Questions? Comments? Episode suggestions? Send us a text message!
#149 - Pete Matthew is a Chartered Financial Planner and the host of Meaningful Money. He explains the different types of pensions, the best places to put your money for retirement and how to build up a pension pot for when you’re ready to retire.
What you'll learn
- [2:25] How the pandemic has changed the way people think about their finances.
- [5:40] The two different types of pensions and how they differ from each other.
- [9:19] Why defined benefit pensions are likely to be phased out.
- [10:48] How the 2008 crash changed annuities and the idea of a ‘guaranteed income for life’.
- [14:44] Whether state pensions in the UK have a future.
- [17:22] The increase of gradual retirement and reducing your hours before retiring completely.
- [22:37] How to know if you’re ready to retire.
- [27:37] How much money you should spend when you first retire.
- [31:25] How to figure out what you need to retire.
- [35:25] Where to put your money for retirement.
- [39:00] What to do if you haven’t started a pension yet.
Resources mentioned in this episode (some of these are affiliate links and we may get a commission in the event that you make a purchase - this helps us to cover our expenses and is at no additional cost to you):
For the show notes for this episode, including a full transcript and links to all the resources mentioned, visit:
https://changeworklife.com/will-i-be-able-to-afford-to-retire-how-to-plan-for-a-financially-secure-retirement-even-if-its-years-away/
Re-assessing your career? Know you need a change but don't really know where to start? Check out these two exercises to start the journey of working out what career is right for you!
Take me to the exercises!
Also, make sure to join the Change Work Life Facebook group and check out the ways you can support the podcast on the Change Work Life Support page.
Follow us on Facebook, Instagram, and Twitter.
