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MNHQ

Scottish Widows would love to hear your concerns about retirement: share now and you could win a £250 voucher! NOW CLOSED

466 replies

KathrynMumsnet · 27/07/2015 09:52

Claire Stracey, Head of Marketing Communications at Scottish Widows says:

"We know thinking about retirement is probably not front of mind, especially when you have more pressing tasks to take care of as a busy mum. Whether you’re in full-time employment or you’ve taken a career break, we’d love to hear any retirement planning questions that keep you awake at night. Have you had trouble finding clear information on your pension options? Are you confident that you’re setting yourself up for the best possible retirement?

We want to make retirement planning less daunting so we’ll be sharing stories and suggestions from our pensions specialists to help you get - or stay - on track.

So what are your biggest concerns when it comes to retirement? Let us know on the thread below and look out for pensions information for mums here; on Facebook and on ScottishWidows.co.uk."

By leaving your comment below, you’ll be entered into a prize draw where one lucky Mumsnetter will win a £250 John Lewis voucher*. Standard T&Cs apply and can be viewed here.

Thanks and good luck!

MNHQ

*Scottish Widows and The Lloyds Banking Group are not affiliated to the prize draw and accept no liability in respect of the prize draw.

OP posts:
wendybrown · 30/07/2015 09:14

i fear not having enough cash to maintain any reasonable standard of living. I also fear the inevitable degeneration of bones and health

Jade5093 · 30/07/2015 12:07

That I will run out too soon! And also by the time I get to retirement age, what age will I actually be working till?!?

shroney · 30/07/2015 13:48

My biggest fear is not being able to help my children out financially, I did pay into a work pension but took seven years out and now we don't save any money. I've just gone back to work part time so can now contribute to the family finances and start working out a way of saving something each month.

Tkw2014 · 30/07/2015 14:18

My biggest concern is that we won't have enough money, who knows what government pensions will be available when we can eventually retire. Me and DH both have work pensions but is it enough? We want to be able to support ourselves and the kids with weddings, uni, house deposits etc but I don't know if we will be able to

funkyfish586 · 30/07/2015 18:59

I'm 27 and worry a lot about retirement. My husband is 40 & he doesn't have a pension & we don't own a house. I work 14 hours a week & pay a small amount in each month but it barely accounts for anything. I don't want to struggle when we reach an age where we should be relaxing

starrybee · 30/07/2015 19:19

Not having enough money in my pension. Can't afford to pay any more into but I know I'm not paying enough so I'm a bit stuck.

mumsbe · 30/07/2015 19:58

I really dont have enough spare cash to save in a pension which is very worrying. Wgen I was younger I started one at work but have left that job now and have no idea what company I paid into.
I probably need a lesson on pensions!

StillNoFuckingEyeDeer · 30/07/2015 20:43

I don't have any idea about pensions or what I should be doing. I'm in my mid-30s and I know I'm late to be thinking about it, but I keep putting it off because I have no idea where to start. I don't know where I'd find the money to pay into a pension and I'm worried it would end up worthless in the end anyway.

clarem100 · 30/07/2015 21:04

mainly that I'll be working until I'm 80 and wont be able to afford it!

ButterflyOfFreedom · 30/07/2015 21:38

Me & DH both work for local government and pay into employee pensions. However I'm dubious about how much we'll get back and whether it is actually worth doing.
I think investing in property is the way to go if you can afford it - we can't!
We're in our mid - thirties and will probably have to work until our late-sixties which is a while off but it a concern especially as we have DC who we would like to help financially too.
We are careful with money though and save where we can, I guess there is not much else we can do right now.

flamingtoaster · 30/07/2015 22:29

Health and money - what if one or both of us needed residential care or what would be the alternative care package we could afford to have at home.

sadiewoohoo · 31/07/2015 00:32

I worry I wont have enough money saved to enjoy my retirement

Summergarden · 31/07/2015 08:15

When I got my first proper job after uni, several older people warned me about the dangers and high risk nature of private pension schemes, having suffered majorly in the Equitable life disaster, losing most of what they had saved. I started contributing to the LGPS scheme as that seemed relatively safe. I only work PT now but have continued to pay into it, though realise I won't get much as I'm only PT also because the governments have moved the goal posts making us pay more in, only to retire later and receive less.

For those reasons, I'm pretty wary of all pension schemes, even government Ones that once were supposedly 'gold plated' final salary ones. I use a stocks and shares ISA, just invest a small amount into a simple tracker fund each month, hoping that giving it plenty of time to grow will help. We also have one small house that we let out, dont make anything from it now but eventually the mortgage will be paid off and the rental income can be used to give us a little bit of income.

Basically, DH and I are trying to spread our eggs in a few separate baskets.

AmnesiaSocks · 31/07/2015 14:56

I joined a pension about 2 years ago when I was 35 and I am worried that it will not be worthwhile as I seem to take quite a large chunk of my wage and the projected return is not great. Like a lot of people I am wondering if I might be better investing in another type of fund - higher risk - for a better, if less certain return.

joeyhanmum · 31/07/2015 15:39

My DP and I both pay into company pensions. As a part timer, I can only afford the minimum contribution of 6%. DP pays a whopping 13% but like other posters, I've wondered whether property might be a better investment. My concern is I have a probably silly, presumption that the govt of the day won't let us starve when we are old. I also get frustrated at friends who just aren't bothering with pensions...will those of us who have saved end up losing out, whilst those who haven't bothered will be supported by the state?

Hopezibah · 31/07/2015 16:25

my main worry is the lack of planning ahead - somehow we assume it will all be ok and yet have never sat down to properly check and think things through. We are actually usually quite wise with finances generally so it is ridiculous that we've never bothered to properly work out whether we'd be ok in retirement.

nerysw · 31/07/2015 16:26

My main concern is that I'll have to work a lot longer than I want to and by the time I get there retirement age will be somewhere in the 70s!

TJCB68 · 31/07/2015 16:35

Thanks to the years I spent out of the workplace bringing up my children, my pension forecast is pathetic. Not quite sure how we'll manage and I can see myself having to carry on working somehow into my old age.

cocochips · 31/07/2015 17:27

Not having a pension pot large enough

JustSeven · 31/07/2015 19:40

I worry an awful lot about how on earth we will manage when we're older. DH works for a small employer who don't do workplace pensions. He pays into a private one which will be worth peanuts.

I've never had a good job. I was still at the bottom of the career ladder when we had DS. He was diagnosed with a life-limiting illness at 6 months old, I gave up my job to care for him as he's more important. He's now 7, I'm a home educator and his full-time carer. I'm almost 30, no pension and probably no hope of getting back into the workplace if I wanted to.

asuwere · 31/07/2015 20:36

I worry about not having enough money when I retire. I do have a pension through my employer but I have had breaks to have children and am currently on unpaid maternity leave which means no income so no payments into the pension. I do hope I can catch up in the future but then if DC go to university etc, I worry I'll never be able to catch up. I do feel I may end up working much longer and end up with no retirement.

fionathepink · 31/07/2015 20:49

I am self employed so no work place pension available. plus the pitiful money I make pays the debt we racked up having kids whilst privately renting. so nothing left to save even though I would love to. so I doubt I'll have the luxury of retirement

Pmliu · 31/07/2015 22:05

My biggest worry is not having enough money for retirement

Uzma01 · 31/07/2015 22:25

Not having enough in my pension fund to help in any meaningful way.

ToysRLuv · 31/07/2015 22:26

My corncern is that having studied for a very long time, I am only going to start in working life properly in my late 30's, which means I will probably not have my own house or flat when I am old. Neither will I ever afford to stop working/retire. Good job I love my future profession!