Planning for Retirement: What you need to know
The recent UK pension reforms have been a hot topic of conversation over the past few months and many people will feel unsure about what the changes could mean for them.
In fact, when it comes to planning for retirement and making decisions about your pension, finding useful and easy-to-understand information can be half the battle. According to research by Legal & General, the 3 least understood personal finance topics all relate to retirement; the study found that 42% of people are confused by annuities, 36% are unsure how personal pension plans can be accessed and 31% don’t understand about auto-enrolment.
So what is being done?
To help address this Legal & General have launched their #MoneyHangout campaign: a series of Google hangouts which allow people to put their questions to CEO Nigel Wilson and a panel of experts. Following on from the first #MoneyHangout on Family Finances, the second in the series looked at pensions and how people can plan for their retirement. You can see the panel’s top tips in this video:
The panel, which included Jasmine Birtles, a Personal Finance Expert & Journalist at Moneymagpie.com, James Dean, Head of Retirement Strategy at Age Partnership and Michelle Cracknell, CEO at The Pensions Advisory Service, had a wealth of knowledge to pass on and gave some really useful guidance. For example, did you know that some parents have started saving into pensions for their children as soon as they are born?
The hangout also included advice for the self-employed, tips for parents, and even guidance on tracking down pensions from old employers. There was also a really useful explanation of what the latest pension changes mean:
For more information about Legal & General’s campaign, and to find out more about future topics being covered in the #moneyhangout series, you can look at their website.