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Share your thoughts on saving for retirement with Scottish Widows - chance to win £300 voucher!

311 replies

EmmaMumsnet · 06/11/2018 14:11


We all know that it’s important to be organised when it comes to saving for our retirement. Some of us are pension savvy and have been making regular payment since starting work. Others find it all a bit confusing and scary so bury our heads in the sand. Scottish Widows are interested in finding out how you feel when it comes to saving for your retirement and whether you think women face more challenges when it comes to saving for their retirement?

Here’s what Scottish Widows has to say: “For many, sorting out their pension is at the bottom of the to do list with lots of other day to day priorities to consider. We understand life is different for everyone and a lot depends on what age and stage you’re at in life. Each stage comes with its own set of financial challenges to think about – job hunting, paying rent and student loans, mortgages, marriage, and careers. So when does retirement make the list?

Our latest research shows that many women aren’t planning their pension early enough with women in their 20s far less likely than men of the same age to be saving enough, or anything, for their future. This is worrying given that women statistically live longer than men and earn less.

We want to empower women to take control of their pension whatever their age. We’d love to hear your thoughts as we examine these issues in more depth, so that we can continue to ensure more women take ownership of their financial futures and look forward to retirement.”

So how do you feel when it comes to saving for retirement? Do you feel organised or unprepared? If you’re already retired do you have any tips to share about your experience? What challenges, if any, do you think women face in particular when it comes to saving for retirement? Do you think that parental leave has a big effect on stalling pension payments for women?

Whatever your thoughts are when it comes to saving for retirement please share them below to be entered into a prize draw to win a £300 voucher of your choice (from a list).

Thanks and good luck


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Share your thoughts on saving for retirement with Scottish Widows - chance to win £300 voucher!
OP posts:
DearPrudence · 06/11/2018 14:22

There is a wealth of pensions information online but even if you're motivated to look it can be hard to work out what it all means practically. Young people absolutely need to save from an early age.

RemusLupinsBiggestGroupie · 06/11/2018 20:24

I've been paying into the teachers' pension for a million years. I have no idea what that actually means though.

Theimpossiblegirl · 06/11/2018 21:05

I have a pension but our main aim is to pay off the mortgage and then downsize, releasing money that way.

I worry for my children- they will have student debt, huge housing costs and still have to try to save for a pension, it seems to get harder for each generation.

starlight36 · 07/11/2018 11:17

One of my main concerns is with many of us working for a number of firms whether or not it is better to combine these into one pension pot or keep them as individual pensions.

BristolMum96 · 07/11/2018 11:47

Only just started thinking about saving for retirement. Best to start as early as possible I think. I will be joining my works pension scheme this week.

MargoLovebutter · 07/11/2018 11:55

So how do you feel when it comes to saving for retirement?

I've been paying into various private and work pensions since I was 23 and when I recently had an independent financial adviser go through it all for me, I felt deeply disappointed by the relatively small amount of pension it will all provide me with, unless I significantly increase my contributions for the next 17 years.

Do you feel organised or unprepared?

I feel as organised as I can be but that doesn't mean I feel in a good position.

What challenges, if any, do you think women face in particular when it comes to saving for retirement?

In many ways the challenges are similar to those of men, in that the state will pay less and less, so we have to ensure we are thinking about our pension, almost as soon as we start working! I think the difference is that where some women and or men chose not to return back to the workforce after having children, they will find that this has a detrimental effect on their ability to put money away for a pension.

Do you think that parental leave has a big effect on stalling pension payments for women?

Parental leave doesn't, but never returning to the workforce does.

sharond101 · 07/11/2018 12:34

I feel confused by it all and have tro admit am hoping for the best . Have my company pension and savings, a home I can downsize.... I'd like to go on nice holidays when I retire so might not be enough.

hormonallyspeaking · 07/11/2018 12:57

I have £56,000 in student loans, £18 in a pension plan from my old job and limited chances of returning to the work force due to a life altering disability; putting money into a pension pot will be difficult for me but at 25 years old it's something I really need to start doing.

Finding information on how to save for old age is really easy, finding simple to understand information is where the difficulty arises.

PhilomenaButterfly · 07/11/2018 13:46

DH has a workplace pension, but his employer has only made a few payments. We can't afford another pension plan.

