Financial planning is one of those jobs that is up there on our ‘to do’ lists, often never making it to the top.
Financial planning is one of those jobs that is up there on our ‘to do’ lists, often never making it to the top. We spend more time planning the fun stuff. Legal & General’s research recently revealed that Brits spend more time picking a car than planning their financial future. That’s right – we’re spending more time in car showrooms than planning the better half of our lives.
Five years ago pension freedoms paved the way for more flexibility, but the onus is now on us to ensure our pension pots will last through retirement. When we arrive at the doorway to an exciting new life, we are faced with a number of options, and the task of assessing how much income we’ll need.
Throw in the uncertainty caused by coronavirus and the task of planning for life after work seems even more daunting. If your pension value has dropped due to the pandemic fallout, what should you do? Delay retirement or cut your losses?
Making a start can be the hardest part of financial planning. It is often easier to break it down into smaller tasks. So why not begin by spending a day on your financial future? Legal & General has developed some essential resources to help you get started.
Whether you’re chilling-out or walking the dog, podcasts are a great way to learn on the go. Their Rewirement podcast on modern retirement is hosted by the BBC Strictly Head Judge Shirley Ballas. Although Shirley won’t be swapping her dance shoes for slippers any time soon, she did turn 60 this year. She is embracing life as she gets older but is very aware of the importance of financial planning. In each episode she’s joined by everyday people and experts for a straight-talking discussion on the topics that matter most; from attitudes to spending in retirement to transitioning from full-time work. There’s a special Covid episode too, which explores the pandemic’s impact on retirement income and the importance of staying calm with your investments in today’s choppy waters. Which products does industry expert Holly Mackay see as the ‘saturated fat’ of the financial world? Have a listen and find out.
If you’d like to learn about your retirement options in a more structured format, Legal & General has developed a free short course with The Open University, Retirement Planning Made Easy. The course takes you through how to set your budget, tot up your assets and assess your options. Are you concerned your pension won’t stretch to cover your spending needs? This is covered too, and you’ll learn through a mixture of reading, short videos and activities, all taking no more than three hours.
For those seeking to learn at their own pace, Legal & General’s retirement income guide is your new best friend. Free to download, it takes a comprehensive approach to planning retirement, walking you through steps such as establishing what your retirement looks like, taking stock of finances and monthly budgeting.
You don’t have to wait until the New Year to start planning for a more colourful retirement. Get ahead of the game, dust off that to-do list and spend a day on planning for your retirement today – you’ll find links to Legal & General’s podcast, Open University course and retirement income guide here.