If you’re a long term SAHM

[Ebenezerpud]

What are your plans for pension/retirement?

I’ve been at home with Dd for 3 years, worked 17 years full time prior to having Dd (had her fairly later in life) plus 4 or so years part time whist in college/university.
I live abroad so don’t think child benefits pays into the system as it were in the U.K., so I’ve lost out on 3 years of contributing to a state pension.
I have 10 years of paying into a work pension also and own my own home. I’ve enjoyed being at home so much, but feel panicked at times that I’m not paying into my state pension, should I be worried?
Sahm’s what do you do? Are you worried?
Do you see it as just a short time out and it should make up for it when you go back to work or does your Dh pay into a pension fir you? What are the options?

Am I missing something - why is nearly £180 a week ‘not enough’?

I contributed to my state pension all the years not working. I also invested in a couple buy to lets when my husband died so have other income, though I will probably sell at least one to help my kids get on the ladder and the other for my retirement if I need the money for care or whatever.

Do you plan to never work again then ?

I have a private pension with Vanguard that I pay into each month with what my husband gives me as the housekeeping, I probably don't pay enough in but I will go back to work, just not sure as what I will do for a job as don't want to return to previous career and would find it a struggle to.

I worked for 15 years before having my son. I never returned back to work. DH was by then earning a very high income and we were at a point that we were financially secure with a good spread of investments. I’ve not worked now for almost 7 years. DH has put some lump sum payments into my superannuation fund during this time. It’s still not anywhere close to what his is though. I’m not worried about it as the super/pension is not a significant part of our retirement income/plan. We are in our 40’s and have planned on funding our own retirement. We are assuming that by the time we retire there will be so much means testing , asset caps etc that we won’t be entitled to anything.

It's 35 years contributions iirc, not 39. I had 29 years prior to the change in the rules in 2016. I was a SAHM/trailing spouse abroad for 13 years. When dh retired and we came back to the UK, I went back to work full time. Not great pay, but I pay my NICs and into the CS pension scheme. I can also buy back years to up my state pension. There is an upper limit I can get, as my Teachers Pension and Local Government pension mean a deduction is made from the state pension as those were contracted out.

I am only buying back years post 2016. I paid 2 months of NICs last year, and it is only about £250 to buy back the rest of the year which seems low. I will be checking that, and if that's right, will buy that back this week. If I work til 67, I should have all the required contributions.