I'm 50, self employed with no pension - ideas please?

[elsanandanna]

It's as the title says.
I am a childminder so my income can vary.
I didn't think I would childmind after my own children started school but here I am 15 years later. I have no idea how time went so quickly.

I have only £3000 in savings. It seems impossible that I got to this age and didn't give it a thought.

I have paid off the mortgage but won't be able to downsize in the future as I'm already in the smallest house ever. And live where property is cheap. No inheritance in the future. No rich husband.

I need to think about myself and quickly.

ISAs pay only about 1%

What should I think about?
Thanks

ChickenyChick (and anyone else with gaps in your NI record) - If you have any money sitting in savings you can still fill in some of the gaps in your NI record. It’s a few hundred pounds for each year, but each year you buy will increase your pension by a few thousand pounds overall. It’s definitely worth considering if you can afford it.

More about it here:
www.royallondon.com/media/press-releases/2019/january/workers-urged-to-top-up-state-pension-now-to-avoid-april-2019-hike-in-cost-of-contributions/
Unfortunately it looks like the cost has gone up a bit now.

You are probably better to get a pension fund but ensure it is equity invested.

You can draw down at 55 but if you do (apart from drawing the 25%) lump you will,have future contributions above £4K per annum restricted

So glad I came round this thread. I am in a similar situation: childminder with no pension plan. I am 45. Recently I have started thinking of pension and what do I do. And I have got extremely worried.
Even a few months ago I could not think of saving for my pension, as we had a very big spendings related to our house. But now we have finished with all the building works and I am saving finally! And I work hard and I am doing well. But I have no idea where to start, so I am reading this thread with great interest.

Hi, can I ask - if you have a nest pension is it worth getting a SIPP as well? Are you better off putting the extra money into the nest one or am I missing something?

I'm 46 and no pension with about £20k sitting in ISA. Have just started thinking of the need of building my pension but no clue how...

I was recommended Scottish Widows's standard life. I don't know what standard life is... The other things I was recommended to consider were a personal pension, Stock & Shares ISA, a stakeholder pension and SIPP. Now I'm very confused. A problem is I don't understand the difference between those!

I know I have to take a risk but I think I need something secure first then can think of adding something riskier. Can someone help me where to start???

You mention that you earn more as a childminder than you would as a TA. Have you looked at the Local Government pension scheme contributions that would be paid for you and factored this in? From memory it was more than 20 pc that was contributed by the school I used to work in - one of the best pension schemes in existence. Worth a thought.