Episode 8: How do I get started with my pension?

Transcript

Well, here we are at the last video. You’re nearly ready to spread your wings and fly... I’m kidding! But, in all seriousness, well done on making it this far. Because far too few people have given their pension the thought that you have. And that could make a massive difference to your retirement happiness. So, good job!

Now, we’ve covered a lot of things. And you might need to rewatch some of these videos for it all to sink in. But the reality is, after you boil it all down, saving for retirement isn’t all that complicated.

• You make sure you’re enrolled in your workplace pension, or set up your own personal pension
• You start paying in as early as you can
• You pay in as much as you can afford
• And you use a tool like PensionBee’s pension calculator to see if you’re on track to meet your retirement income goal

Follow these steps, and you’ll be well on your way towards a happy retirement.

Now we can’t pretend that life doesn’t sometimes get in the way of our best intentions. Whether it’s family, work, time, money or mental health... life happens! I can say for me, personally, even just being young and carefree stopped me from taking my pension seriously in my 20s. But remember that it’s never too late to get going, if you haven’t already. As the old saying goes, “The best time to act might have been yesterday. But the next best time is today!” So now you know, don’t delay.

And if you read or come across stats or stories about what you should have saved by 30 or 40 or whatever, don’t let it put you off. Because the truth is, that while these are great goals to strive for, most people aren’t where the experts recommend them to be. And again, it’s because life isn’t predictable, and we all have our challenges. So... do what you can and be pension confident.

And hey, if you’ve got old pensions knocking around from previous jobs, consider making your life easier and combine them into one easy-to-manage plan. PensionBee makes this really simple. You can sign up on their website or app in a few clicks, and minutes later you can have added the information they need to transfer your old pensions over for you. Apart from answering a few basic questions, you don’t need to do anything! And if you’re wondering, yes... I’ve done this myself, even before PensionBee invited me to talk to you. So I can tell you, first hand, how simple and painless it is.

So, that’s it! You made it to the end. Well done. I hope you’ve learned a few new things on our journey together, and I hope it’s helped you become more pension confident. Because that’s what this is all about. It’s about helping you take a few more steps forward towards a happy retirement. Best of luck!

This video was presented by Patricia Bright on behalf of PensionBee. Patricia Bright isn't a financial adviser and the views and opinions expressed in this informative video are those of Patricia alone and do not constitute financial advice.

The content of this video has been reviewed by the pension experts at PensionBee and was confirmed to be correct and in line with current HMRC guidelines and legislation based on their understanding of current tax legislation as of 4 August 2023.

Remember, as with all investments, your capital is at risk.