Husband retires officially in 2026 - Looking at our options for retirement.

LHW99

Freedomforever said:

xylophone said:

If you are working, is there a workplace pension scheme?

Reading through other comments I have been advised that I can save a small yearly amount towards retirement regardless of employment status. It will just be a basic scheme without heavy charges that I’m looking to invest into.

If your workplace runs an autoenrollment pension scheme (as it almost certainly will do) you can request to be enrolled I think, even if you don't earn enough to be "statutorilly" enrolled. Not sure what that would imply in terms of getting additional employers' contributions, but you would still get the tax relief.

Freedomforever

LHW99 said:

Freedomforever said:

xylophone said:

If you are working, is there a workplace pension scheme?

Reading through other comments I have been advised that I can save a small yearly amount towards retirement regardless of employment status. It will just be a basic scheme without heavy charges that I’m looking to invest into.

If your workplace runs an autoenrollment pension scheme (as it almost certainly will do) you can request to be enrolled I think, even if you don't earn enough to be "statutorilly" enrolled. Not sure what that would imply in terms of getting additional employers' contributions, but you would still get the tax relief.

Thank you appreciate your time.

Admiral_Barbarossa

We have reached the point where we have enough to live on for the rest of our lives, but while the sun is out, we carry on making hay and taking holidays! If you can, carry on making hay!

Sarahspangles

Freedomforever said:

Everything that I’m reading suggests I actually need to look at my pension provisions should my husband pre decease me. As ours is a fairly modest income I think we’d have to address this first.

I’m glad you’re doing this, one of the things we’ve looked at recently is how much our pensions pay out to our spouse.

Freedomforever

Sarahspangles said:

Freedomforever said:

Everything that I’m reading suggests I actually need to look at my pension provisions should my husband pre decease me. As ours is a fairly modest income I think we’d have to address this first.

I’m glad you’re doing this, one of the things we’ve looked at recently is how much our pensions pay out to our spouse.

It’s eye opening isn’t it. I generally think of my spouse first but your previous comments bought greater clarity to my thinking and I’m exceptionally grateful. Have a lovely day 😊

xylophone

Reading through other comments I have been advised that I can save a small yearly amount towards retirement regardless of employment status. It will just be a basic scheme without heavy charges that I’m looking to invest into.

Yes, a person under age 75  (even if without any relevant earnings) may make a net contribution of up to £2880 per tax year to a personal pension and the provider will claim tax relief of up to £720 and add it to his pot.

However, if employed and the employer offers a workplace pension, it is certainly worth considering joining the workplace pension.

It is also possible to have a workplace pension and a personal pension.

https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm044100

Freedomforever

xylophone said:

Reading through other comments I have been advised that I can save a small yearly amount towards retirement regardless of employment status. It will just be a basic scheme without heavy charges that I’m looking to invest into.

Yes, a person under age 75  (even if without any relevant earnings) may make a net contribution of up to £2880 per tax year to a personal pension and the provider will claim tax relief of up to £720 and add it to his pot.

However, if employed and the employer offers a workplace pension, it is certainly worth considering joining the workplace pension.

It is also possible to have a workplace pension and a personal pension.

https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm044100

Excellent advice, thank you. My mind is boggling but good to know my options 🙂

Freedomforever

Admiral_Barbarossa said:

We have reached the point where we have enough to live on for the rest of our lives, but while the sun is out, we carry on making hay and taking holidays! If you can, carry on making hay!

Love this! Yes hay making sounds like the best way to go, along with plenty of sunshine 🌞 ( hopefully)  and a few holiday’s 😁