Share your thoughts on saving for retirement with Scottish Widows - chance to win £300 voucher!

I started my pension fund late as my ex husband had a good pension and i thought we could manage. Then he left me! I now have a fund worth £16,000 and if i increase it to be worth £40,000 i would get £160 per month!

I never really thought about pensions when I was young, but even if I had, the rules seems to change so often - especially for women. I find it hard to advise my own children, other than to try to make sure they are saving something - I know those in "traditional" employment now must be offered a pension, but if you have a series of limited contract, globally based jobs then who knows and there will be many with career gaps.
Pensions are now part of a divorce package - even if both partners are in employment and there are no children.
thought I would get a state pension at 60, current prediction is 66 - and counting! so even the best planning was thwarted.
Women generally are have lower salaries and more career breaks so their pension pots will be lower. It is very difficult to predict the future ie what the retirement age will be, what the life expectancy will be, how living costs will change, what provision there will be for social care, and if your family will be geographically available and willing to help.

We do have some plans and funds already but not enough by far. Focus is on clearing the mortgage first and we can then plan for later life.

I save into a pension but worry I won't have enough to live on when I get to that age

Lots of us planned for a state pension paying out at 60. Lo and behold no one bothered to tell most of us the goalposts had moved.
I planned my retirement age based on this payment being available and by the time it became common knowledge that the rules had changed I had no time to make this up.
On average lots of us have lost access to around£40/50k by the 6 year increase to our SPA. Who could have planned for that?

I was auto enrolled into a pension scheme when I started my new job 5 months ago and it pays in a lot more than what I was in my previous job but it comes out out my earnings pre-tax so I don't really notice it. I feel like my pension will be good enough when I retire but I will also save my own money in my savings account

People should prioritise pensions over holidays, and fancy technology. Would you rather have a fancy 60" tv now, which will soon be out of date anyway, or would you rather have enough to love on for the last 20 years of your life?

If people had to spend a week living on the basic state pension, their priorities would soon change.

very difficult to save today unless you are on well above average wage , what you seem to get in is taken off you in some way

THE Woman or Lady's should get the same pension of the MEN in the UK.

I have two pensions - one with Kingfisher and the other pension with Scottish Widows.
The best pension is with Scottish Widows and it is the best thing I have done and saved for - but the pension age keeps go up and up and will you ever receive the Government state pension.
B&Q GAVE me a pension but you do not know the holding fund of the pension and you can not take the pension out of the KF pension - but you might be able to put into the Scottish Widows pension - but it is a Final salary pension and you do not know or understand how much you will receive for the KF pension, as the statement are not very helpful - as the Scottish Widows statements.
IF you take over 25% out of your pension - as I had to give my job up in B&Q - due to bullying and harassment and then went to work in TEXAS Homecare - were they di not give you help towards a pension.
Also you now keep getting people phoning you up all the time and wanting to look into your pension pot - but can you trust them, as you have about 6 or 7 years to go to receive the pensions and the state pension and the age limit might go up again, which is not are fault and the Government keeps blaming the old age people and you then get the Governments raiding pension pots of the UK

Everything was well organised until I started having children! After that, it never got back on track as there was always something in the here and now that needed paying for. I'm hoping that two small rental properties that we own will raise what I consider to be the shortfall. The mortgage is only a few years off being paid up on them both. Luckily our house is also only a few years off being fully paid for too so at least we're not going to have to find money for mortgage or rent in our retirement years. We were very careful to make sure that no loans/mortgages etc would still be outstanding beyond our very early 60s.

I dare not even think about the state of my finances by the time I retire.
Work has been poorly paid and very patchy for the last little (quite big) while.

