I am writing a lot of finance articles at the moment and it has got me thinking about pensions. I am writing advising people that they should think about their income when they retire when I have not done so myself. Well I have, but to a very small degree. I have made sure that I have paid in as much National insurance as possible so that I am eligible for a state pension, but many people feel the government will not have enough money to pay one once we retire. I have also made sure that my husbands work pension has me named on it so if he dies, then I will get it. However, that will not be much. I also have an old work pension that will pay me....£57 .....a year!
I am hoping that in retirement I will not have to worry about money. My husband reckons that we will never stop working. I think it is good for people to keep active mentally through retirement and so continuing with work could be wise in some ways. However, I would like to have more time to enjoy my family, maybe go on some holidays and have some days off.
I have decided that it might be more sensible to pay the mortgage off before interest rates go up and then think about retirement planning. I think another reason for the delay is that I have no idea what to do. If I had the option of an employers pension, I would take it but being self-employed I do not and private pensions are not as good. I think I need to do some research soon.