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 had to retire on health grounds from teaching so I get a pension from that. I don't have a mortgage and do pay into a work pension but it won't pay out much. I have self employment which I hope will provide some extra income post work retirement.

I paid into a (very good) company pension for 14 years from age 20, and thank goodness I did because the company pension was set up to pay out from age 60, unaffected by the change in State Pension age. My daughter however was recently hoodwinked into joining a (lesser) company scheme and her first statement showed clearly that all her payments went to yearly charges to administer the scheme. Also, years ago a neighbour had a plan with the (door-to-door) company, who after 2 years urged her to cancel & start a new one. It was a revelation to my neighbour that the first 2 years payments only pay the guys commission - nothing towards the pension. The moral here is that you really can't leave it to someone else, you need to understand it for yourself, or they'll be all over you.

I'm worried about reitement. I looked today and inflation linked annuities appear to be running at about 3%. That means if I want to retire on £30k a year, I need £1m in my pension when I retire. I'm paying £1,500 per month into a pension, but that means I need to keep doing this for 55 years in order to get the the million mark. I'm already in my 40s!! This is impossible! I wish I worked in the public sector where workplace pension schemes are so generous.

Make the most of your employers pension scheme if one is available, especially if they pay 'X' amount in per month!

Do I pay into a company pension? Yes. Do I save a little every month and have minor investments? Yes. Does my husband do the same? Yes. But still I worry it isn't enough for the future. It's so hard to know who is giving you the best advice and what you're doing is the best for the future.

I have a generous work pension which will pay out 34k a year on retirement. However this is only if I work til 68. I'd like to retire at 55, so really need to save into a SIPP to bridge the gap. Not sure where to start with this though.

I've paid into a pension since 24, and currently have a civil service pension, but these are not what they used to be and I doubt it will cover me for retirement. I will likely have to work part time after 'retirement' as my husband has only recently started paying into a pension following the recent legislation to make some companies set up pensions. I pension should be enough, but those days to enjoy retirement are gone.

I have always contributed to company pension schemes when I have been employed, but really I have no idea how much they will pay out when I retire.

Ha! Imagine having any money left after outgoings to save for retirement with?!!

I work for myself and always have done. I spent a few years not saving for any retirement but then realised what a silly thing that was to do. I invested two thirds of my total savings into a pension fund and since then have been adding to it monthly.

So how do you feel when it comes to saving for retirement?
Well I have a local gov pension but there is no guarantee how much it will be. Think ill be working a long time...then be too old/knackered to spend my money

Do you feel organised or unprepared? Totally unprepared. Though on the flip side am in my early 30s and will probably be working til im 75...if Im lucky...maybe older!
What challenges, if any, do you think women face in particular when it comes to saving for retirement? Missing years of work/not in high paid jobs to start as well as part time work/childcare. You may have relied on a partner you are no longer with.
Do you think that parental leave has a big effect on stalling pension payments for women?
Yes and the years after working part time or lowpaid etc

I've been paying into the work pension for years now. No idea what it means though

We have a pension which kicks in when my Husband is 55 but I can't see him stopping working at any time!! We spend every penny that comes in so there isn't any hope of saving unfortunately

It’s tempting fate to be worried about your pension. Who knows if we’ll get there?

Pension planning is on my mind a lot at the moment, but with rising living costs and stalling salaries it is hard! After having a daughter, I lost out on pension contributions for a while and I am trying to play catch up!

Just save what you can, enjoy life.

Our priority so far has been paying off the mortgage to give ourselves that security. Have to confess that my private pension provisions are minimal due to some time spent abroad and now a vastly reduced wage following children. Can't see that there will be much of a State pension by the time I get to that stage either, except for those in dire straits or who have no savings. It does make me worry for my children's' generation who will very possibly find themselves bearing a huge financial burden in terms of higher taxes in order to fund pensions etc.

Start saving the moment you start working!

I currently pay into a personal pension and a work one too but really need to think about contributing a bit more in the future to make sure I have enough when I need it.

I think one of the best ways to save is to invest in porperty - buy and renovate houses and rent them out. Less risky than the stock market and better than saving when interet rates are so low.

My pension is worth nothing I should imagine and we don't have any retirement saving plans. I would love to be able to speak to a 'trustworthy' source who can explain these things to me and help me to plan.

I do worry about my pension in the future now that I have given up work to bring my family up. I worked in banking so had a good pension scheme in place but then went part time after no1 so that dramatically changed it as a benefit and then of course it stopped when I gave up after no2. What I think would have been perfectly adequate pension probably now is worth next to nothing. In the main, women are very disadvantaged with pensions because more often than not it is our career that has to give rather than a mans.

love to save but no spare money so guess we will downsize when time comes

So how do you feel when it comes to saving for retirement?
That I've no chance of saving enough to guarantee a comfortable retirement.

Do you feel organised or unprepared?
Both! I've got pensions and savings but not enough and unless I get a lottery win that's unlikely to change.
What challenges, if any, do you think women face in particular when it comes to saving for retirement?
Taking time out to raise a family, even if it's just maternity leave, can mean having to stop saving into a pension.

Do you think that parental leave has a big effect on stalling pension payments for women?
Yes

I have a pension through my work but I didn't start paying into it until I was 30 something I regret. I think when you are young it is hard to think that far ahead and some of thd information out there regarding pensions is confusing