Needing Pensions, Where Do We Start?

dexters_mum_2

My husband and I are both 26, no children, and we are now needing to look at providing something for our retirements but we have no idea on where to start and we'd be grateful if anyone could help in advising how/what to do to make the first steps.

Background is thus:

Me: 26

Employment: 8 years in the NHS (full and part time), small pension there, payable at 65, don't know much else about it, except it was 6% of my salary.
Currently full time student, graduate next year, have to do 2 years professional competancy (RICS), then wish to go into my husband's business/freelance at some point after that, not immediately.

I work 24 hours a week in the holidays in the NHS

Savings: Jointly held, about £1500
Cerdit Union savings £600

Hubby: 26

Employment: Runs his own estate agents with 2 other partners

Savings: £1500, jointly held


Income: Me: Pro Rata £14, 789 Husband: £21,000



We'd like to save between £50 and £100 at the moment as I'm a student but I have no idea where we get started, we have not yet got wills drawn up, which we also want to do, is this best to do this before or after we have started up pensions?

I am so confused!

Any help at all would be appreciated.

DM

ianrob99

Speak to an IFA,Who can fully discuss your options with you, after all they are the experts

dunstonh

You certainly need to be looking at retirement provision. Your husband is self employed so doesnt qualify for anything other than the basic state pension (currently just over £4500 a year) and that will become payable at age 68.

So, if you dont fancy living on £4500 a year (ignoring you for the moment)and having to wait until age 68 then it makes sense to do something about it. You have access to a very good pension but your husband needs to do something.

A will and pension have no impact on each other so you dont have to do one before the other.

Pensions for your husband are just tax wrappers for an investment. If your investing knowledge and skills are good, then you can go DIY. However, if they are not then you really need advice from an IFA.