Article by Ceri Wheeldon
Major pensions changes came into force this week, and planning for retirement has never been more important. Yet finding useful and easy-to-understand information about your pension can be half the battle.
That’s why I recently took part in a live Google Hangout as part of Legal & General’s #Moneyhangout series. It was a chance to ask questions directly to Legal & General CEO Nigel Wilson and an expert panel, including Michelle Cracknell of the CEO of The Pensions Advisory Service, Independent Financial Advisor James Dean and TV expert Jasmine Birtles from Moneymagpie.com. You can read more about the series in this post here.
The panel had some fantastic suggestions to help you plan for your retirement. For example, one great tip was to treat your pension as an income that you pay to yourself. By paying it at the start of the month and budgeting for it in your monthly outgoings, you’re much more likely to save regularly.
Another great idea was that families can help each other out. Did you know that you can set up pensions for your children or grandchildren before they are even out of nappies?!
You can catch up on all the panel’s top tips here:
The panel covered many other questions that people want answers to, such as what the latest changes to pensions rules mean, how your state pension works, and what other sorts of income you could consider for your retirement, such as investing in property.
The most important point that I took away from the experts, was not to rush into making any decisions now the pensions changes have come into force. There’s no deadline on deciding what you want to do with the pension you have saved, but getting the right advice can help you no end. Websites such as www.pensionsadvisoryservice.org.uk or www.gov.uk are a great place to start. Michelle Cracknell, from The Pensions Advisory Service, gave this advice about what to do now the rules have changed.
If you can find half an hour, however, I would really recommend watching the whole hangout – I got to ask a few questions on behalf of my readers, and Nigel Wilson, CEO of Legal & General, discovered his favourite new website – Fabafterfifty!
This was the second in a series of Google Hangouts aimed at encouraging people to think about their personal finances. You can find out more about Legal & General’s campaign here.