pensions

[mumofone]

Ho do you all organise your pension being self employed?

[loocyloo]

I organised a pension through my bank many moons ago ... on the advice of bank manager. The pension then changed companies a couple of times and was then going to be transferred so I contacted the independent financial broker we used for our mortgage and he found me a new pension! BUT ... he wasn't actually independent any more and to be honest, I'm not now sure this pension is right for me. Plus FA is in London and I'm in Yorkshire, so it was all done by email and phone ( Have met him in person in the past! )
I'm currently looking into finding an independent financial adviser locally and asking them to check it out for me. I read somewhere that you should be putting at least 10% if not 20% of your monthly income into your pension fund. I'm not, but not sure I can!

[sarah707]

I don't have one - I was advised against it when I was divorced at 40 - the advice was that I'd never be able to pay enough in to make it worthwhile...

It's a worry but hopefully I will keep my health and carry on working which I love doing :D

[loocyloo]

I don't have one - I was advised against it when I was divorced at 40 - the advice was that I'd never be able to pay enough in to make it worthwhile...

It's a worry but hopefully I will keep my health and carry on working which I love doing :D


Oooo that's scary!

[Dragonfly]

Mid fifties I haven’t got one either but wish I had.

[FloraDora]

A friend of mine was advised similar to Sarah 707 in her 40’s and bought a house ( 2nd mortgage) small terraced that she did up....which became her pension. 22 years later she has sold it and that is helping them with their pension. She let out the house and the rent covered her mortgage....she says it felt like an extra job when renovating ....but now she is reaping the benefit.
Paying in to a pension scheme and living on less per month for 40 years has paid off for me. We are living on hugely less than our salaries, but our outgoings are minimal so life is ok.....I am the women’s group age that just missed out on state pension at 60,with little notice, which most of my friends are in receipt of....so I am looking forward to being 66!

I thoroughly advise any young person to contact the pensions regulator and discuss your options, my oldest works for them and is totally motivated by sorting out a pension system because by the time he reaches pension age he thinks things may have changed.
If you worked for anybody you would have to contribute to a pension scheme now, the big question is who will provide a childminders pension... ring the government line and check your options....it scares me that some are relying on the state pension.....which is so low on its own, if you have little savings...and let’s face it, childminding is never going to be in the big earning stakes that you can save loads, though I believe it should be.....what’s more important in the world than caring and setting the foundations in place for LO’s???!!!

Hopefully there are some young childminders out there who have organised their pensions who can help you decide who to organise your pension with....because it is really important you do this, as soon as you can.

Great thread mumofone.