I am 54 and I have no pension

[WhyAmIGluingGemsOnThisDress]

I've worked in hospitality all my life, low paid, long hours. I'm exhausted. Putting money aside for a pension has always felt impossible. Ive been self employed part time for 10 years for reasons of childcare, disability, illness, redundancy. Suddenly I realise I'm facing old age with nothing, and the tiny consultancy niche I've had is about to dry up. My skills are out of date, my memory is terrible, my surgical menopause has given me such horrible anxiety I can't seem to function. I'm doing a course to try and reboot my career, but I can't keep up. How do I sort this mess of my life out?

I think you need to sit down and work out some actual numbers - check your state pension eligibility first. Then consider equity in your house (assuming mortgage paid) and any other assets, savings, likely inheritances, anything you can put in the “pot”.

Once you have a ballpark on what your actual income will be after you stop work think about what this means for you in practical terms. Might you have to downsize- what’s available, what’s acceptable? Cut down expenditure - how and in what areas is this likely? Maximise income - keep working, lodger, benefits.

If you have an idea of what’s coming you can at least plan for it.

If your house is paid off and you can get a lodger in, plus state pension, you'll be fine. It sounds more like it's the next 13 years that's the issue.

Contrary to what people say, a tiny private pension isn't often better than none. Because it cuts you off from additional help you could get, were you on state pension alone. Unless you're suddenly in a position to chuck thousands into it (and it doesn't sound like you are) then there's little point tbh. You're better off putting that money into making sure your house is fully maintained, setting aside a pot for things like a new boiler etc.

Maybe do something to help with your menopause anxiety brain fog as well? Try some qigong.
Then you can think straight about money pensions, helping yourself.

Are you able to take HRT? Even if it's testosterone and caginal oestrogen?

Can you just get any job for now through an employment agency? Once you get a perm role, sign up to their pension scheme as it's free money plus a tax-benefit to you.

You still have options here .You can downsize as you say,or remortgage/Equity release.Take a lodger in.Also I thought you still get some state pension even if self employed? Can you look at your outgoings at all.Even £50.00 pm is a start. I have a feeling you can start a private pension at any age .Obviously you wont have a huge sum, but you will have a bit put by

As @DancingLions says its not always worth having a small pension (I do). I'd focus on paying your mortgage off and getting a bit of savings behind you for house maintenance/breakages such as boiler, washing machine etc. So long as your house is smallish (I'm in a small mid terrace) and you don't have an expensive lifestyle then the state pension is adequate so stop worrying💐

Ive paid £3000 to top up and the government have now frozen tax thresholds until 2031. So effectively Ive paid to have part of my state pension taxed at 40%. Bloody government!

Your skills are very transferable. I would try and get a job in the railway industry. Fantastic pension, pay, holidays, support etc. And they are very positive about people joining later in life. I certainly wouldn't bother paying out for any more courses.

I should have it, as I just need to work a few more years to qualify.

Lots of advice, thank you all. Time to take an evening aside to look at railway and local government roles as a starting point. I feel like I'm not going to transfer industry easily, but as a pp said I must have transferable skills. Sometimes the anxiety gets too much, but I know I can't ignore the need to do something. I feel very old and vulnerable suddenly and its ridiculous because at 54 I should be living not hiding from life. Thank you all.

I thought that too, then had a stroke (at 55, overnight, completely out of the blue) & cant work now 🙇🏻‍♀️ do what you can as soon as you can🤗🌷

It’s so stressful isn’t it. I’m in the same boat. I paid into a work pension for years to though but only part time and I’ve rolled that into a private one I started in my 20s. It’s got £29,000 in it which is utterly pointless.

Could you have a lodger? Tax free up to a certain level (£7500 pa from memory).