Am I paying enough? (Self employed)

atush

Becj53 wrote: »

Well like I said, I feel like I'm completely out of my depth and clearly I was right!
There's definitely no previous work pensions, so this needs to be right.
If I'm being honest, the fact that my mum died at 61 made me feel like I'd rather enjoy my money now as I may never see the benefits of a pension.
I'll look into seeing a financial advisor, are they expensive?
Becky

What did your mom die of? It may well be her death haas nothing to do with your LE.

My dad died t 58 from a brain aneurysm. My mom at 68 due to kidney failure/Type 2 Diabetes.

Both smoked like chimneys all their adult lives. No Brac or other cancer genes that i know of.

I dont smoke but do have a higher risk of type 2 due to my mother. I have outlived my dad and expect to outlive my mom.

only time will tell

atush

Becj53 wrote: »

Up to date with NI contributions, mortgage will be paid off before retirement (currently overpaying each month) husband has several 'frozen' pensions (whatever that means)
as he's moved around a bit with different jobs

What is your rate of inerest?

It could be that pension paying is better than overpaying if your rate is as low as mine.

What it your OH's pension like?

Mnd

You are probably quite confused now, some people saying £150 I saying 20%, which I make £250, and both those posters always give good advice.

So, you have made a start, but you say you will add payments when you can. Please make sure you do that.

Sort your husbands pensions out. It is important that you know what he has for his and your future.

Work out what income you need in retirement, both as a couple and as individuals as nobody can predict the future.(there is a massive thread somewhere called the number..what's yours..worth looking at)

I won't comment on Nest, you may choose to look at what provider you use in the future.

So build on this start, and as you understand more and have more questions come back and ask. You will always get a response to your points.

Good luck

Mnd

And don't plan on dying at the same age as your parents, my dad died at 66..that gives me 2 years! And I'm planning on another 35!

enthusiasticsaver

Usually the formula is whatever age you start paying into a pension halve that and pay as a percentage so in your case 20% of income or £250 a month. So many variables though like whether you have full state pension entitlement, spouses pension and your lifestyle. I would not count on dying young like your mum, there are so many variables on life expectancy too.

Ultimately though there has to be a balance between preparing for the future and living life today. Paying something is better than nothing but I would look to increase that figure ASAP to at least 10%. Do you have any old pensions anywhere?