How to save enough for a richer retirement
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 30 March 2018
⏱️ 48 minutes
🧾️ Download transcript
Summary
Building up a pension was once relatively simple, for each year you worked for a company it promised to pay you some money in retirement.
The death of the final salary scheme put paid to that and now most people must invest into a pension instead - with their work helping out.
But while it is tempting to put off a pension and think you have more pressing financial matters to deal with, that's a mistake.
The earlier you start and the more you pay in, the greater your chance of having a richer retirement.
So what do you need to know - and do?
On this week's podcast, Simon Lambert, Lee Boyce and Georgie Frost talk pensions.
Also on this week's show, some last minute Isa tips, how to share an inheritance if you want to divert it and the energy firm told it can't have any more new customers.
And finally, selling used cars that are really new ones. Why on earth would a dealer do that?
Transcript
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| 0:00.0 | Welcome to This Is Money Podcast in partnership with NS&I, your weekly roundup of the top personal finance, consumer and business stories that editor Simon Lambertner's team have been covering on their award-winning website. I'm your host, Georgie Frost, and joining Simon and I today is Consumer Affairs Editor Lee Boyce. And coming up, it's time to spring clean your finances, starting with your |
| 0:22.9 | pension. It's not too late to get your retirement saving plans back on track. We'll show you how. |
| 0:29.8 | Switching is another big win for your wallet, but remember, it's not all about the money. Who are |
| 0:34.9 | Iressa? And what on earth have they done wrong? |
| 0:38.3 | Also today the clock is ticking to make the most of your riser, but you better hurry. |
| 0:42.4 | We answer readers query about inheritance tax and discuss the used cars that are new cars. |
| 0:49.4 | All that and plenty more coming up. |
| 0:50.7 | Don't forget you stand out today with all the latest breaking money news. |
| 0:53.7 | Just go to this ismoney.com.uk or download the app. |
| 0:58.0 | This is Money, brought to you in partnership with NS and I, giving you 100% security for your savings, backed by HM Treasury. |
| 1:07.4 | Right, spring is in the air, allegedly. |
| 1:09.7 | Good time to take a look at our personal finances. |
| 1:13.3 | And that starts with digging our collective heads out of the sand |
| 1:16.4 | and staring our pensions in the face. |
| 1:19.3 | Yes. |
| 1:20.0 | So starting with retirement savings, too many of us keep letting it slip down our priority list, |
| 1:26.6 | but it's not too late to get it back on track. |
| 1:29.5 | Now, it all comes as millions who are auto-enrolled face a decision later this month or not, |
| 1:35.0 | when contributions go up to stick or twist with fears many young people particularly could opt to opt out. |
| 1:42.5 | So, a very warm welcome to you both. Firstly, let's go with the |
| 1:46.4 | auto-enrollment if you would, Lee. What is happening there and what are the fears? |
| 1:50.1 | Well, auto-enrollment is a government scheme that they started a while back now, slowly getting |
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