My fiance doesnt have a pension or savings! Help

victoriaplum1

The dilemma is this....my fiance who contributes most to the household budget etc doesnt have a pension or savings...he is 33 this year. He doesnt seem to be worried but I am....I only have a small preserved pension from 5 years in the Civil Service and am paying into a work based one now but only work pt (As am at home with young child) so not much there....where should we start with a view to having some kind of money to live on in our retirement...do we both need to set up private pensions, high interest savings, ISAs or what? I am rubbish with money I dont understand the complex stuff and he is worse, up to now I havent got invoved with his finances as long as he gives me money for the bills etc I am happy but we are thinking of getting married in a few years so think we need to be singing from same hymn sheet money wise. Thing is seems as if its the done thing to have a pension (so worries me he hasnt got one) but are there good alternatives. Know we cant rely on the state one so where should we be putting our money...any ideas gratefully received...we dont have much money to play with either

Murdina

Before you start worrying about pensions have you both got life assurance in case one of you dies? Check what your employers offer if anything and then go and arrange some immediately. Have you both got wills - very important since you are not married. If you do not get them made now. Once you have done that read around the subject of pensions on sites like this and work out what you could both afford to invest each month to save towards retirement. If you decide to invest in a pension plan rather than say an ISA then find out whether and what it will pay out to an unmarried partner. By the way is the house in joint names if you own it? If not fix that immediately too.