48 & No Pension Plans

Info_Hunter1976

I am turning 48 and my wife is turning 49.
We currently dont have any pension plans in place!

If you were in our shoes, what would you do?

I still have about 20 years of working life left (touch wood).

dunstonh

I still have about 20 years of working life left (touch wood).

Probably more if you haven't got any retirement plans.  Unless you are a low earner and can afford to drop down to around £10k a year.   That is possible.   For example, if you both qualify for maximum new state pension then that's £20k a year.    If your current household income is around £20k a year then you are used to that standard of living.

If you earn around £80k a year, then dropping to £20k would be a significant lifestyle shock.  

atush

Do you have a work pension you havent joined?  Do you both work? Are you both contributing to the state pension by either thru work or voluntary?


it isnt too late, we didnt start til 40.  Join a work pension, if you dont have one, start personal pensions.  if you are self employed or an LLC, make your pensions thru your company. Do you have an accountant?

if one of you isnt working, your can still have a pension.  Put in 2880 per year, which the govt grosses up to 3600 with tax relief.

Anything you save now will save tax, and provide extras in retirement.

Info_Hunter1976

We earn about £50k a year between us both so looking to put something in place to try and help us when the time comes

p00hsticks

dunstonh said:

I still have about 20 years of working life left (touch wood).

For example, if you both qualify for maximum new state pension then that's £20k a year.    If your current household income is around £20k a year then you are used to that standard of living.

Although even in that scenario, given that state pensions are not inherited and many household expenses are the same for one person as for two, you'll need some sort of plan or savings in place if you wish to ensure that  the other can carry on at that standard of living when the first  person dies. 

atush

Info_Hunter1976 said:

We earn about £50k a year between us both so looking to put something in place to try and help us when the time comes

Please answer some of the above questions esp about work pensions, etc.

What is your annual spend for your lifestyle?  Have you got ISAs or other savings?  Is it all cash?

Marcon

Info_Hunter1976 said:

I am turning 48 and my wife is turning 49.
We currently dont have any pension plans in place!

Why not? The reason could be significant!

Info_Hunter1976 said:

If you were in our shoes, what would you do?

Depends why you don't currently have any pension plans in place.

DE_612183

Info_Hunter1976 said:

We earn about £50k a year between us both so looking to put something in place to try and help us when the time comes

If you are earning - how have you not got even a basic workplace pension?

Are you self employed?

Contracting through a ltd company?

Only get cash in hand?

What are the circumstances of your earnings?

Info_Hunter1976

Info overload lol

Yes we both work and lease a pub.

We have wages and dividends that make up the £50k between us.

I have been part of Nest since it was introduced in 2012 through my previous and employer and now through our business. My wife for 6 years.

We both have paid NI contributions since 17.

I never really thought about retirement but hoping it not to late to start thinking of something

Info_Hunter1976

No ISA or savings as such.

We have a house thats got 11 years left on it and would have £180k in the bank if we were to sell it.

DE_612183

so you've got money going into nest each month?