I don't get my state pension yet, I took early retirement at 50 due to ill health with my Husband supporting me. He was unable to cope with my illness constantly saying I'd ruined his life until I said fine well I've had enough listening to your constant complaining so I'm divorcing you. I have two private pensions and my pip and I'm doing quite well thanks. I will be happy when the state pension kicks in even though I'll have to pay tax on it. I'd be better off if the idiot judge didn't see fit to award the ex 25% of my house resulting in me having to remortgage to pay him off. I took equity release in order to raise enough to pay him off but I'm paying the interest on it so the amount never increases as long as I can afford to pay it. No one would give me a mortgage so was left with no option if I wanted to stay put. Both my Sons have pensions and my Dil does too, they are very aware how expensive old age could be and can't rely on inheriting anything no matter how much my house is worth. I do also have savings, have my youngest Son on them as joint account and have also sorted out POA. I also save small amounts that would otherwise not be saved by joining chip which saves a variable amount each month by monitoring mg current account spending and saving if I spend less. I don't even notice it but have saved £600 since June. That's on top of 3 other regular saving amounts each month. One of £400, two of £250. These pay my yearly interest on my equity release and at least pay some interest.

I am working at the moment but I know that my pension will be no where near enough to live on and it does worry me a little

It's hard, low wages means not much to put to one side.
I like the scheme with the money being taken out and being matched, but will it be enough?

The returns on pensions is so bad we've concentrated on paying our mortgage off!

Goodness, reading many of the comments makes me sad to realise how unfortunate the position of some ladies are. When we are young retirement seems such along way ahead it is easy to fail to make any provision even if we can afford to. Saving into a pension is one of the best returns because for every £1 put in the government put 20p, or 40p if you are a higher tax payer, but many do not know this. Starting early to pay in as much as can be afforded is the answer to having some sort (or any) of comfort in retirement. Thank heaven my husband has a (rare) final salary pension, which I get half if he dies, & I have always worked & paid into my pension so know how fortunate my situation is.

When you are young it seems so far away and you are sure that it will all work itself out somehow in the end. I thought that way, but fortunately came to my senses and have been fortunate enough to be able to save (paltry amounts at times) to build a buffer to my state pension and small private pension. I won't be living it up but I'll be ok. I'm very, very lucky.

Bought eight added years from age 35. Sadly had to finish early at 56 due to serious illness but these added years made a real difference as I await my state retirement age.

I would urge any young girls to start early putting into a pension. I was a stay at home mum in the 7o's married young and lived on monthly wages I did urge hubby to pay into a pension and glad I did. I stared a pension late only five years ago but aim to keep it going till I retire which as I'm only 58 will be another 8 years. Definately the working class with low wages like mine will struggle I worry about that.

im hoping to go out before retirement and getting my TO DO LIST done sooner and when the time comes, im off to stand before my LORD

Best to save what is affordable to save, starting from as young as possible. You can't have enough behind you and the state pension age keeps increasing

Now retired, my husband and I are part of the 'baby boomer' generation. My husband has always worked and saved into a company pension, although this stopped when made redundant. His new job didn't offer a pension and we decided for him to start a personal pension.

We have two children, and to fit in with home responsibilities, I did a series of part-time jobs, often not being able to work long enough hours to contribute to the national insurance scheme. I only continued my career when our children were old enough for me to do so.
Although neither of us earned high salaries, we have always saved for the future, initially using Tessa's, Pep's, then ISA's, building up a considerable tax-free nest egg. I also received an inheritance from my parents, which helped considerably and also enabled us to 'splash out' a bit.

You have to think about the future, but there are many challenges especially for women. Lower paid than men, being responsible for most aspects of childcare, and taking time off from the workplace with maternity leave and the cost of childcare these days. All these challenges result in women being unable to place enough money into a pension.

It can also be discouraging when when checking your pension pot, to see that although you have been paying into it a considerable time, due to changes in the stock exchange the balance isn't always as high as you expected! Even though your employer, plus tax relief has been added.

However, everyone should take responsibility for themselves as far as possible to make sure that retirement is that bit more comfortable.

I work and I get a pension stopped out of my wages it works out just under £4 a month which isn't a lot, So I know I will have to rely on the state pension which does worry me but I should retire in about 15 years time (when I'm the good age of 67).

Private pension is a must, a nice saving nest egg if at all possible. I only buy things that we really need... Downsize home if need be / if possible. I will not fall fail of the having to sell my home for care, I will do what's needed rather than fall into this trap as I do not want to live in that situation until i die. All that I have worked for will be passed on to make my families life easier!