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

[EmmaMumsnet]

NOW CLOSED

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

With interest rates as an all time low I think its virtually impossible for the average man/woman to save enough to cover their retirement. We all need to give a big thank you to the government I think (Not)

Not even thought about it, I’m a more live for now kind of person however I’m sure that over the next few years as I return to work I shall look into pensions, savings etc

Haven't really got quite on top of it!

I felt far more prepared and in control back in my early twenties than I do now well into my thirties. I had some of the theory and set up some of the practical but, as others said, then one thing after another after another happened, life did not go as planned as it rarely does, and I'm a lot farther 'behind' now I guess compared to where I thought I would be 10 or so years ago to the point that I'm kinda lost, confused, downtrodden a bit - as a previous poster said it kinda feels like 'what's the point, not sure if I'm going to retire with things as they are anyways; and I think would most like to be able to sit with someone more knowledgeable and my numbers and crunch not really to get back on track to what I previously planned but to figure out how to move forward.

I think parental leave can play a part in stalling everything planned, including pension payments, but so can a lot in general life - severe illness, children's issues and health problems, losing jobs, pay freezes with rising costs, relatives becoming ill and coping with loss, and so on.

Both me and my husband pay into private pensions! We're also hoping to be mortgage free by the time we retire. It's so important to plan for the future!

Best to put away an affordable amount each month, starting as young as possible because you can't have enough behind you and the state pension age keeps increasing

It is all so confusing especially for women who take career breaks. I do have a small private pension but I know it wont be enough to live on so I am now aiming to pay the mortgage off as quick as possible and then use that money to save and when the time comes to sell up and downsize having a decent cash pot hopefully.
I do think there should be much more information available on pensions which is less difficult to understand.

Have paid into my pension from age 21, however had to retire on health grounds at age 40, so how much it will be worth when I reach retirement age is anyone's guess!

Pensions are much more complicated and costly than in my parents' day. There's a lot of dishonesty and it's all very complicated. Plan to die in harness

I've got a workplace pension and some savings; just as well since I won't get the state pension until (at least) 67.
I think nobody should count on the state pension anymore, by the time I reached 60, it had moved to 67, by the time I get to 67, who knows.

Luckily I get quite a good pension contribution from work so that's really what I am relying on at the moment...Many years to go before I get to retirement so hoping that it will see me through when I finally need it!

i dont earn enough for my works pension so hopefully i can start when i work more hours and kids need me less

Is it actually worth saving for a pension?

The return on pensions is so bad we've concentrated on paying off our mortgage and building up savings.

It's really hard, you get paid so little and things cost so much.
I want to start saving as well as the scheme with work but I just don't have the spare cash. I am determined to start putting some to one side soon. But things always crop up like car repairs etc

When I started working (teaching), paying into the pension was just part of what you did without questioning. What I didn't realise at the time was that after having the DCs, life would take me in a different direction and I wouldn't return to teaching. Being self employed, I've nothing in place, which is a bit of a concern. I do have 6 years' worth of teachers' pension (or it might be 7, don't know if maternity counts) but all that actually equates to is a few grand in a lump sum and about £100 a month top up, which is nice but not a life changer. We do own property that we rent out though, so we're hoping to sell up and raise the shortfall that way.

Its so hard, you should really start when you are in your 30's but no one does. I will be really strugggling when I retire

I have a few pensions Ive paid into when Ive been working but to be honest I havent really got a clue what will happen when I retire, the hubby has had a pension all his working life, and even he is unsure of what lies ahead. I dont know if Ill get a state pension or not.

My workplace pension is quite good but I'll be saving my own money (once debts are paid) in a savings account just to be sure. I wouldn't want to struggle

I have a small pension but trying to save more

My hubby has a private pension which he saves into . Im not working so havent really had any extra income to put into my retirement

I know it's a cliche but the most important message I learned from 15 years working in pensions is start saving early. It might seem hard when your starting out in a job, but it's so important to start and keep it going.

Totally unprepared and confused about the whole process. Am putting money into pension but all other savings get swallowed up by big purchases.

Something that needs to be done and we do have some but getting the mortgage paid off is our current priority and we can then turn our attention to planning for later life.

Start saving as early as possible and put a bit aside each month, that way you wont miss it as much.