To think 53 is too late to start a pension plan?

[probablystuffed]

Has anyone started one this late? Is it worth it?

It's never too late and yes it's worth it for the tax concessions you get. How much were you thinking of putting into it ?

might be worth it, yes.

it will depend on tax benefits and so on.

what kind of situation is it - private pension? It depends on so many things.

You need to talk to an IFA. But if you have a lot of income that could be sheltered from tax then it probably is worth it.

I am self-employed so it would be a private pension.

Can you give us some figures? How much you earn and how much you want to/are able to pay into a pension.

Gosh its really variable. Is anyone else completely ignorant like me? Do you put in monthly or as a yearly sum or calculate on what you may need? I earn nothing some weeks and then might get a project for 10-15K over 3 months. Last year I think my income was , say £32K (rubbish compared to my previous employed wage but I am FREE)

To be honest, I want to say an amount but fear it would be silly. £25 to £100 a month? Is that useless?

I'd say you're not going to get very much pension based in that income unless you only plan to retire when you're 80!

Probably is a bit useless at that level. Best option would be to get a job with a good pension plan and pay in the Max you can and accept the max from them. My friend did this, got a job doing admin for the police, paid in 16% and I think they paid in their maximum of 9%, made 15 years contributions decent

Well obviously anything is better than nothing but at 53 you need to prioritise having some cushion.

What were you planning to live on after retirement? Do you have property to sell/downsize? Savings?

Every penny saved now is money that can be utilised once you're not earning.

I’m self employed too. I put more than you’re proposing into a pension monthly (250) and at the end of each tax year I put what I can into an isa.
I can’t risk upping my monthly contribution in case I hit a slow period so the yearly isa is a way round that.

And I earn 35-40k right now before tax working around school hours. So similar to you.

mmm. its not good, is it.

@museumum dod you just put that £250 aside each month or pay into a pension plan?

Starting at 53 and paying in £100 per month, you're looking at getting back around £50 per month if you took the pension at 67.

Every little helps.

£25 a month?

I only got the £25 a month from a pension website tbh.

I think you probably need proper financial advice.

I’d say it’s a balance. Especially as you’re only looking to invest over a relatively short 10-15 year period. You could go for a pension (with tax relief as the money goes in, but taxable as normal income when you draw money from it) or you could equally invest a fixed amount each month in an ISA (you’re investing money that has been taxed, but don’t pay tax on it when you take the money out).

@OublietteBravo yes, definitely getting the vibe that I will need to get some advice.

I was hoping someone would come on and tell me they had done it and everything was great - but I think I'd better take my head out of the sand.

And I have to do all of this on the quiet ad my DH is bizarrely anti pensions. He is a fearful "money in the mattress" kind of guy. I have got to the point where I need to sort this myself .

Definitely don’t be afraid to do it on your own. I’ve got much more invested than DH. He’s not really a saver. He’d better hope that I don’t decide to leave him at some point in the future, because he’ll struggle financially if I ever do.

I thought married couples could split pensions if they got divorced?

OP, yes, you really need proper advice.

heck i'm going loopy i read it as 'to think 53 is too late to start a family'

My DH has just started one at 52 he's also self employed. Surely it's better late than never? Can't hurt. He's putting in £500 a month. He didn't do it earlier as he was busy paying our mortgage off which is now finished thank god.