Video:

Personal planning for retirement is important

Author: James Kirk (yBC.tv), Paul Garwood

Categories: Personal Finance
Tags: lifestyle, retirement, state pension
Thinking ahead about personal planning elements like pensions for retirement is not just advisable but essential, as Paul Garwood discusses in this TV show.

Personal planning for the future

If you spend everything you earn during your lifetime or give it away, then there will come a point when you retire that you’ve got to scratch your head and say, “How am I going to survive in retirement?” Now, it very much depends on the lifestyle you’ve been leading and the lifestyle you expect to lead in retirement. But the basic state pension will not go very far. It may well pay your basic bills, your electricity bills and your council tax bills, but it won’t go very far beyond that. So I think it’s always very important to make sure that you have some form of saving whether it be pensions or other to supplement the state pension. In my experience everyone’s needs are very, very different. Some people live off substantially more than others, because it’s a lifestyle choice and it’s what they’re used to. I think also people tend to find that it takes a year or two post retirement to settle into the new regime. And I think most people enter retirement with some insecurity because however much they’ve saved, nobody’s ever totally sure that they’ll have enough. ___________________________________________________________________________ If you found this video about Personal planning interesting why not watch more TV shows on Inside Finance?
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