Transcript

Martin Upton

So far in this course, we've focused on the financial matters that arise during our working lives - jobs, incomes, buying a home, opening savings accounts. This week we'll turn to the crucial issue of planning for retirement.

For those in early adulthood, retirement may seem too far in the future to think about. Yet you need to start planning as early as possible to ensure that you do have sufficient income to enjoy your retirement.

With the population living longer, interest rates low and companies offering less generous pension schemes, pension planning is the biggest personal financial issue that we face here in the UK.

As you work through this week, you'll find there are a numerous types of pensions available, from the state pension to occupational and personal pensions. We'll unravel the differences and consider the benefits and disadvantages of each.

With interest rates at historic lows in recent years, the incomes that many people get in retirement have been hit. And in 2014 in the budget statement, the government introduced various initiatives to give those approaching retirement greater flexibility when planning their pensions.

This week will lead you to think about what you have to do now to ensure that you have a comfortable retirement. See you again next week.