Where to get free, independent pension advice in my 40's

LHW99

Have you both checked your SP provision?

You should be getting your NI paid each year, and nearer the time, you could make additional voluntary contributions if you look to be short of the full amount.

If your partner has ever worked, he may have earned some SP. Maybe not much, but it might still be a little extra in due course.

Beddie

Can you really not afford to buy somewhere if you saved up a deposit? Depends where you are in the country, but in my market town you could afford a small house on your income with a 20% deposit. Shared ownership might work for you too. If it's a possibility, save hard into a cash ISA, as much as you can each month.

But if you have given up on home ownership, then look at your employer scheme and maximise contributions. They will probably pay more in too. Build up ISA savings too if you can, as an emergency fund.

xylophone

As above and as mentioned in my previous, have you and your partner obtained state pension forecasts?

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

CurlySue2017

xylophone said:

As above and as mentioned in my previous, have you and your partner obtained state pension forecasts?

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

Sorry, we have checked mine yes.  Mine is on track (never been out of work for any length of time since I was 16) so I will get my full state pension.  Just need to check OH's because he has worked all his life too, just not for the last few years so his will probably need topping up.

theoretica

CurlySue2017 said:

It's the renting that is my big worry but as I say there is no way that I will be able to buy (aside from a large lottery win!!)  I am on the list for social housing but as it stands, we are very low priority so don't expect to be offered anything anytime soon, if ever

Just picking up on this point - you might find there is more available once you and your partner are of an age to qualify for the housing reserved for older people. 

FIREmenow

Just need to check OH's because he has worked all his life too, just not for the last few years so his will probably need topping up.

Did he pay into a pension when he was working?

It's not nice to think about, but what would your OH do if you were to pass away first? Retirement planning between a couple usually considers survivorship.

Absolutely no judgement of your OHs work situation, I'm just considering how a small part-time job might help him build NI credits (and ideally pay into the company pension). Any small bit of money he can chip into bills would let you either save for a deposit or put more in your pension. This way your finances are still separate and the pension he is building up can't be accessed. About 11 hours per week in a minimum wage role would get NI credits without having to pay any NI or income tax. Just a thought if he might be open to a gentle re-entry to work with some low-stress working hours in the future. You don't have to respond to this or justify why it would or wouldn't work, I'm just throwing it out there.

Just keep reading this board and you'll pick things up as there are some really knowledgeable regular posters who can help explain your options. It's done my pension provision the world of good!

CurlySue2017

FIREmenow said:

Just need to check OH's because he has worked all his life too, just not for the last few years so his will probably need topping up.

Did he pay into a pension when he was working?

It's not nice to think about, but what would your OH do if you were to pass away first? Retirement planning between a couple usually considers survivorship.

Absolutely no judgement of your OHs work situation, I'm just considering how a small part-time job might help him build NI credits (and ideally pay into the company pension). Any small bit of money he can chip into bills would let you either save for a deposit or put more in your pension. This way your finances are still separate and the pension he is building up can't be accessed. About 11 hours per week in a minimum wage role would get NI credits without having to pay any NI or income tax. Just a thought if he might be open to a gentle re-entry to work with some low-stress working hours in the future. You don't have to respond to this or justify why it would or wouldn't work, I'm just throwing it out there.

Just keep reading this board and you'll pick things up as there are some really knowledgeable regular posters who can help explain your options. It's done my pension provision the world of good!

He did when he was working yes so he will have that when he reaches the right age too, but he won't be working again for the foreseeable, not even in a part time role.  Thank you so much for your kindness and not pushing on this point, I really appreciate that

My pension is set up so that if something happens to me, he is the beneficiary.

I will stick around and read the board to learn as much as I can and maybe get some ideas that we had not even considered.

Marcon

CurlySue2017 said:

FIREmenow said:

Just need to check OH's because he has worked all his life too, just not for the last few years so his will probably need topping up.

Did he pay into a pension when he was working?

It's not nice to think about, but what would your OH do if you were to pass away first? Retirement planning between a couple usually considers survivorship.

Absolutely no judgement of your OHs work situation, I'm just considering how a small part-time job might help him build NI credits (and ideally pay into the company pension). Any small bit of money he can chip into bills would let you either save for a deposit or put more in your pension. This way your finances are still separate and the pension he is building up can't be accessed. About 11 hours per week in a minimum wage role would get NI credits without having to pay any NI or income tax. Just a thought if he might be open to a gentle re-entry to work with some low-stress working hours in the future. You don't have to respond to this or justify why it would or wouldn't work, I'm just throwing it out there.

Just keep reading this board and you'll pick things up as there are some really knowledgeable regular posters who can help explain your options. It's done my pension provision the world of good!

He did when he was working yes so he will have that when he reaches the right age too, but he won't be working again for the foreseeable, not even in a part time role.  Thank you so much for your kindness and not pushing on this point, I really appreciate that

My pension is set up so that if something happens to me, he is the beneficiary.

I will stick around and read the board to learn as much as I can and maybe get some ideas that we had not even considered.

If anything happened to you in the reasonably foreseeable future (sorry!), there'd be no annual salary of £36K from you coming in, and a pension pot (currently £17K) isn't going to go far. It's a 'defined contribution' pension scheme, so there is no ongoing partner's pension attached to it - all he'd get is whatever is in the 'pot' at the time you die.

Do you have life cover with your current job? If not, might perhaps be worth considering buying some?

CurlySue2017

I really hope this doesn't sound dismissive because it is certainly not meant to be, but all I can say to that at the moment is that "it is what it is".
I can't afford to pay for life insurance to cover him just incase something happens to me, that may not happen at all.  If the worst did happen then he would have to find a way to survive without me.  That may sound uncaring but as I say it is what it is and he fully understands the situation.

Marcon

CurlySue2017 said:

I really hope this doesn't sound dismissive because it is certainly not meant to be, but all I can say to that at the moment is that "it is what it is".
I can't afford to pay for life insurance to cover him just incase something happens to me, that may not happen at all.  If the worst did happen then he would have to find a way to survive without me.  That may sound uncaring but as I say it is what it is and he fully understands the situation.

Not at all - I just wasn't sure if you thought your pension would somehow provide an ongoing income for him.

If you aren't sure if you have life cover through your employer, that's worth checking. A surprising number of people don't realise they do have such cover!