I talk about pensions for a living. You might therefore assume that my own is in tip-top condition, heading mightily towards the £1m mark by the time I retire... You’d be wrong. My pension provision is far from perfect 🔵 rebeccaoco
But it’s certainly not all down to life circumstances. I made some mistakes along the way. I don’t beat myself up about them though, because they were made out of ignorance or having other priorities at the time. Like almost all other normal people, I knew very little about pensions and how they worked when I was in my early twenties. All I knew was that it was good to have one.
Nevertheless, in more self-critical moments, I wonder if I could have done things differently. If I had, I reckon I could be about £200,000 up on where my pension is currently. That hurts and you can’t turn back the clock – but for the benefit of anyone else reading this, let’s regress and see what went exactly went wrong.
I did get the staff job in the end and it came with a better than average pension, so perhaps this was a good decision. Nevertheless, those years have cost me and I may rue that when I reach my mid-sixties.Those years as a casual employee cost me about £30,000 in missed pension contributions, not including investment growth, based on what I was earning and what I would have received if I had been put “on staff” straight away.
I did a couple of jobs for small companies and start-ups during that time, and those employers were not obliged to offer me a pension. Then, for the rest of it I was freelance and chose not to pay myself one, because I wasn’t earning much in the bits of time when I had some childcare as I was focused on being around for the boys as much as possible.I estimate these eight years cost me about £50,000 in missed pension contributions, again, not including investment growth.
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