Hello. I don't know where to begin with the next step, so advice would be appreciated!
My husband and I are self employed. Finally found an even keel after a rough time with our business during lockdowns etc.
We have managed to secure a more affordable mortgage rate and are overpaying a little here send there. Have rebuilt our savings so we are safe and secure. 3 children, one nearing university age (2 years away)
We are 38 and have no pension pots. What I really want to know is where I need to look and how much is needed to be invested to make it worthwhile by the time we are 65? I appreciate we are late to this, but unfortunately gave never had the offering of employee pension with employer contributions. We have fought hard to get where we are and on the property ladder abd currently are in as good a position as we can be. All the calculators say if I save £200 per month into a pension fund, I sm still only looking at £4k per annum on retirement. That seems a big sacrifice without any future security. Could someone spell it out for me please, the what, where and how much to make sure we can survive?
Thank you