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

I was brought up to be careful with money and to save in the long term it has worked in my favour I joined the works pension scheme at 21 and now feel in a position that life is good the early years were tight as I had a budget and stayed within it which was very handy when I became a single parent, I have saved all my life and brought my daughter up to do the same and have a fund for when things go wrong as they always do when you have no funds to spare. I think it's worked for me and I'm proud to say my daughter has managed to save for her deposit on her low income and make payments into her pension fund.

I think in this day and age you have to have and be prepared especially with Brexit on the horizon. No one but yourself can look after you and it takes the burden off your children

Pensions are important but saving can be hard with young children and only working part time on minimum wage.

I work in education so have quite a good pension but I know how important it is

Wish I had the chance to be able to have a pension.

I dont pay into a private pension i put money monthly into a savings account, i dont trust private pensions, but then nor do i trust the state one either, wish i would have started saving ealier

lots of pre planning

My home will form a substantial part of my retirement - I will simply downsize when the time comes, and this money will subsidise my meagre workplace pension - working part time I do not expect a extravagant amount, and as for the retirement pension- pah !

I'm 40 years old next year and I could weep when I think of all the money I've frittered away on non-essentials over the years when I could have saved it. Thankfully I've started to build up a work pension over the past few years and I take it very seriously. The pitiful savings that I do have are currently being spent on divorcing my husband (I'm £11K down so far). I doubt I will have any savings left this time next year, but thank God I have my pension that I can still grow, even if just a few pounds a month through my salary. I just wish I'd started a pension two decades earlier.

only buy things when you need them - you never know when you may need the money

We have saved since getting married, so hope to have a decent amount put by, we have our own house and plan is to have us Mortgage free before retiring.

Start paying people a decent wage so they can afford to put money into a pension

We have started a little pot going in my middle thirties, as i am one of lifes worriers. I have to say it is something that has been on my mind, and more so now as i had to leave my job this year, in order to look aftee my children!

One often overlooked impact of the gender pay gap is the effect on retirement income - you aren’t just worse off today but in the future too. It’s made me militant about it at work, and when doing pay reviews. I also spend a lot of time talking to new joiners about pensions, persuading women on maternity leave to keep contributing, and so on.

For me, my pension should be ok. I make AVCs each month. I will also downsize and use the equity in the house when the children leave home, but I still regret not putting more away during my thirties and particularly stopping contributions while on maternity leave.

Start as young as possible.

i simply do not have any spare cash to put into a pension pot for my retirement, I worked before I had children, so have a small amount with a pension company, and get annual statements showing my forecasted figures. I do intend to return to full time work and pay added contributions to try to catch up and have a 'liveable' income when I retire - but I am still living in hope of a lottery win.

When working I have always tried to opt in to the pensions To have something there. I’m hoping to be mortgage free and have some savings so I try and be frugal with spending.

Retirement doesn't necessarily mean giving up work altogether in one go. For me, opting to work part-time at the age of 60 allows me enough free time to do what I want, to earn enough to just about live on and not to have to dip into savings. It was also the time to change careers and do something I really wanted to do. Savings will come into play as and when I finally give up work altogether.

I have started to think about retirement which is around 30 years away for me. I think that when I reach a grand old age, we will not bet the benefits current pensioners get (free local bus travel, pension credit - which is a great help) I have a mortgage, and no spare cash, however I have equity in my home which would be useful if I were to retire and downsize into a smaller home/flat. I do have a workplace pension - but have no idea what it would mean in 30 year time to me - perhaps I should do this on Monday morning....

My job was not particularly well paid but it did have a good pension plan. This meant from 21 I always paid in and never had the extra money and therefore never missed it. Thinking ahead is so important as age creeps up on us...I am now trying to instill this into my son who has just started to work.

Took lump sum & early retirement from final salary scheme at 55 as not much death benefit for my children. My younger sister passed away age 53 having not benefitted at all from her pension

I don't feel prepared for retirement but it does seem a very long way off. I have increased my contribution to my workplace pension this year.

Thankfully when I had to retire at 44 due to ill health & disability I had a really good company pension & received the maximum amount I would have received at pensionable age but I would urge anyone who doesn't have a company scheme to make sure they take one out

I have a good work based pension where I pay in monthly and my employers pays in too, I have no idea how much I'll get, but a lot of people tell me its a great pension scheme so I'm just taking their word for it.

Private pension is a must, a nice saving nest egg if at all possible. I only buy things that we really need but we always have a holiday abroad as the children are only young once! :)