In our Pensions Crisis Coach series, we aim to help ease your retirement worries. Are you concerned you’re not saving enough for your later years, do you want to know if you have enough to retire or don’t know how to find your lost pensions? Email us at money@theipaper.com. We’ll seek to get you on the right track with help from some of the best financial experts and advisers in the business.
Jake writes: I’ve been working as a freelancer for the past eight years and not paid into a pension – so I’m at risk of not having enough saved for retirement. I also opted out when I was in full-time work. I’m 31 and own my flat in London with a mortgage.
I’m due to pay it off in 30 years but I’ve worked out that by overpaying I can cut this dramatically to as little as 15 years. My current plan is prioritise early repayment of my mortgage, and treat that as my eventual nest egg in retirement. Is that the best strategy to take?
Callum Mason, The i Paper’s deputy money editor, responds: We had some back and forth on email to go into your situation in more depth.
You opted out of your pension when you were working as an employee because your wage was low – under £30,000 in London – and you felt you needed the money you would have contributed. You said that you do have some pension savings, but that the amount is “negligible” at the moment.
