Pensions - is it really worth saving very small amounts esp if you've left it late?

[FuckingFinances]

It nearly seems like if you have not started this in your twenties, or are not a higher earner who can funnel megabucks in once you are over say 35, there is very little point?

Frankly I don't really understand the various calculators well enough, I have several chronic illnesses causing fatigue and brain fog and don't have the energy to read or process a lot - these illnesses play a massive role in why my earning capacity has been so shite anyway - but it seems like you need a huge giant pot to get any kind of modest return?

I am self employed part time, and hitting 40 and won't be entitled to a state pension, I'm abroad but even if I was at home I wouldn't have enough contributions at all.

Just feeling depressed and a bit worried, financial stuff is so hard.

What is everyone else doing who hasn't managed to save enough?

I have about 40k in AUD and that’s it. I just started working again last year and put in 20% of my PT salary. Company gives me another 3%. It won’t add up to much but it will be something. Better than nothing. I won’t qualify anywhere for any state pension either. I try not to think about it.

A lot of advice you'll get here will be specific to the UK. Can you say what country you're in?

Saving £150 a month sounds loads to me!

Whether it's into a pension or another account, def save it towards your retirement. Money Saving Expert website will have good advice, as will the book by Claer Barrett about what you don't know about money, I found it really useful.

A lot depends on where you live now and if you intend to return to the UK, either to work or when you retire.

The pension rules in the country you live in would seem to be the relevant ones, so where are you, and is there a decent social welfare system? Won't you qualify for a pension there, even if it's a lower rate one based on not having sufficient contributions? Do you know what your pension would be if you stayed where you are?

Re putting money into a private pension, anything is better than nothing, and you can look into local tax breaks etc.

It's never too late to start a pension. For UK employees with missing National insurance contributions, it can also be worthwhile buying extra years towards your state pension..

This is great - really heartening to read that it can add up to a solid amount even if it seems very small.

Wow, really glad to read this! I can imagine how hard won those savings are. Very pleased for you.

Which country are you in? Will you get state pension there if there is one? Could you come back to the UK and start contributing?

If you say what country you’re in then people with knowledge of that country’s set up may be able to help you.

In the UK it’s always worth saving for a pension because of tax relief from Govt, and employers contributions if in employment. YABU to give up and just not bother. Even a little is better than nothing.

Whatever you put in now, you'll be glad you did.

It is always worth saving what you can. Having some savings is normally better than having none.

Obviously there are some circumstances related to benefit thresholds that are exceptions but you can't know whether this might be an issue 20-30 years in the future.

My DH is self employed and only contributes small amounts to his private pension. It adds up over the years and interest compounds.

Hopefully his pension will just be for fun stuff and we will be able to pay our essential expenses from state pension, my pension and his old occupational pension but it is still worth saving.