To think Mumsnet is not an accurate reflection of most women’s pension provision?

[Helpmenotpanic]

I have name changed for this although I am a regular poster.

I have always found Mumsnet really supportive but recently I think I have been hanging around on the wrong threads, because I am starting to feel worse about my life! In particular, there have been quite a few pension threads, as this has been in the news recently.

It feels like everyone on mumsnet has retired/is going to retire on at least £50,000 per year or more and it’s all down to “working hard”.

my future looks very different despite hard work and planning.

I have worked non stop since graduating from university. Full time or nearly full time, earning a pretty decent salary that probably puts me in the top 10%. I even only took a short maternity leave. BUT - it has always been private sector and various events completely outside of my control (including becoming a lone parent with a tiny baby following divorce) have meant all my efforts have been focused on keeping us financially stable right now.

So at 50, my work pension pot is currently a measly £50,000. I have £100,000 in savings (to keep me and teen dd afloat if I lose my job) and I am still paying a mortgage. I still have quite a few years left on my mortgage (thanks to my divorce, which was not my choice) so I suspect there will come a
point where I will probably use my savings to help pay off my mortgage as in the future I think my salary will be significantly lower (for various reasons I don’t think I can stay in my current job past 55).

i think there must be lots of women like me, or in fact much worse off, but maybe just not on the mumsnet pension threads!!!

I am 43 and due to various reasons, have no pension pot to speak of other than state pension. Again not through lack of hard work, just struggled to stay afloat for many years.

suspect I will be working for a very long time to come….

34 and barely any pension. I'm a lone parent so I just can't afford to put a lot away. Don't own a home either and no chance of ever doing so, I just can't afford it.

You sound like you’re in an amazing place compared to so many women.

There are tons of women on here with no pension for whom your £150k in assets would be huge. There are also women with large pension pots, potentially a higher proportion than the population generally because MN tends to skew affluent. But the average woman is absolutely not sitting on the thick end of a million in pension savings and in fact is probably worryingly under-resourced; you're disproportionately remembering women who have large pots because you're worried about your own so those examples are salient to you.

I don’t think any threads about finances on MN are particularly representative of most of the general population tbh.

Maybe you should see an ifa as that seems like an over amount in savings....or should be in high interest and you use the rest to top up pension....
You will have a house ...can you downsize and release capital that way .?
Even private companies have pensions have you stopped contributing?..
can you top up more.. most people dont stop work at 55 if you think you are going to have to can you look for alternative roles...

You sound like you are in a better position than me despite me having a “good” pension.

My pension is projected to be around £38k per year. My current salary is £48k per year; and I’ve been paying in for 12 years so far (I’m mid 30s)

However I will need to work til 67 (minimum!) to get it, as my mortgage won’t be paid off til I’m 67. And we have no other savings. House currently worth £250k (which is actually about double the average for my area but still)

This is an interesting (although worrying) counterpoint to the MN megapensions

https://www.pensionbee.com/pension-landscape

I'm 45 and don't have much. Full NI contributions so will get state pension.

7k a year in a defined benefit pension scheme from when I worked in Civil Service and about 10k in a private pension.

That's it.

Lots of equity, I guess, in the house.

I also just ignore those threads. I just need a roof over my head and to pay my bills when I'm retired. I don't go on holiday now so can't see that I'll suddenly want to start doing it when I'm 68.

My social life consists of dog walks.

What would I be spending 50k a year on in retirement?

£100k in savings?! Sorry, what?!?! That's amazing. You're in a good place.

I do hate the idea that wealth and working hard are connected. They can be, but many many people work so hard for a pittance and minimal pension provision.

54. No.mortgage on tiny house worth 150k if lucky Teacher. Not great pension pot. I worked hard. Working hard does not guarantee a good pension. Think some people come on to inflate earnings or boast.

I have minimal pension despite working all my life. We have a large house with equity so when the time comes we’ll downsize if we need to. I’ve never earned enough to be able to afford to live and save substantial amounts in my pension. I have paid in consistently so will have something, but not the sums some people talk about!

YANBU. I occasionally read pension threads on here and then wish I hadn’t. My pension pot is absolutely tiny- partly through some bad decisions and partly because I have worked PT for so much of my adult life. However, I’m 46 so still have twenty years of contributions to make, and I have no mortgage. I also have a rental property, the income from which will top up my pension, so I am lucky and feel I will be ok in retirement. I probably won’t be living the high life but I have no aspirations to do that.

OP with £100k savings and a growing pension pot you’re one of the luckier ones actually. Many women have zero savings and no pension pot

I think people who have a good pension are more likely to respond to those threads - I usually scroll by as they just depress me tbh.

I'm nearly 40 with no pension, if that makes you feel better OP. I'm also still renting, although I will probably inherit a decent amount at some stage, which will hopefully allow me to buy a home eventually so I'm hoping I won't spend my dotage in poverty.

Most of my friends don't have massive pensions either, some are decent earners but are throwing as much as they can at their mortgages as rates go up.

I am 48 and have no pension. I will have a state pensión here in Spain where I live. It will be about €1200 a month probably. DH will have less. We won't have a mortgage by then at least. But I can't do anything about it so there's no point worrying.

Mumsnet isn't an accurate representation of any facet of life in my opinion.

That’s terrifying and unsurprising. I work for the NHS and know so many people who aren’t in the plan.

I think there’s a wide range of what people have in their pension pot. Mumsnet attracts the affluent as well as fantasists which is why these posts dominate a lot of discussion.

MN does seem to be skewed towards wealthier women.

There are a few things that stand out from the OP's post:

• Private pensions are never as good as public sector.
• And even public sector isn't as good as it used to be.

But, whichever sector you're in, listen to us older women and pay in as much as you can, as young as you can.
The effects of compounding over the years can transform your retirement. I know that's tough with the cost of living at the moment, but don't deprioritise yourself by deprioritising your pension.

I bet a lot of people started reading the OP thinking 'phew it's not just me' then got to your £100,000 savings and thought 'shit, it is just me!'

I don't think MN is a true reflection of woman's pension pots or financial situation at all.

I have voted yabu. But only because you have a 100k in savings and 50k in a pension.

You could have put more into your pension but chose not to.

It’s the same as anything. Some people focus on pensions and some people don’t. Some people haven’t been able to put more in pensions. Some people have.

It seems you are annoyed that other people are simply in a different position.

I don’t understand the hate for the phrase ‘I worked hard for it’, they probably have. Saying ‘I worked hard for it’ doesn’t mean ‘I worked hard for it and anyone in a different position from me hasn’t worked hard’.

You worked hard at saving 100k. You say you worked hard to get where you are. Why can’t people say they worked hard to get where they are?

not much pension ( had two for two part time jobs in which jobs stayed for just 6 months ). Married with a life long dedicated partner, mortgage hall paid, partner's area of work will allow him to work until he wants, self employed any way.
they will want me to work until I am 71. Get me now to think about pension, he

You know you are in a better place than many women .
For context I work with many people who have no savings, work to pay next month's rent with a really shitty pension to look forward to .And they work long hours

Aren't many of them a different generation so had access to better pension schemes? The one I'm in was final salary but changed to new entrants whilst I was at uni.