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

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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

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I'm closing my eyes and hoping it all works out fine. Here goes

Funniest post on this thread reads 'I'm not a high earner - £100k plus but only just'

I think a lot of young people these days look at rising costs and the housing crisis and don't think that they'll ever be able to retire.
I've tried to save into the company pension wherever I've worked, and for a short while I paid into a private pension when I worked for a small business with no company pension. Unfortunately, I only work part time now and usually on temporary contracts on minimum wage, so not only am I not eligible for the workplace pension I don't have much left over to invest for the future coz I'm too busy budgeting for the here and now!

My anxiety about this is NOT helped by my partner regularly musing over his (quite good) workplace pension. HE'LL be fine- whereas it still tends to be mothers losing out when kids come along

We are not financially in much of a position to save money which is quite a big worry for us. Hopefully things will change in the future.

I’ll be totally honest; I pay into a pension and have done since my first ‘proper’ job after uni at 21... but I don’t really know about my options or what this means for my future. My dad just always drummed into me that I must pay into a pension, and so I do! 😳

I work for the public sector so am in a better position than some in terms of starting contributions early. However in the 15 years I've been paying in, the poal posts around contributions and final pay outs have already changed several times. I have no guaranteed way of knowing exactly what my pension will actually be in 30 years time, or if the terms will change again! DH has a workplace and private pension but we don't have the disposable income to put away as much as we'd like. He's also wary as his mum lost a massive chunk of her private pension in the Equitable Life fiasco. Our current plan is to pay off the mortgage asap then concentrate on retirement savings. We live in London so could downsize amd move to somewhere cheaper as well.

I think the main barriers to people having pension plans is that all the jargon associated with them makes it seem really complicated, people don't have spare cash after their monthly living expenses and there's no guarantee as to what you'll actually end up with!

My thoughts are it is never too early or too late to start a pension and that regular payments do mount up. It is madness not to contribute to a pension as you cannot trust any government to look after you in old age. We have helped our 3 children with pension planning as it is very important to start as soon as you start your first job, as then you will not miss the money. Never miss a payment and assess your situation every second year, if you get a pay rise, think could you pay in a bit more? We have helped my dd when on maternity leave to pay in contributions even when on maternity pay so as not to lose out later. Careful planning when young will mean you can afford a few luxuries when you retire.

I have paid into the Teacher's Pension for over 20 years and if I wish in 3 years I can retire at 60 with a pension of just over £7000 per annum and a lump sum of £21k or I could defer my pension if I wished to carry on working. I will still need to wait 7 more years to be eligible for my state pension. I took out an additional Stakeholder Pension 13 years ago and have been paying in £400 per month and the government top up a further £100 each month. As I am now over 55 I can access this if I wish but can only draw down first 25% tax free. My dh has a better pension than me and it has already reached a private £13.5 per annum and he has up to 13 years to remain working. If he works until he is 65 he will get at least £30 per annum and £90k lump sum and more if he can get another promotion. His state pension is not the full amount though as he had too many years contracted out. We also have worked hard and invested in a property portfolio and receive an income form this too. All in all we are not rich but we are comfortable now and we expect to continue to be comfortable when we retire. In order to get to this situation we both scrimped when younger and resisted the urge not to make pension contributions when money was tight.

I am 50, single, mortgage paid, high earner.

I understand pensions and investments. I've got about £180k in pensions and am aiming to at least double that over the next five years by putting the £40k max in each year, and topping up previously unfilled years.

Aim is £400k - £500k. I have c£80k on other cash and investments.

I have a very small FS pension that will pay c£2k.

I know what my plan is but I do struggle with keeping to it at times.

Once I reach 55 I aim to change to a lower paid but socially useful job, where I won't be able to pay into pension to any extent, but will hopefully earn enough not to need to draw it at that stage.

Working out where to invest is hard though. I try to do a good mix in terms of risk and global spread plus types of vehicle. I'm getting more interested in investment trusts know as they use less headspace as my investments get bigger.

Just thought if you earn over tax threshold you can avoid paying higher rate income tax if you pay more pension to keep you under limit and government will add to your payments.

I have a teachers pension which you can check the total of quite easily if you contact them. It lets you know how much you will get annually. With that, my state pension and my husbands pensions we are hoping to be prepared. We want a good retirement and to be able to enjoy ourselves, you have to plan for that.

Right and what about when you get dementia as lots do and need to be placed in care and all your home and savings get used to pay for it?

I treat loads of ex teachers in hospital who believed they would live of their pension only to have it used to pay for their care needs for whatever care home they get dumped in and get so heavily drugged that they sleep all day.

This is why you need to set up a family trust and see an independent financial advisor

A pension is an insurance policy and they frequently do not pay out

I consider myself fortunate as I have worked in the public sector for 16 years so have a reasonably healthy pension pot. I feel it’s important to look ahead as I have no other savings and this and my home are all I will have in retirement. Anyone without a pension should consider starting one, however small. I hear the lifetime ISA’s are very good too.

What if you get divorced in later life and your wife claimed half of your pension?

It's an insurance policy only it cannot be relied upon and in particular does not pay out in time for funerals, children of the deceased are expected to fund a funeral and get the money back 6-12 months later if and when the policy pays out

Right and what about when you get dementia as lots do and need to be placed in care and all your home and savings get used to pay for it?

Then that is what happens. What is your point exactly?
Are you suggesting this is a reason not to have a pension? Because it would be a mad reason. Because your pension can part fund your care, meaning you can choose a better level of care. I mean, if you've got dementia what else are you going to use it for?

does not pay out in time for funerals, children of the deceased are expected to fund a funeral and get the money back 6-12 months later if and when the policy pays out

Pension isn't insurance. Buy a funeral plan if you're worried about that, they're good value and of you ever have to claim benefits they are not counted as an asset.
Or buy a life insurance policy.

What if you get divorced in later life and your wife claimed half of your pension?

She was always entitled to it anyway, you were married, it was always intended to support both of you. So you're no worse off.

I have a public sector pension but the terms and conditions are changing dramatically - more to pay in, less return, later retirement age - so I don't really think it's reliable even though historically it was a good one.
At the moment I don't mind the idea of working, part time or flexibly, for quite a while, I am not particularly keen to retire early, which is just as well I think given the changes to pensions.

Honestly I don't have enough to pay the bills now so can't afford more expense but I suspect retirement if they haven't upped the age to 100 will be pretty miserable, so same old same old...

You can retire at any age you want to, you don't have to align it to when the state pension is payable.

Saving is important if your pension is going to be insufficient to maintain the lifestyle you want. My pension will be quite good so I'm lucky that I don't have to save seperately for my retirement.

I feel pretty prepared - I have a good work pension and so does dh and our mortgage will be long paid off by then

it worries me quite a bit as I havent been in a position to save much til now and I dont know the best way to save eg company or private pension

I don't have a pension but have struggled in the past and survived, so know I will be able to manage, whatever.

I will be relying on the state pension and some income from letting my property.

Pensions really confuse me but i feel like im heading in the right direction these days and am paying into a very good company pension after not really caring much about planning for my retirement in my twenties. Better late than never though.