Pension worries.

[SteveArnottsWaistcoat]

So at nearly 45 I’m starting to worry about my pension. I don’t have one. I’ve always been a SAHM. DH has a business snd there has NEVER been any spare money for saving. We have ploughed £1000s and £1000s into keeping the business going over the last 15 years. DH holds the purse strings. I only get a weekly “wage” of £300 which pays for 3DC, my personal bills, food, pets etc. I know it’s a lot of money but it just goes so fast. No benefits other than standard child benefit. I think I must pay NI on it.

I’m bothered now though, and worried about the future. DH fobs me off and tells me not to worry etc, but I’m now going to just try and do my own thing and crack on best I can to secure my own future but I just worry it’ll be a struggle to get anything sorted at this late stage.

I get incredibly overwhelmed by financial matters very easily, so I’m not sure where to start. Does anyone have any useful advice?

I really can’t afford legal fees to speak to anyone and I could probably afford maybe £10 or £20 a week at s push.

Are you an employee? If so you should have a workplace pension.

Go online now and look at your pension entitlement, you just need NI number.
This is a starting point.

Next you and your husband need to draw up a statement of affairs, equity, savings, value in the business. Both of you should contribute additionally to pensions as it's tax efficient.

What type of business does he have Ltd? If so does he have financial advisors?

Thank you very much for your advice. It’s all good food for thought.

Will businesses be hiring for Xmas near you - that kind of seasonal? If so, now is a great time to apply for work.

Start a SIPP, plough as much as your earnings into this as possible.

Are your children school age or do you need to think about childcare?