Planning for retirement as a single person - any hints or tips

OneInTheHat

State pension says i am on track to get a full pension when I retire

OneInTheHat

Sorry the bit about the company pension was for xylophone who was asking about whether I had a personal pension.

Anotherjoe - yes thanks that makes sense. It is small and not in Mayfair so I guess I should budget to stay there (which is useful as I know the bills etc)

pandora205

As a single (ie divorced) woman approaching retirement my advice would be:
pay off your mortgage early
increase your pension incrementally each year so that you don't notice the difference
when your mortgage is paid off, use the balance sensibly. In my case this meant putting lots into my pension and some into other savings
contribute when your sons go to university (and expect their father to as well) but don't pay their tuition fees if you can afford to
don't subsidise adult children (too much) as it is a barrier to them becoming independent
continue to build your career, invest your time in professional study and take promotion opportunities (assuming you enjoy your job)
do not develop a taste for expensive cars, clothes and material possessions that depreciate but do treat yourself to the odd holiday, etc.
and of course, enjoy the benefits of being single!

lexington013

If I'm honest your ex should be contributing for the children up until they are 18. I really think you should prioritise this in order to help you save some of your hard earned money to allow you to plan for your future too.
Too many errant fathers.....

Thrugelmir

Apply for maintenance through the CSA. An attachment of earnings is straightforward. No defence.

xylophone

If you are contributing the maximum you can afford to the company pension then it wouldn't seem possible for you to make contributions elsewhere at the moment?

Turbinedave

Under normal circumstances an attachment of earnings is simple ( if the offender is PAYE ) , my daughters ex works cash in hand etc and has never paid a penny for the kids in two years ! The new version of the CSA cannot touch him .

another_casualty

I understand one in the hat wants to put the past behind her.
Everything seems to be going in the right direction . I would say, get the mortgage out of the way first and the rest will take care of itself.

Best of luck

OneInTheHat

Thanks everyone, much appreciated

bugslet

OneInTheHat wrote: »

. If any woman reads this, if I could give one piece of advice it would be to make sure you have a similar pension to your husband because you never know when things could go wrong!

.

To expand on that, both partners need to make provisions, pensions, savings in case things go wrong.

My late OH had no pension, I think he was going to rely on mine.