48 & No Pension Plans

Info_Hunter1976

According to my state pension I will receive £221.20 per week (£11,541 per year)  in May 2043

Brie

I'd make a spreadsheet and put in all the numbers for both of you.  State pension already accumulated, estimate for when you are old enough to get it (67? or?).  Have another line for your nest pension values.  

Have a think of what you have done all your lives.  Did either of you ever work for a company?  Maybe put in a few years in an office or on the road selling things for a corporation?  Check if those companies had pension schemes and then check if you should get any benefit from them.  
Declaration - Find pension contact details - GOV.UK (findpensioncontacts.service.gov.uk)

Consider how long you want to work - some publicans go on for ages.  Does accommodation come with the job/pub?  So what would you do if you stop working and have to move out?  This might suggest you should be saving a deposit somehow to buy perhaps.  Maybe you need an ISA rather than a pension?  

For me getting the numbers down on paper (well on a spreadsheet really) was very helpful and reassuring.  Once you've got your numbers and some thoughts together come back and ask more questions.

atush

Info_Hunter1976 said:

According to Nest my retirement pot is £2900

What about your wife's nest pension?

What savings/debts do you have?

Info_Hunter1976

Thanks guys

Apologies if people think I have misled them, it wasnt intentional

I was in the civil service for 2.5 years and there was probably something with that.

Overall, here is how we fair

My NI all paid and will get £221 a week if continuing the way I am via state pension.
I have £2900 via Nest which I assume wont contribute much

I reckon my wife will be short with NI but we will top up as she was self employed for several years. Nest will be half of mine.

I am more trying to find out if I put £250/300 a month away on a pension scheme will it make much difference.

xylophone

I reckon my wife will be short with NI but we will top up as she was self employed for several years. Nest will be half of mine.

She needs to check her state pension forecast.

I was in the civil service for 2.5 years and there was probably something with that.

You have a deferred pension with the Civil Service?

Were you given a statement of deferred benefits when you left?

MallyGirl

It certainly will help. The boost from tax relief is significant. Unless you want to live on just the state pension then it is time to step up and make provision for your retirement

DE_612183

what year was your CS pension?

2.5 years could give you upwards of £250 a month ( at 67 ) and possibly more.

Have you checked via https://www.civilservicepensionscheme.org.uk/

MallyGirl

Info_Hunter1976 said:

Thanks guys

Apologies if people think I have misled them, it wasnt intentional

I was in the civil service for 2.5 years and there was probably something with that.

Hopefully you have some final salary pension from this. You should have had paperwork when you left. Make sure they have your up to date address for future communications 

Info_Hunter1976

Regards to civil service pension. I left in 1999 so dont have any info.

My wifes NI Is all up to date and she will receive £221 in 2042

Trying to find her nest pension so far

mark_cycling00

Pension is part of retirement planning.
If you're unable to wack significant amounts into pensions over next 15 years then you still have 15 years to do the following:

1. Make your retirement life less costly. Eg. Plan to live somewhere with facilities within walking distance, or good bus transport. Insulate home etc..live close to children or good friends who can help out. Gradually give up smoking, caffeine, chocolate etc. cultivate cheap hobbies 

2. Develop a skill that allows you to work part-time after 68. When you discover that a pedigree kitten costs £1,000 or more, that second garage suddenly becomes much more of an asset. Loads of opportunities out there. Be ruthless, don't follow the crowd