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

[EmmaMumsnet]

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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

MNHQ

Terms and conditions apply

I was surprised by how many of my non-working or part-time working friends didn’t know that everyone can invest £2880 in a pension every year, and the government will top it up by £720. You can do this for your children too. It doesn’t sound like much but can really add up over the years.

My parents both died young. Im torn between wanting to be sensible and thinking that it likely won't matter for me....

Whenever I've been in work I've paid diligently into a work place scheme (some of them gold plated final salary schemes) but I've spent a long time out of the work place so those pots are very small.

While I was a SAHM I was very aware of child benefit and NI contributions so at least I have full state pension. I knew that the contributions stopped when my youngest got to 12 so that's how I timed my return to work.

Despite the long gap I've still got 20 years of a working life ahead of me. I'm paying into a good scheme again. Not sure I can do any more but also not sure if it'll be enough. Dh and I are planning a long semi retirement of working part time as we know we'll have to work until we're (probably) 70.

I'm trusting in a combination of my work pension (won't be massive but should be guaranteed), and my husband over paying into his when he can. I try not to think too hard about it though....

I have two workplace pensions I'm doing everything I can to have a secure future.

I know I've not got enough in a pension as such, I have recently returned to work after being a SAHM and one of the main reasons was for a pension of my own.

We have savings and DH has a good pension plan, plus our mortgage will be paid off before DH is 50 and I'm still mid 40s, so have a long time to add to savings.

My parents were very worried about having enough in retirement, they really prioritised saving when my DB and I were young, they didn't do expensive holidays, or cars or anything that was 'wasteful' (days out had to be free or cheap), but now they are retired, even upping their normal spending, they admitted they've got around £2k more coming in from pensions than they actually spend each month. It is possible to focus too much on 'the future' and not enough on enjoying 'the now', they missed out on a lot when they had the health to enjoy it.

I have put contributions away for many years now I started as soon as I got my first job, so glad I did , my retirement although it has been moved to when i am 67 from 60 looks more rosy than some of my friends.

I have paid into my pension since starting work but should probably increase the contributions. There is always something more pressing to spend the money on though!

I only recently started paying into a pension through work when it became compulsary. I don't really understand it & it scares me to think about my financial future.
I love my job, but the rewards it offers are not financial - despite this, I would rather be doing a job for less that I love for not very much money, than a job that makes me miserable for significantly more!
I'm hoping that what I have paid into my pension by the time I reach pensionable age, it will be enough to ensure my husband & I can look after ourselves & treat our family without having to worry.

I save a minimal amount through work but know I should be doing more. Sticking my head in the sand a bit tbh.

Put money aside monthly, the stare pension is not worth anything

I think women are at an obvious disadvantage when financially planning for retirement as having children tends to disrupt or derail a career.

I think because I have been self employed I've never knowingly joined a commercial scheme.

However that self employed status has given me the mindset that no one else is going to bail me out in old age so I've tried to future proof as much as possible.

Not to say I wouldn't welcome the availability of simple advice for financial planning.

i have a pension

Saved for years into an nhs penson. Mat leave does effect it. Pay drops, earning paid into pension also drops. Feel this is unfair system, women have to drop hours/take mat but suffer financially down the line. Would like to pay in more when I can afford to to try and bridge the gap, though doesn’t seem right when DH’s pension will be stable.

My husband has a great pension but I've always paid the minimum I have to into mine. A number of retired colleagues were given projections which then weren't accurate so I don't fully trust the projections on my annual statements. I'd rather put money into a savings account for emergencies rather than into my pension now that I'm part-time.

I think saving for pensions can be tricky to prioritise when there are so many other things we should be saving for - I’m lucky enough to have a good workplace pension and at the moment whilst I’ve prioritised a deposit etc that has had to do in terms of pensions savings. I’m hoping at some point to start additional contributions or a private pension but this will depend on income. I think we need to have much more information available to people about retirement and the best way to save for it, and the government need to revisit the relevant tax arrangements to make it genuinely beneficial to do so.

I have an NHS pension but I don’t trust it so am saving in other ways as well including ISAs and VCTs

Its not easy these days to find the extra cash is it, but i do have a pension and it follows me around so i find it very easy really.

I have a defined benefits scheme at work but I’m nervous that something will happen and I won’t get what I think I will. DH is self employed and doesn’t have a pension which makes me even more nervous.

We are close to paying off our mortgage though so our plan is to plough the money we would’ve been paying into that into a pension instead.

I’m also saving for our child as goodness knows how the next generations will manage in retirement.

I'm 39 and didn't have any pension until I joined the NHS 5 years ago. DP doesn't have one at all. We literally don't have any spare money to save and we don't own a house either.

I realise we're going to be pretty screwed in retirement but not a lot we can do about it at the moment

I'm a 31 year old self-employed professional. I do nothing about my pension. I might think in it for all of 3 seconds and feel overwhelmed and think I'll think about it later. I should really deal with this and don't know why I always put it off.

So how do you feel when it comes to saving for retirement?
I’m very aware I should be doing it, but I just can’t afford it.

Do you feel organised or unprepared? Very unprepared. I’m approaching 40 so I’m very mindful I need to get it sorted soon if it’s going to be worthwhile

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?
My mum used to work part time in a large bank and I’m very aware of the fight she had to be included into the pension scheme.

Do you think that parental leave has a big effect on stalling pension payments for women? I don’t know anything about this unfortunately

The first couple of years I worked I didn't pay into a pension - it seemed a long way off. But then joined a company which provided good information and education around pensions and I started contributing. I've contributed more than I 'had' to for most of my working life. Despite that, my projected pension is about 10% of my current income, which is very demoralizing.

I do find it very worrying the number of people who don't make the most of their company pension schemes - even people who've chosen to post here on a thread about pensions that they would prefer to put the money in a savings account. Alarming that they don't seem to realize that they're missing out on tax relief and that investment in stocks & shares outstrips 'savings' accounts in the long-term.

I think savings for pensions is more challenging for women as so many take career breaks for their family. I'd love to see fathers having to pay half their pension contributions into their partners accounts while they were on a career break to ensure that women who have taken career breaks can still have some financial independence in retirement. Would be way to complicated to administer though!

well, it doesn't help when they move the retirement age