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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:
ShatnersBassoon · 02/08/2015 20:27

I'm ashamed to say I'm an ostrich when it comes to pensions. I paid into a work one for a few years before I had children, but that's it Blush

DH has a much better handle on his. He's organised and optimistic. I just hope I figure in his calculations Confused

Oldbiddywilkins · 02/08/2015 20:53

I worry how we will manage financially when we retire.

Clairemike21 · 02/08/2015 22:53

What will my pension be worth ?

lilmiztam22 · 02/08/2015 22:56

My biggest worry is that I won't have enough, it seems the price of living is increasing every year and it is scary to think that during retirement I will be worrying about money!

Guyropes · 02/08/2015 23:07

Similar to shatners, I have always paid into occupational scheme when eligible. But this will add up to drops in the ocean.

I hope my partner and I will manAge between us, but I am awAre I may well be dependant on him in retirement, yet I see little I can do about it currently.

CalmYoBadSelf · 02/08/2015 23:22

I too worry about if we will have enough in retirement. I have never worked full time since DCs and am still part-time even now they are adult; my pension is peanuts. DH has worked hard and planned so his pension is reasonable but there will be two of us living on it

My DF retired at 58 with the pension from his teaching job and a small private pension. Mum never worked outside the home. They got their state pensions in time and have lived comfortably since although they have never had an extravagant lifestyle. Even after Dad died, Mum has managed easily on her pension income and says she feels better off than when we were all younger. I can't see that we will have that level of ease in retirement

I agree with those who say it is hard to plan because of the unknowables like how long you will live and how much you will need.

jellybeans · 03/08/2015 00:19

I have been a SAHM for a long time and have no work pension but DH pays through his work for us both. I am restarting a career soon and will be working for 25 years plus till pension age. However (this could be from my PTSD) I always feel I won't necessarily make it till that age. I find it hard to think about for that reason.

richyrowley · 03/08/2015 00:56

Having enough money without having any wages coming in

ThreeSpike · 03/08/2015 01:59

The defined contribution schemes are a gamble. It is very unclear as to whether they will pay out enough to live on. More clarity about manegement fees, projected benefits and risks would be helpful.

LineRunner · 03/08/2015 06:56

I worry that I will be living in poverty.

That and being in ill health, possibly for a long time.

It's all quite depressing really.

DinosaursRoar · 03/08/2015 07:04

At the moment I'm a SAHM - I've got bits of pension in different schemes from different previous employers which I suppose I should collect together at some point.

I'm not planning on being a SAHM forever, so it's under the heading of "to be sorted when I work out what I'll do next"

miaow123 · 03/08/2015 09:11

My husband myself have the NHs pension but we are concerned as to what we will get by the time we come to retire! We want to pay off our mortgage and any debt by the time we are 50/55 to stand a chance of a comfortable and non stressful existence.

NK5BM3 · 03/08/2015 13:19

My concerns are that whatever the 'projections' the pension funds say it will pay out, it will pay out less than that. I've got my payslip in front of me now, and the amount I pay into pensions is almost half of my mortgage! If I didn't pay into my pension, I could possibly pay off my mortgage in much less time than I currently do. isn't that the smart thing to do?

HALA · 03/08/2015 17:32

We don't have a pension, only a property that we rent out - so is that going to be enough ?

Thegentlemonkey · 03/08/2015 19:32

I worry as I'm now in a low pay part time job so that I can spend time with the children, & although I pay into a pension there it's not going to fund my retirement. I have to say I find it hard to think about it - my father did not live to draw his pension which seems an enormous waste of years of saving - surely there's a better way.

ha2el · 03/08/2015 20:33

To be honest I don't even think about retirement.

rachaelsit · 03/08/2015 21:00

My biggest concern is not having enough to live comfortably on because we spend all of our years paying what we have into our mortgage.
I don't know how we will afford to send kids to uni/support their dreams etc.

Sharjeeka · 03/08/2015 22:24

I'm a stay at home mum, no chance of working until the kids are at school full time, I have previously paid into a pension whilst working before kids but it wasn't much. I'm not sure what or where or even how pension schemes can work for me and how much I should be paying in. It's unlikely I will be able to afford to pay what I'm supposed to be paying in whilst the children still need childcare. I'm worried I won't have enough money when I'm to old to work and that there won't even be a state pension when I'm that old.

It's so confusing..

saintlyjimjams · 04/08/2015 00:24

I have been a carer for a severely disabled child for years, no pension. Bit of a concern...

sleach · 04/08/2015 11:55

My main worry is ill health not being able to enjoy the retirement we have been saving very hard for, saving all this money and not being able to enjoy it what a waste all we can do is wait and see.

carole1002 · 04/08/2015 11:58

I'm worried we won't have enough in pensions to live comfortably, and that we will be able to continue living in our current house and not have to downsize to a tiny flat.

GoooRooo · 04/08/2015 12:49

I have no pension and I'm 40. DH is also 40 and also has no pension.

We do own a property, which we currently rent out, and as far as we are concerned that is what is going to have to provide for us in our old age. It's a scary prospect but I realise we are in a better position than others.

Currently we won't be able to receive a state pension until we are 68, and by the time we get to 68 I expect the threshold to have risen again. I cannot forsee a time when we won't have to work and will be able to retire - we will be working until we drop dead.

Kathderoet · 04/08/2015 14:45

My husband paid into a pension, he could take some of the cash next year, we cant decide wether this is a good or bad idea. Getting solid advice is difficult.

cluckyhen · 04/08/2015 19:11

That our army pension will not cover us due to changes in the pension plan this year, that our family will be scattered far and wide across the UK, that prices will continue to rise and we will still be paying of a mortgage!

maureen3733 · 04/08/2015 19:32

loneliness is my biggest worry