“I was a late bloomer when it comes to my pension – now I’m making up for lost time.”
“I’ve never been great with money and didn’t ever really think about it – I used to think everything would just take care of itself. I hadn’t given my pension a thought until relatively recently.”
“For the past 10-12 years I bounced between a lot of different jobs and didn’t know what I wanted to do, career wise. But I’m glad to have found a job I really like in an industry I want to grow in. That coupled with my recent 40th birthday pushed me to make a lot of changes around money. I’m in the process of buying a house and am paying off debt.”
“When I was teaching, I was asked to hold a class on saving into a pension and planning for retirement. It made me realise how little I knew about it! It was a bit of a wake up call for me.”
“I read the Moneybox blog about the ‘half your age’ rule of thumb [which says that when you first start to save for retirement, you should save a percentage of your pre-tax salary equal to half your age]. For me that’s 20% which I would never be able to save on my own, but found that my employer will increase its contributions to my workplace pension if I do too. So, if I contribute 10% of my pre-tax salary, they’ll contribute 8% – taking me up to 18%.”
“I opened a Moneybox Lifetime ISA before I turned 40 just in case. Since I’m now in the process of buying a home, I’ll use my LISA specifically to save for retirement in addition to my workplace pension. I saw the Moneybox LISA was high up on a few comparison tables, plus the great interest rate and 25% bonus were a big draw for me.”
“I think I’ve left it a little too late to have any major aspirations for my retirement. But as long as I have a roof over my head and enough to lead a modest lifestyle, I’ll be very happy. I’m lucky in that I have lots of options available to me in terms of my job past retirement age. I could work reduced hours, go into teaching, or even do contract work.”
“My advice to anyone thinking – or not thinking – about retirement is to start saving as soon as you can. Even if it’s not much! Also, consider upping your pension savings when you get a pay rise.”
“I love the ease and convenience of Moneybox. It’s really customisable and I can tweak my settings as often as I need. A lot of banks don’t let you do that.”
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Important to know
As with all investing, the value of your pension can go up and down, and you may get back less than you invest. Payments you make into your pension won’t be accessible until the minimum pension age (currently 55, increasing to 57 in 2028).
A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA
If you plan to use a Lifetime ISA in place of a pension, you will not benefit from contributions from your employer into your Lifetime ISA.
Remember: if you opt for the S&S LISA, all investing should be long term (min. 5 years). The value of your investments can go up and down, and you may get back less than you invest