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Getting to grips with Family Finances – Retirement and Pensions #MoneyHangout

19/03/2015

Family Finances. They can be a bit of a headache can’t they? There always seems to be so much to think about and the various rules about tax and allowances can leave you feeling confused and unsure about exactly what you should be doing for the best for you and your family. Children in school are not taught about the basics of budgeting and as a nation we don’t really talk about money and finances – it’s just not a very British thing to do.

But, how are we going to get better if we don’t talk about things? And how are we supposed to know what we should be doing if there’s no one talking with us about it all in plain English. That’s why Legal and General have set up their #MoneyHangouts. In each of these Legal and General’s CEO Nigel Wilson has teamed up with a panel of experts in a series of Google Hangouts where members of the public are able to put their family finance questions to them via social media and get answers back that they can understand and use to help them make decisions.

I see this as a brilliant way to get people talking about money and to stop it being such a taboo subject. After all money is tight for all of us right now so I think it’s important that we all try to make what we have work as hard as possible for us. I’m therefore delighted to have been asked to be one of the “front row” of people taking part in their next hangout and putting questions to Nigel and the panel about retirements and pensions.

I can hear the exclamations now though. “Retirement and pensions??? But I’m only 36. Why do I need to think about them now?” The hard fact is that none of us can expect to get to retirement age (whenever that might now be) and get a state pension that we can afford to maintain the same sort of lifestyle as we do now on.

Many of us may already have pensions from either current or former employers and do not know what we’re supposed to do with them when we either move on, or like me stop being an employee to raise a family. What about if you’re self employed? There are also new pension rules coming in to effect on 6 April 2015 and I know for a fact that Mr C and I have been struggling to fully understand what these changes mean for us – and I’m sure we’re not alone. I’m hoping I can use the #MoneyHangout to get some answers to my questions and also help others with their financial queries.

So this is your chance to put forward your questions about Retirement and Pensions and get them answered in the #MoneyHangout on Friday 27 March 2015 at 10am . You can either leave questions in the comments below for me to put forwards, or use the event Google+ page, the L&G Facebook page or via twitter, using the #MoneyHangout hashtag.

You can watch the #MoneyHangout live on the 27th below.

The hangout will also be available on YouTube later on and I will link to that when it is published.

Disclaimer: I am being compensated by Legal and General for taking part in this #MoneyHangout.  All opinions are my own.

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Filed Under: Family Finances, Household stuff, Thrifty, Thrifty Mrs C 11 Comments

Comments

  1. becky says

    19/03/2015 at 8:43 pm

    I’m 43 with no pension at all and self employed whats my best option?

    Reply
  2. Michelle Twin Mum says

    19/03/2015 at 10:00 pm

    Currently I am self-employed (earning a very small amount) and do not have a private pension provison but I’ve paid into decent company ones for 18 years prior and I’m wondering how long I can let it go before I need to get another. There is just no spare income right now.

    Thanks, Michelle

    Reply
  3. Aly says

    20/03/2015 at 9:17 am

    I’m 40 year old single mum on benefits.I don’t think I’m able to put anything towards a pension.

    Reply
  4. Emma says

    20/03/2015 at 10:29 am

    I will completely admit to being a little clueless about it all, and most financial stuff is left to Mr R. I do wish these things were taught in school though, would really be useful!

    Reply
  5. Pinkoddy says

    20/03/2015 at 7:16 pm

    This is a really good idea. Money is the biggest fear I have for my son leaving home right now – and I talk about it all the time.

    Reply
  6. Carolin says

    20/03/2015 at 8:58 pm

    I’ve spoken to my mum about that this morning and I think women with children who are potentially only working a small number of hours are really in trouble when it comes to their pension. Are there ways to save up when you’re on a relatively low income?

    Reply
  7. Boo Roo and Tigger Too says

    21/03/2015 at 9:02 am

    When I started in the NHS at 18 I withdrew from the pension scheme as I wasn’t intending on staying, fast forward 14 years I still work for the NHS – Do you think it is worth starting the pension now? or have I left it too late?

    Reply
  8. Cass@frugalfamily says

    21/03/2015 at 1:28 pm

    I’m really surprised that so many of the questions in the comments relate to people not having a pension – I have an excellent one along with a fab benefits scheme but my husband is the exact opposite and I thought he would be in the minority but clearly not. I’d like to know what his options are as someone without a pension!

    Reply
  9. Molly says

    22/03/2015 at 10:06 pm

    I want to know how on earth I should choose the best pension! My husband’s a teacher so he’s sorted on the pension front, but I’m 31 and have never paid into a pension. We saved for a deposit on a house and are working towards paying our mortgage off, but I know I should probably start saving for a pension asap too.

    Reply
  10. Ruth says

    25/03/2015 at 7:09 am

    I’m actually asking a couple of questions on behalf of my hubby, if that is okay. He is American, but lived in the UK for around 10 years, and paid National Insurance for all that time. As we’ve now left the UK, will he be entitled to any kind of pension income from the state, or has he sacrificed it all by not remaining in the UK?

    Secondary to that, he paid into two different private pensions during his two jobs in the UK. Does the fact that we have left the UK mean that we can now claim them as lump sums, or do they have to stay where they are for the time being?

    Reply
  11. Chris at Thinly Spread says

    25/03/2015 at 10:34 am

    I’m another one with no pension provision – we are looking to buy property rather than paying into a pension pot as we are both careering towards 50, is this the best plan or should we be looking at pension possibilities?

    Reply

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