Guildford Living Dec - Jan 2020 10.29.04

talk Money, Talk Pensions
Why talking about finances could help
with your money worries
Talking about money remains one of the
biggest taboos for us as a nation. In fact,
research shows that people would rather
speak to their loved ones about politics or
religion than money problems, according to
the Money and Pensions Service.
Although it can feel uncomfortable at first,
these are conversations worth having as
people who talk about their finances report
feeling less stressed and more in control.
Opening up can be the first step towards
getting help.
Retirement can seem a long time away, but
it’s important to think about your future and
what kind of lifestyle you would like. Money
and Pensions Service figures show that
56% of working-age adults have not done
very much or anything at all to plan their
finances for retirement, so many of us need
to think more about saving for later life.
If you have a partner, talk to them about
how you want to live in retirement. Couples
can have widely contrasting views about
their finances so it’s important to discuss
your goals to avoid arguments!
The first step is to work out your options in
retirement, and then come up with a plan.
You should look at your current pension
savings to work out how much more you
will need to save. Tools are available to help
you estimate your income in retirement,
such as the pensions calculator on the
Money Advice Service website.
Whatever the situation, sharing decisions
about spending and saving, and discussing
money openly, will help avoid arguments
and tension.
Do get in touch to get chatting about your
finances and make sure you are on track
for the future you want. For any questions
about pensions you can contact the Money
and Pensions Service by phone on 0800
011 3797.
42 | www.guildfordliving.co.uk