7.1 Planning for a happy retirement
A significant proportion of the population has no plan for a pension other than that provided by the state.
With the state pension age moving up in stages in the coming decades and with evidence that a large proportion of people have inadequate non-state pension plans, there is a critical need for us to plan ahead to ensure that we have a sufficient income for an enjoyable retirement.
Download this video clip.Video player: ou_futurelearn_money_vid_1057.mp4
I'm 22 years old now so I think it's a bit early to think about it.
I'm 23 at the moment so, um, I think it's probably a good time.
I haven't heard anything positive about pensions, it's not something that I feel I could rely on.
If I, in hindsight, I would have started something like that a lot earlier.
I did start a pension plan when I worked for a company in London but it's frozen at the minute, I'm not paying anything into it.
Well I haven't thought about pensions at all. It's like, seems so far ahead that it doesn't seem comprehensible.
I've actually had a pension since I was 20, which I'm really grateful for now. I'm glad I did it.
My only pension will be the property or properties that I own when I intend to retire.
I don't know how it all comes about when you actually retire, I have no idea how it all works out. Um, I know I should find out more but I leave that to my husband, which is a terrible thing to admit.
I'm already in receipt of one pension, um, as a result of an injury at work.
Oh I will get a pension, yeah. I've got some money in a pension, yeah.
I'm not even sure now whether you're meant to retire when you're 62 for a woman or 60 -
I don't know either!
- or 60, I really haven't - I suppose I really should look into it, but I don't understand it.
I do have pensions, um, that you know, obviously as you go from job to job you get different pensions, but to be honest, I don't really understand them and I'll probably only start really worrying about them when I'm 55 or 60.
I've actually arranged to put in some additional money, AVCs, Additional Voluntary Contributions, because you get, um, tax allowance on that.
I'm only in my late 20s, so I'm not, I'm not very keen to get a pension yet. I know that I would save money in the long run by, by getting one now, it would be, it would be financially beneficial, but, at the moment I just can't justify, um, getting one because I don't have that much of a disposal income and I'd prefer to invest in, in other products.
Interactive feature not available in single page view (see it in standard view).