To not prioritise my pension?

[Towardsthenorth]

My parents paid loads into their pensions and both died without really benefiting from them. In part, I do attribute their early deaths down to stress leading to poor decisions.

AIBU then in not worrying about working PT because of pension)

@Tigersonvaseline

Op did you not inherit your dp pensions?

What's a fortune in old age?

For me it would be security to buy a new car if needed.
Pay for works around the House, new heating And not having to worrying.

Money to spend on DC and if I'm privileged enough.. GC

I thought you only inherited DP pensions if you were a minor when they passed?

Yes that was my understanding. I was 17 when my mum died but I received a small amount until I left university. My own DC would be entitled to similar and DH would get a big payoff as well. However, I don’t wish to die

But there is a middle ground. Not prioritising a pension just means I think I am inclined to enjoy life a bit now - part time, and so on - rather than not having a pension at all

Yes I agree...it's about balance.

My work already make good contributions towards my pension. I could pay an extra £150 or so a month in which my employer would match - and I've been chided on how stupid I am by colleagues to not be doing so now and missing the free money.

But you know what? We're enjoying that extra £150 a month right now. We have a young family...it goes towards days out, nice experiences for us all. I don't want to give that up at this point.

I know so many people my age, 30's ish, with families who work 60 hour weeks and are obsessed with paying every spare penny into over paying the mortgage and their pensions. Mortgage particularly actually, in a desperate race to be mortgage free by 50.

Long term financial planning is great but I have no intention of living a stressful, penny pinching life during my 30s and 40s just to be able to enjoy my 50s on.

Life is for living too and I'm enjoying right now ☺️

Has there been any suggestion that the state pension will be scrapped?

No. But as we've just seen with the breaking of the triple lock, things can change. At worst, I'd say pension may be means tested one day but won't disappear .... but that's just my guess and none of can know for sure what if anything will change in 30 or 50 years time. Which applies to society and life generally, not just the state pension.

The best retirement plan is to ensure you receive the full state pension (have enough NI contributions) and also make provision for some private income (pension, other investment, etc.). Then relax and enjoy life, today and in retirement.

[quote Towardsthenorth]@AllOfUsAreDead - it’s more to do with not placing all my eggs in a future basket which may never be needed.

I may live until I am well into my nineties or even beyond, but even so, I suspect that when I look back I will have wished I enjoyed my forties and fifties more. I don’t want to ‘save up’ my enjoyment of life for the future, I suppose.[/quote]
I think going part time is a good balance ... you're not talking about living off existing assets, just reducing the amount extra you build in return for some time to enjoy life. I think that's fine! I have several part time roles and never intend to work full time again. Even though they actualy add up to more than full time at the moment, the freedom if knowing I can just stop one at anytime is nice.

I can see your point.

I am saving towards retirement and hope to have a semi decent-ish amount at retirement age plus the mortgage paid off (and we plan to downsize and release some money that way in retirement too). However, I could earn more and put more money in my pension by working full time, but I'm not.

Why? I already have arthritis (started in my mid twenties), I have 4 other inflammatory conditions which are mild atm but will get worse. None of these stop me working full time at the moment but they will have more and more impact on my life eventually. I work part time because I want the extra days to do things whilst I still can - play piano, go hiking, run around with my son. I could work full time now and save more for my retirement, but by 50 I'm probably already going to be significantly less mobile and unable to do these things. No point saving for retirement if you can't do the things you want to do now because you're working, and won't be able to do in the future because of ill health.

As long as I have enough money for a decent blanket and some books on my kindle when I'm old and crippled, I'll be happy.

@Towardsthenorth

But then if I did that, *@mintbiscuit*, who would you be able to be rude to on the internet?

Thank you so much for that brilliant response. I’m stealing that, wish I’d thought of it. 😂

things can change

Well yes but without any hint that the state pension is going to be scrapped I can only work on current way of doing things.

My job could disappear, I could be struck off, or anything really, but while you can plan to an extent you can’t predict all life’s twists and turns.

Some pensions do award a pension to a spouse on the death of the holder. When I was working and saw the amount I paid towards my local government pension I often thought how nice it would be to have the money then, but now I am glad I paid in and have my own pension now. And now my DH has gone I am entitled to a widow's pension from his too.

Yes, mine does but I can’t live my life on the basis of my possible death either!

while you can plan to an extent you can’t predict all life’s twists and turns.

Agreed. Make reasonable provision for the future on the basis the sky won't fall in. Balanced with living well today - as posters have said, some things shouldn't be put off because you might not be able or want to do them later.

I'm supposed to retire next year at 66 but don't plan to. I intend to carry on until I'm 70 all being well..

I have several small pensions from previous employers. . One I cashed in a few years ago as the anticipated pension amount was pitiful. I am planning on doing the same to another this month as again it wouldn't provide enough to make a difference. Another is slightly larger but if I take my 25% they reckon I'll get £1500 per annum which means I'll be dead before I use it all. So I'll probably cash that one in next year or so.

Will still take my state pension from 66 even though I'll pay 40% tax. Might as well have that little extra 'beer money' in my bank account than defer, die and not get it. .

I have my existing company pension which will pay out when I'm ready and also has the benefit of a very good death in benefit amount. We also have very healthy savings so I'm not too bothered about a pension.

Your hatred is misplaced. You are directing it at pensions when the real problem was that they both did jobs they hated.

I advise my teens to do a job they like, that pays relatively well.

I think you should prioritise your pension.

I’m 54, lived overseas for about fifteen years, no qualifications due to family situation while I grew up. I’m now 12 years short of NI contributions and can’t get a full time job. If DH dies then I’ll be stuffed.

@Oblomov22

Your hatred is misplaced. You are directing it at pensions when the real problem was that they both did jobs they hated.

I advise my teens to do a job they like, that pays relatively well.

Hatred?

There is a balance. I’d always prioritise part-time working if that suits your situation versus full time for pension but I’d still be looking at making good contributions while you’re relatively young and contributions have time to grow. I hope never to go full time again but would if I needed the money for something I wanted in the short-term or a dream job.

So many people prioritise paying down the mortgage and then look at pension more seriously in their 50s but it’s the wrong way round really at the moment when mortgage debt is cheap.

I'm the same age OP and don't own a house nor do I pay into a pension. I'm going to have to leave work when disabled dc leaves school, so in theory I'm up the creek without a paddle. I'm not worried though, I'm exhausted now so can't see me wanting to take up any expensive hobbies or travel the world age 60+. I'm quite happy with my £150 per week state pension forecast.
We are helping the dc through university and hope to give them a modest lump sum (£10k or so) towards a deposit in the future, but they are aware other than childcare our financial help will end there.