Should I get a pension? Self employed and 36

[ColinFirthsGirth]

Hi everyone,
I would be very grateful if anyone could give me their view/advice on whether 36 is too late to get a private pension. I am self employed - not currently earning much of a profit yet - and have no occupational or private pension. My husband is 12 years older than me and will therefore retire quite a while before me. He has a private and a work pension although I don't believe they will be worth alot. I think I will get half of this when he dies -if he dies first. I would have to check this.

I went straight from being a student to a stay at home mother and then self employed. I could only afford to put in £50 a month at the moment - is there any point in starting a pension at 36 with only putting a small amount in?

I feel somewhat vulnerable in this area of my life. I have no savings at the moment but I have started to save when I can. Our mortgage will be paid off when I am 39/40.

yes, I think it is well worth it. Also get a check on how many state pension years you have; you can buy them at a cheaper rate if you are self-employed.

be careful with this; the goalposts get moved on this by various governments and if you buy more years than you need, you don't get a refund. But getting somewhere near the target might be worth considering.

separate issue, but what happens if your husband drops dead tomorrow or you do? Who looks after the kid(s)? Will the survivor have finance?

Putting into a pension (ignoring fees) gets a tax benefit but ties the money up - if you are not paying tax, then no benefit. I would put the money into a stocks and shares ISA and leave it there until you retire

At the moment specialsubject we only have life assurance to cover the mortgage if either one of us dies but it is term decreasing and we finish paying off the mortgage in 3.5 years as we have over paid alot in the past.

I guess I should look at further cover than this. We also have payment protection insurance for our mortgage. If I die my husband would be ok I guess but I am in a much more vulnerable place than him as I have no private pension and a very low wage at the moment and was a stay at home mum for quite a while.

We have always lived fairly frugally but I couldn't live on what my business is making at the moment. Hopefully that will change in the not do distant future.

My parents would have the kids - as long as they weren't too infirm etc. We do need to make a will though.

I believe with the state pension that I need to pay one years worth - I was ill that year and couldn't work - but I did get home responsbility protection for the time I was a stay at home mum - If that is what it is called.

Hello

www.gov.uk/state-pension/what-youll-get

If you are in UK you can also save £15k each in tax free ISAs

Yes I would suggest saving

HTH

Hello

sorry forgot to say £15k ISA per year tax free allowance per adult

hth

no will??? Please sort that ASAP. You are going to die and the survivor will have a whole world of trouble if there is no will.

ISA rates are dreadful at the moment, if you don't pay tax or don't pay much you are better off with current accounts.

Isa's shelter tax in several years time as the amount of savings increases and you may earn more. More importantly, if ypu are looking at savings over 30 years, you want to be in stocks and shares rather than cash.