Mums – don’t forget to prepare for retirement!

Mumsnet have challenged bloggers in partnership with Skipton Building Society to check out Skipton’s new website portal, retiresavvy, and explore what it’s got to offer.

I’ve worked for the same company since I was 21, so all my pension savings are in the one pot, compared to my other half who has several pension savings plans. I’ve really no idea which is better. Also I’ve taken a year off each time my boys were born, plus 6 months carer’s leave when son1 was diagnosed with leukaemia, all of which will have reduced my pension contributions. Yes we have some savings too, but we would hope that the boys go to university and we would want to continue to financially support them then.

Here’s what the team at Skipton say, “We believe retirement is one of the biggest social issues of today – in terms of improving people’s awareness of retirement planning and also helping them to ensure they’ve got sufficient savings to enjoy their retirements. Increasing life expectancy means retirement is no longer a relatively brief period – for many people retirement can last as long as their working lives and many are choosing to do it differently, with set retirement dates becoming less and less common. Mums are among the hardest hit groups, as we know they often need to contend with all of the above and to also make room for career breaks or reduced hours to make time to be mums. Retirement’s no longer a subject for ‘oldies’, it’s something everyone should be considering, and the earlier the better.

So I’ve registered on retiresavvy and had a browse around. I recommend you all do the same. It’s never too early to plan for retirement!

Here are of the key points I’ve taken on board, which I will be looking at along with my other half.

Pencil in a rough date for when you want to retire.
Take your head out of the sand, and have a look at your private pension arrangements.
Consider paying more into your private pension (or setting up an additional pension).
Find out if you are going to receive the full basic State pension
Review your savings and investments.

The portal is well structured in my opinion for both those approaching retirement and those already retired.

Disclosure. I was asked to review by Skipton and the Mumsnet Bloggers Network. All views are my own. I was entered into a prize draw to win vouchers as a token of thanks for blogging. View other blogs on this topic here:

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