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50 and no pension
D6903
Posts: 1 Newbie
I’m turning 50 soon and have no pension savings. What should I do for when I retire
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Comments
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Have you checked your state pension situation?
https://www.gov.uk/check-state-pension
You have checked that there are no forgotten pensions?
Do you currently have an earned income?0 -
Start saving as much as possible into a pension ASAP. Nothing can compensate for the lost 30 years but everything you save now will help. The taxpayer will pitch-in by providing tax relief. Don't waste any more time. Just do it.0
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Check your state pension as suggested above. Can you live on that? Do you have plenty of non-pension savings? If not, start saving.0
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What should I do for when I retire
a) dont retire
b) pay more towards retirement.
You really havent given us much to go on.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I’m turning 50 soon and have no pension savings. What should I do for when I retire
If you dont have any pension savings, you probably cant retire. So dont. Keep working until you drop (or save).
Or you can tell us who do you work for and why arent you contributing to the pension at your work? They have to pay into it for you, so you are throwing away free money?
If you dont work, get a job. If you are self employed open a pension and pay into it. If you earn enough and have an accountant, why arent you a limited company (LLC)? if so your company can pay into the pension for you and you save loads of cash.
Even if you arent an LLC you can open a pension, pay in 80 quid, and the govt wil add 20 quid so 100 into your pension. This it the gov giving you back the income tax you paid on earning that money.0
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