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Original poster

Stressing about no pension!!

37 replies

DonutEnvy · 04/04/2025 07:41

Hi

Before taking a couple of years off (had kids back to back) I was self employed, and stupidly never thought about paying into a pension.

I am now about to turn 29 years old, and I am hoping to go back to work 1 day a week and get 1k a week income.
Affer budgeting, I can put £200/ month into savings (DH can put £600/ month in) and I can put £100/ month into SIPP.
But after speaking to friends and family who all have around £400+ month going into their pensions (including employer contributions) I feel my contribution is far too low.

The only way I can put more in is if I work 2 days a week (my kids are very young so I didn’t want to work more at this stage) and then I will be able to put £350/ month into my pension.
I don’t know if it is worth doing this.

OP posts:
Original poster
DonutEnvy · 04/04/2025 07:42

DonutEnvy · 04/04/2025 07:41

Hi

Before taking a couple of years off (had kids back to back) I was self employed, and stupidly never thought about paying into a pension.

I am now about to turn 29 years old, and I am hoping to go back to work 1 day a week and get 1k a week income.
Affer budgeting, I can put £200/ month into savings (DH can put £600/ month in) and I can put £100/ month into SIPP.
But after speaking to friends and family who all have around £400+ month going into their pensions (including employer contributions) I feel my contribution is far too low.

The only way I can put more in is if I work 2 days a week (my kids are very young so I didn’t want to work more at this stage) and then I will be able to put £350/ month into my pension.
I don’t know if it is worth doing this.

Hi

sorry all! I meant 1k a month not a week lol
Id be lucky!!

OP posts:
HundredPercentUnsure · 04/04/2025 07:43

It's usually always worth paying money into your pension if it is within your means.

AnotherNaCha · 04/04/2025 07:44

Really, absolutely no need to stress at 29 and in your situation. You have around 40
years to build it. So many people worse off and approaching retirement age.

BobShark · 04/04/2025 07:45

Usually your DH would top this up as you have made the decision to stay home with the children, it’s unfair for you to be disadvantaged like this. I would talk to him about it.

LizziesTwin · 04/04/2025 07:51

Are you claiming the pension contribution side of child benefit? Have a look at Money Saving Expert.

SunnyCrab · 04/04/2025 08:06

How much does your husband have in his pension? Seems like you’ve taken a hit to take care of the kids and now you’re being financially penalized!

theyreallyaredicks · 04/04/2025 08:06

You can contribute to a vanguard or fidelity sipp, vanguard have an easy option where you can select your retirement year and it will select funds and bonds mix for that year.

your DH and you should stick £200 a month into that and bump it up a little every time you have more cash.

You're doing great and thinking about the right things now.

HermioneWeasley · 04/04/2025 08:26

2 days a week still gives you 5 days with your kids

the more you can put in while you’re young the better as it has years to grow. Your future self is likely to thank you for saving more now

autisticbookworm · 04/04/2025 08:41

How much does your dh pay into his pension? Do you have joint savings? You can take a private pension or pay into a work one and overpay. I’m 46 I was self employed in my twenties. I took a private pension out at about 30 and paid £80 a month. I then became employed at 35 and transferee my private pension to my work one. I was paying around £60 a month with employer top up. But at 39 I became a sahp and stopped paying again. I then went into part time employment at 43 but never paid attention to pension it was only around £13 a month. I had a panic at 45 and and I’m now paying £300 a month plus employer top up.

CandidHedgehog · 04/04/2025 08:43

AnotherNaCha · 04/04/2025 07:44

Really, absolutely no need to stress at 29 and in your situation. You have around 40
years to build it. So many people worse off and approaching retirement age.

Yes, but compound interest is a major benefit and why people in their late (and early) 20s should be not stressing but at least thinking about their pension.

Starting decent contributions at 29 means she hopefully won’t end up one of the people badly off at retirement age.

At 50, one of my pension pots is currently valued at over £100,000 (or it was before the recent stock market drop) for less than £40,000 contributions because I started paying in at 24.

rivalsbinge · 04/04/2025 08:44

BobShark · 04/04/2025 07:45

Usually your DH would top this up as you have made the decision to stay home with the children, it’s unfair for you to be disadvantaged like this. I would talk to him about it.

I just came in to say this, he should be putting more into his (if you are married) or topping up your pension.

mydogfarts · 04/04/2025 08:45

Stressing is for a situation you have no control over. You are exercising a choice to work only one day a week. You either make your peace with the consequences or make a different choice

PhilomenaPunk · 04/04/2025 08:45

Why is this all about you OP? Why isn’t your DP paying into a pension for you seeing as you have been taking on all the childcare? It’s a joint expense.

marsaline · 04/04/2025 08:48

I would work 2 days a week. It is still a very low number of hours working and it will put you in a much better position financially.

