I guess I can afford 150 a month

OP posts:
EdgarsTale · 09/03/2024 17:58

Definitely opt back into your work pension. It’s such a mistake to opt out as you lose the employer contribution & the tax benefits.

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