48 & No Pension Plans

atush

So you do have nest pensions, both of you.  Value to date?  Call them if you dont have online access.

If you lease a pub, you are sole traders/self employed?  Can you be an LLC?  If you pay your pensions thru your pub, you will save on both corpration tax, and income tax.

xylophone

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

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.

The second statement contradicts the first.

You could both contribute more to the NEST pensions?

Or you could each open a separate pension and contribute to it alongside the NEST pension.

Have you both obtained state pension forecasts?

https://www.gov.uk/check-state-pension

Info_Hunter1976

Yeh, its not a lot though. Its via our wages

Info_Hunter1976

I obviously havent a clue about these type of things so apologies. 
Thanks for the link. I will have a look

Info_Hunter1976

I am going to try and log in to nest and I will let you know what it says.

atush

That didnt really answer the question about Stte pension or the old pension.

How much are your Nest pensions worth today?

dunstonh

p00hsticks said:

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. 

Some people can live frugally and have a good life.   Going out walking costs very little but you can experience fantastic views and enjoy lunch/dinner outside.   
Others have a consumer lifestyle where with heavy expenditure and couldn't cope with £20k.

Area matters too. £20k in Wales, much of the North or East would not be as hard as a city location or most of the South East.

Info_Hunter1976

According to Nest my retirement pot is £2900

Albermarle

Info_Hunter1976 said:

According to Nest my retirement pot is £2900

So very small in pension terms, and therefore you really need to start adding more to it ( or to a similar pension) if at all possible. 

Marcon

Info_Hunter1976 said:

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

So why say you've got no pension in place? It's difficult to comment helpfully on the basis of wholly incorrect information.