Will I be able to afford to retire? How to plan for a financially secure retirement (even if it’s years away) - with Pete Matthew of Meaningful Money
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#149 - Pete Matthew is a Chartered Financial Planner and the host of Meaningful Money. He explains the different types of pensions, the best places to put your money for retirement and how to build up a pension pot for when you’re ready to retire.
What you'll learn
- [2:25] How the pandemic has changed the way people think about their finances.
- [5:40] The two different types of pensions and how they differ from each other.
- [9:19] Why defined benefit pensions are likely to be phased out.
- [10:48] How the 2008 crash changed annuities and the idea of a ‘guaranteed income for life’.
- [14:44] Whether state pensions in the UK have a future.
- [17:22] The increase of gradual retirement and reducing your hours before retiring completely.
- [22:37] How to know if you’re ready to retire.
- [27:37] How much money you should spend when you first retire.
- [31:25] How to figure out what you need to retire.
- [35:25] Where to put your money for retirement.
- [39:00] What to do if you haven’t started a pension yet.
Resources mentioned in this episode (some of these are affiliate links and we may get a commission in the event that you make a purchase - this helps us to cover our expenses and is at no additional cost to you):
- Episode 27: Money matters: how to finance a career change – with Pete Matthew of Meaningful Money
- Beyond the 4% Rule, Abraham Okusanya
- Changing Gear, Jan Hall and Jon Stokes
- Episode 82: What are you earning for anyway? The role of money and wealth in achieving life harmony - with Joseph Kuo of Abundance Wealth Planning
For the show notes for this episode, including a full transcript and links to all the resources mentioned, visit:
https://changeworklife.com/will-i-be-able-to-afford-to-retire-how-to-plan-for-a-financially-secure-retirement-even-if-its-years-away/
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