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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

What age did you start paying in to a pension?

171 replies

Legoeverywhere92 · 19/12/2019 15:59

I'm 27 with a 4 year old who starts school next September so currently unable to put anything away and always opted out of pension contributions at work. I know I get a few years of N.I credits from child benefit but I'd like to retire with something decent so I'm not left in the same position as my mother who never worked and gets £113/week state pension (that's nothing).

When did you start saving, and how much did you put away per month?

Any tips on savings or good websites on saving for a pension/annuities etc?

OP posts:
AteAllTheAfterEights · 19/12/2019 16:02

21, my first full time job. I think I’m at about 80k now 11 years later.

I find Hargreaves lansdown good for other investments and they do a sipp etc.

Are you working? You are always best to at least maximise any employer contribution

wigornian · 19/12/2019 16:03

I joined occupational scheme when I was 25, can you join one now?

dalmatianmad · 19/12/2019 16:03

I've been paying in since I was 18, now 42. I pay approx £300 per month. I look at my colleagues who are retiring and some have massive lump sums with a decent payment each month.
I try not to think about the £300 that I could have going in my pocket every month!!

IDontDrinkTea · 19/12/2019 16:05

I put 11% of my income in. I started when I was 18

VanGoghsDog · 19/12/2019 16:05

I joined my first pension early twenties. How much I put away is irrelevant as it was a final salary scheme and so long ago the figures make no sense.

I now put c£3,500pm into the pension and am only expecting to retire on about £20k maximum, including state pension.

Petrichor11 · 19/12/2019 16:05

21 when I had my first permanent job I started contributing to the work pension. Unfortunately I’ve always been a low earner so it’s not much but I figure it’s slightly better than nothing

RuthW · 19/12/2019 16:06

I was 21. I always paid the minimum and I'm not 51. Pension fund is looking very good.

anxioussue · 19/12/2019 16:06

18 when I got my first job.

Mammylamb · 19/12/2019 16:07

Since I was 18. Always worked for large companies where it was automatically set up for me so no real effort from me.

Fairyliz · 19/12/2019 16:09

18 because my mum made me Smile. After working for 42 years I’ve been able to retire and it’s wonderful

MoreSexPleaseImBritish · 19/12/2019 16:10

In my opinion you can't afford not to pay in. If things are tight now when you have earning capacity they will be far tighter when you are on a state pension.
I started paying in at 23 as a single parent. I just pretended it was like an additional tax rather than my money in the first place.

However, I have only paid in the minimum and I am looking to address this in the new year.
You are supposed to have the equivalent of 1 years salary in a pension by the time you are 30, I'm 31 and still well short of that.

rattusrattus20 · 19/12/2019 16:10

i think 25.

FizzyPink · 19/12/2019 16:10

Ever since I was 22 in my first graduate job, my dad was always very firm with pensions advice. I’m now 27 and have about £10k but will step this up significantly once I finish saving to buy a house next year.

ChasingRainbows19 · 19/12/2019 16:10

26,14 years ago when I joined the NHS. So glad I did as at 40 retirement age creeps closer. Once the mortgage is paid off in around 12 years hopefully ( overpaying) I'll add more to pension funds/savings. but although I have one eye on retirement funds I have one eye on life now and enjoy it too. My mum died in her early 60s so I'm fully aware we don't all reach our retirement ages.

teenagetantrums · 19/12/2019 16:11

21 l think. I didnt actually take much notice off it to be honest. Glad l didn't as now through no forward planning l have a couple off good final salary pensions and a few other small ones that l will cash in when I'm 55. I always tell my kids to pay to in now. Just think off it as a saving plan.

Original poster
Legoeverywhere92 · 19/12/2019 16:11

I'm a self employed cleaner and p/t student. I make around £140-180/week. But I use some to pay off debts and for childcare to keep me in work. Hoping to get on to an apprenticeship scheme in September when DD starts school, so no childcare costs.

OP posts:
PlanDeRaccordement · 19/12/2019 16:11

I started saving at age 23 when I started a full time job that offered a pension to pay into. I set aside 10% of my gross salary. Then each pay raise, I upped it by 1% until I was putting away 15% of gross salary.
I decided to save for my future self before anything else- car, house, children. It was a wise decision because I have a serious health condition that has made me unable to work for several years at a time. I think too many people take their health for granted and assume they can just work longer and retire older. Many will not be able to do that due to poor health and are in for a nasty surprise.

Why did you say you are unable to put anything away? Having a 4yr old or being 27 are not reasons why.

PotteringAlong · 19/12/2019 16:11

At 25. You need to think seriously about what you can afford and when you want to start paying in. Think about what age you want to retire and how much you want and work back.

rattusrattus20 · 19/12/2019 16:12

saving for a pension is one of those things like the old Chinese proverb:

"The best time to plant a tree was 20 years ago. The second best time is now"

adaline · 19/12/2019 16:12

22, when I got my first full-time job after university. Since then I've always paid into my company pension scheme.

iklboodolphrednosedreindeer · 19/12/2019 16:12

20 when I got my civil service job. I've changed jobs a few times since then but always made sure I had a pension in place. I'm 50 now. I pay 5% salary sacrifice a month so the more I earn the more goes in (eg overtime money). I would never not have a pension.

Sushiroller · 19/12/2019 16:13

@VanGoghsDog
That's a huge amount every month - did your funds perform badly???

Bujinkhal · 19/12/2019 16:14

30, put approx 300 a month in. Yeah a little late but it's looking fairly healthy these days due to a good employer contribution.

PooWillyBumBum · 19/12/2019 16:14

When I was 20. Between DH and I we save 43% across pension and ISAs but we are hoping to retire early!

Could you manage 0.5-1% (remember it’s tax free/topped up) and then make a commitment to increase by a percent every year? It’s so, so important. No guarantees we will have anywhere near the level of help - or as early - as current retirees get, as the system seems unsustainable.

Chottie · 19/12/2019 16:14

Well, I'm someone who started work in the 1970s in a London bank. At that time, women were not put into the bank work pension scheme until they were 28 and then only if they were unmarried. So I missed out there.....

Glad to see so many women are paying in from an early age now.