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

Terms and conditions apply

My workplace pension is not what it was when I first started. Feel like I now pay more in to get less out. I work less now too, so yes I am worried about my pension.

I feel OK about saving for retirement. I've got a pension through work which I've been paying into for a while. I don't think parental leave for my two children will have a big impact overall on my retirement savings plans. Two years compared to working until I'm whatever age they've changed it to, doesn't really seem like a big deal.

I'd like to invest and save more money but don't have the spare cash at the moment.

I think it is important to save for retirement at an early age. I buried my head in the sand for over 20 years as I had no understanding of pension and now I am playing catch up. I am now paying into a pension plan but my contribution is so small as I am not earning much to make up for lost years not planning for retirement.

Parental leave has some impact on women pension as only a small amount is paid at this time.

I dont believe there will be a state pension when I get to retirement age so not counting on that.

I am paying 5.6% into my work pension as well as getting an employer contribution. I also have a fund that is paid in to monthly as well as getting generous contributions from my dad twice a year. I am planning on having this for a minimum of 20 years and when I take it out it will most likely be spent on property and in to a pension fund.

I prioritise spending as much as I can and want to be in a position where I can enjoy my retirement and not feel restricted. I am 27 and when I have saved enough for an emergency fund/stash I will focus saving/investing money for pension and property.

I have a workplace pension. I don't have the money to buy added years so am going to need to trust / hope that this pension, along with the state pension, plus income from whatever job I can do into old age, will be enough.
Often I think the guidance given to young people about pensions is quite unrealistic.

Absolutely impossible. I started one as a young, single, person hundreds of years ago. Marriage, baby, divorce, marriage, baby, disabled children, children growing up, university costs of children and mortgage over fewer years due to age - how can I pay a pension as well?

It's the first thing to go out the window, and then you think 'what's the point, I can never catch up'

I never gave much consideration in my 20s and wish I had. I think it's down to education and I wasn't really taught anything about financial stuff by my mum (dad not in the picture). I will be more up front about money matters with my children though! I contributed to a pension for a few years in my 30s but then left work to have my two children. I'm now back at work and paying into a work pension, but it's not much as I'm only working part-time now. I imagine I'll be working into my late 60s at this rate! It's hard to save any money in this present climate so I worry that whatever I do put into a pension won't be worth very much in the long run.

Everyone needs to know about the miracle of compound interest, money makes money. It is always worth saving/paying into a pension even a small amount if you start doing it early.

There is a quote that Einstein called compound interest 'the most powerful force in the universe', which he may or may not have said, I'd like to think he did!

I would love to know how I am supposed to save for a pension when I only just have enough income to live on despite working in a responsible job. No pay rises for past three years and only 1% then so basically massive pay cut.

ive never really given it any thought- and the honest answer as to why is probably because i have no idea where to begin

I feel like I don't have enough information on it and that there isn't enough information our there, and what information there is can sometimes contradict each other

I am an accountant, so pretty good with pensions. I am lucky enough to have a final salary pension from my first graduate job (almost nine years service when additional voluntary contributions are added), and I've been overpaying into my money purchase scheme at my current employer even though it's non-contributory as we have salary sacrifice (employer adds in employer's NI) so it almost doubles my contribution.

I have a private pension that I had when working as a civil servant. Currently I am not working as I home educate my children, I think if I had more information around pensions then I would keep paying in to one. Eg Can I still pay into the civil service one? Do I need a separate pension account?
I this k too much choice can also be a bad thing

I have been retired 2 days, I feel no better off and no worse off than before. I have to watch the pennies but feel my time doing things I want to do as just as important. I don't mind having to cut a few luxuries out as for most of my working life I could not afford many. So I am quite able to cope I think

it terrfies me.i don't no how id ever get enough money to put into savings with the pention.
if you can barely afford to live how do you begin to think about savings of any kind?!

I have a workplace pension that’s currently worth about tuppence ha’penny. I am lucky enough to know I’ll inherit property when an older relative dies, but if I didn’t have that I would be much more worried about the future, and it seems staggeringly unfair on people who have no inheritance coming their way.

I've never earned enough to get a pension, but I made sure DH has a decent pension pot through work (that I'm named beneficiary on) and recently started a LISA which should be a decent pot by the time I need it.
Mortgage is paid off in our 30s, so we're saving £1k a month into various savings pots anyway, and we have low outgoings so should be fine.
I hope the state pension still exists by the time I get there as I've voluntarily paid NI out of my piffling income.

My husband and I are early-mid thirties. He pays the maximum that he can into a company pension each month but I’m a sahm so haven’t earnt anything in several years, which makes me a little nervous. I will go back to work once the children are in school but I hope to get a job that will work around childcare i.e. something in a school with school holidays off. Practically this is the best option for us but it does mean that I’ll never be a high earner (or even a moderate one) and whilst I will pay into a pension scheme, it won’t ever be worth a significant sum due to low earnings and a long career break. We’re in a relatively fortunate position in that we don’t have a mortgage and a few savings (which we hope to pass on to the children rather than use in retirement) so, although a concern, our pensions aren’t a major source of panic. If it weren’t for that I would be very worried. I think career breaks and working part time have a massive impact on women in terms of pensions as their payments and therefore final pay outs will be so much less. I do worry that if my husband were to die young, I’d be a bit stuffed financially as I don’t think his pension is transferable.

Have a pension through the nhs superannuation scheme but Want to start a private pension too. However we want to move to a bigger house first so that's been put on the back burner at the moment. Plan to downsize once the kids have left home to release some equity for retirement.

My husband and I both have government pensions. That's all we're doing at the moment as everything is going into childcare at the moment. Of course once we've finished childcare there'll be other expenses then the dreaded years where we'll want to support with driving, university etc.

Our house will be paid off before retirement and we'll have 2x work pensions and state pension. I'll have won the premium bonds by then anyway and I won't have to worry.

I have not prepared enough for retirement but am hopeful everything will be fine! I do have a work pension but took a career break due to DC so had a gap in contributions; I could have made voluntary contributions but put it off and never got around to it. I do overpay on my mortgage to pay that off sooner and may downsize once DC are grown. As a backup, I'm hoping one of my DC will look after their old, penniless mum! :)

Pensions/ prep for retirement etc is something I need to think about more I guess but I just find it a bit dull & complicated!
I do have a work pension and we are good with money though any savings we have are for shorter term things such as a new car or holidays.
Working part time our disposable income isn't huge and with 2 DC it isn't always easy to save / plan ahead.

I'm only 23 and I've been paying into a pension for around two years now, I think it's really important to be prepared for the future. I did feel downhearted though as when I went on Maternity Leave my Maternity pay meant I was only paying a couple of pounds a month into my pension, this is a worry as I am hoping to have at least another 3 children so it could potentially seriously affect my pension. At least I am able to pay some into my pension though which is more that can be said for a lot of people my age.

I find it really confusing but try to take solace that I've been paying into my company pension pot for 20 years so there should be something there for me but I don't have a realistic picture of what it will really mean. My DH however does not have a pension and I worry he's relying me to support us both.

I have a pension with work but as it’s a long way off I don’t think too much about it. I’m more concerned about paying off my mortgage and interest rates