50 and no pension

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D6903
D6903 Posts: 1 Newbie
in Pensions, annuities & retirement planning
I’m turning 50 soon and have no pension savings. What should I do for when I retire

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  • xylophone
    xylophone Posts: 44,562 Forumite
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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?
  • DairyQueen
    DairyQueen Posts: 1,823 Forumite
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    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.
  • Brynsam
    Brynsam Posts: 3,643 Forumite
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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.
  • dunstonh
    dunstonh Posts: 116,558 Forumite
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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.
  • atush
    atush Posts: 18,730 Forumite
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    D6903 wrote: »
    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.
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