RatedDoingMagic · 04/04/2025 08:51

The reason you have so little capacity to put money into pension is because of the decision to prioritise childcare. That wasn't a wrong decision but your DH needs to recognise that you have shouldered close to 100% of a burden that could rightly have been shared 50:50 and the quid-pro-quo for that is the he needs to shoulder more of the financial side of things. Yes more needs to go into your pension, it should be coming out of his wages though.

rwalker · 04/04/2025 08:51

My wife wanted to work PT when kids were young so reduced wage meant reduced pension contributions
when the kids were older and she went back full time I still carried on paying for the majority of things and the extra in her wage from FT to PT went in her pension so caught up on the years of lower contributions

mydogfarts · 04/04/2025 09:01

PhilomenaPunk · 04/04/2025 08:45

Why is this all about you OP? Why isn’t your DP paying into a pension for you seeing as you have been taking on all the childcare? It’s a joint expense.

Maybe her DP would like to work just one day a week too

Livingthelife88 · 04/04/2025 09:20

You still young but good you are thinking about your pension. I would consider doing 2 days per week; but if not possible you can always increase later when kids are older.

I worked part time, 2 to 3 days per week for a few years; don’t regret it but regret neglecting my pension. Now having to put like 36 percent of my salary to try and build up a decent pot; but lost the cumulative interest of all those years.

PhilomenaPunk · 04/04/2025 09:24

mydogfarts · 04/04/2025 09:01

Maybe her DP would like to work just one day a week too

Show quote history

Did her DP deal with pregnancies, childbirth and childcare? Is she still going to do the majority of the childcare and domestic duties? Yes and yes. Go away with your misogynistic bullshit.

Original poster
DonutEnvy · 04/04/2025 09:40

PhilomenaPunk · 04/04/2025 09:24

Did her DP deal with pregnancies, childbirth and childcare? Is she still going to do the majority of the childcare and domestic duties? Yes and yes. Go away with your misogynistic bullshit.

Show quote history

To all, thank you for your replies!

and to this reply, YES! Bang on
I will still be responsible for around 80% of the housework childcare so it’s not about my DH being catered for at home and working 1 day a week… in reality most mothers work 18 hours a day and just rest for sleep!!

OP posts:
mydogfarts · 04/04/2025 09:46

PhilomenaPunk · 04/04/2025 09:24

Did her DP deal with pregnancies, childbirth and childcare? Is she still going to do the majority of the childcare and domestic duties? Yes and yes. Go away with your misogynistic bullshit.

Show quote history

I'm not being misogynistic. Best thing I ever did was ensure DH and I had an equal split of childcare and housework. Feminism is fought at home too. We both have decent pensions and careers, we both spent plenty of time with the children and we both had time to ourselves too. No way would I choose to do 80% of the housework

mydogfarts · 04/04/2025 09:47

DonutEnvy · 04/04/2025 09:40

To all, thank you for your replies!

and to this reply, YES! Bang on
I will still be responsible for around 80% of the housework childcare so it’s not about my DH being catered for at home and working 1 day a week… in reality most mothers work 18 hours a day and just rest for sleep!!

Show quote history

No, no it does not have to be like that. Why would you accept that set up? I expect to get equal leisure time to my DH. Otherwise it's not a partnership at all, it's servitude

Echobelly · 04/04/2025 09:47

Honestly, you are doing better on pensions than a lot of people OP! Especially at 29

PhilomenaPunk · 04/04/2025 10:10

mydogfarts · 04/04/2025 09:46

I'm not being misogynistic. Best thing I ever did was ensure DH and I had an equal split of childcare and housework. Feminism is fought at home too. We both have decent pensions and careers, we both spent plenty of time with the children and we both had time to ourselves too. No way would I choose to do 80% of the housework

Show quote history

That’s great for you but not the OP. SAHMs and women working PT to take on the majority of the childcare responsibilities also need advice and support in demanding equal pension contributions etc. from their spouses. So making snarky comments like the one you made earlier does not help anybody. My point also highlights the importance of financial parity within a relationship and the importance of valuing different but equally valid and valuable contributions to the home and family.

marsaline · 04/04/2025 10:51

The better thing to do is probably to up the hours you are working so that you are above the lower earnings threshold for NIC and then you'll get full state pension which is far more important and far more valuable.

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