NewModelArmyMayhem18 · 07/11/2018 15:08

Hmm I'm burying my head in the sand rather. DH has a reasonable workplace pension but I haven't...

headfullofdreams · 07/11/2018 16:13

I don't have much of a pension. Would rather invest in property.

Villanellesproudmum · 07/11/2018 16:13

I’m a single parent who had to change careers when I had my daughter, this cost me dearly in loss of pension. My previous job had a really good final salary pension of which I was able to contribute as did my employer a sizeable amount each month.

Post this I had to retrain and none of the private sector jobs offered pensions, with only the one wage a pension wasn’t a priority.

Only now at age 43 am I starting to contribute to another pension (I’d like to combine them) so although I’ll benefit from a small income I won’t have a lump sum payment in retirement and a healthy income. Unlike my daughters father who will benefit from his pension, he is still in the same career, uninterrupted by having children.

Nsmum14 · 07/11/2018 16:38

I save as much as I can. Spend very very little. The mortgage will be paid off within the next year, after that I can save even more. I also signed up for part of my wage to go into the people's pension every month. But I only work part-time as I mainly look after my kids. Hence the emphasis on saving.

MargoLovebutter · 07/11/2018 16:48

Villanellesproudmum that is a really good point about single parenthood.

I also had to change careers to account for the fact that I found myself becoming a single-parent and one of my DC was diagnosed with special needs as well. This change to a less demanding position accounted for a drop in income and also a drop in pension contributions and for quite a while an interruption to them, as I was self employed for a few years so that I could have flexible working hours.

sheilads105 · 07/11/2018 17:06

I hate that the goalposts keep changing.

NightOwlHoney · 07/11/2018 17:28

I feel very unprepared having been a stay at home parent for a long time (5 DC). I haven't contributed to a private pension during this time because we just haven't had the spare cash. I turned 40 recently though and our eldest DC will go to Uni next year, so it is something that's on my mind. I have reservations about how safe my money is in a pension scheme and I also think that I am still in what's probably the most expensive stage of my life with regards to the DC. We are unlikely to receive any inheritance, so it will need to be addressed soon.

isitfridayyet1 · 07/11/2018 17:32

I've been investing in stock and shares for a few years now. I'm not planning to withdraw anything until I'm at least 60 (now mid 30s). So cumulatively I'm hoping this helps towards my security in my retirement years.

Kaykay06 · 07/11/2018 17:36

I’m not so worried about me, but my children, and will ensure they have what they need and invest in their future,

Carriecakes80 · 07/11/2018 18:39

I have been a carer since I was 13 for my Mum and Nan, worked for a while until I had my children, who are still at home, and I am hoping that by the time they are old enough I will be able to put some savings by me. If not, I will just annoy the kids and beg them to take in their starving homeless mother! lol x

cheekychicken24 · 07/11/2018 18:41

I'm already retired, although DH is still working. We're paying the absolute maximum into his company pension, which is matched by his employer, and I so wish we'd done the same with mine. I know it's tempting to do the minimum, but if you can do without a few extras to pay in, you'll never regret it.

I doubt anyone's ever regretted paying too much into their pension!

3boysandabump · 07/11/2018 19:25

We do both have small pensions but we plan to downsize when the children all leave home and use that money for our retirement

Sugarhouse · 07/11/2018 19:32

pensions are important but saving can be hard with young children and only working part time on minimum wage. It is definitely something I need to look into more


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dilydaly · 07/11/2018 19:48

I don't think it's any wonder that less and less people are thinking of pensions. With the living wage so low and the cost of living so high, people can't afford to lose pay to a pension pot because they need it to live now. I did look into it once, but it all seemed to confusing that I gave up.

vickyors · 07/11/2018 20:16

I feel relatively organised in planning for my retirement. We have savings, and we save regularly as well as having some investments. My parents encouraged me to be savvvy, and we try and live the life we want, but also put money aside.. it's hard to balance the two with little ones and childcare, but I am aware that my other half won't have a pension, so we need to be prepared.

Beach11 · 07/11/2018 20:40

DH & I pay in work pensions monthly and have done for many years. However, it is worrying that final settlement, retirement age etc keeps changing and how we will be heavily penalised if take earlier retirement.
It does worry and esofor my children

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