Jasmine Birtles shares her tips on savings and retirement

As part of Financial Capability Week, we asked money expert Jasmine Birtles to answer your questions on savings and retirement.

From whether you should overpay into a mortgage or put more in your pension to how to save when everything goes on rent, we've combined the answers by the Money Magpie below.

.@jasmine @dearjohnbyrne asks tips for creating secure retirement funds for those with very sporadic income-such as actors? #FinCapWeek

— FinCap Strategy (@FinCapStrategy) November 16, 2016

.@dearjohnbyrne think about opening up a personal pension – it’ll give flexibility to save when you have the income. Stakeholder for e.g. https://t.co/0xPnE3xaM3

— Jasmine Birtles (@Jasmine) November 16, 2016

 

.@jasmine @RazwanaWahid asks If we've worked for companies in the UK and abroad, how do we access pension scheme funds? #FinCapWeek

— FinCap Strategy (@FinCapStrategy) November 16, 2016

.@RazwanaWahid access UK schemes in usual way, to maintain foreign schemes tax benefits make sure they’re CUROPS certified. (1/2) https://t.co/PtWqzvn3c9

— Jasmine Birtles (@Jasmine) November 16, 2016

(2/2) .@RazwanaWahid info on CUROPS is available on .gov.uk website. Also check Pensions Advisory Service for v helpful pensions info https://t.co/PtWqzvn3c9

— Jasmine Birtles (@Jasmine) November 16, 2016

 

.@jasmine @jayeshkotecha With interest rates at an all-time low what are the best alternatives to traditional savings accounts? #FinCapWeek

— FinCap Strategy (@FinCapStrategy) November 16, 2016

.@jayeshkotecha look at investing – different options with different potential returns available. Don’t forget your cash it at risk! https://t.co/5y8SWLzmxH

— Jasmine Birtles (@Jasmine) November 16, 2016

2/2 Consider peer-to-peer lending but just be aware of the risks. Also index-tracking funds for long-term investing. Again there are risks. https://t.co/5y8SWLzmxH

— Jasmine Birtles (@Jasmine) November 16, 2016

 

.@jasmine @Nidaryan asks "Is it better to overpay a mortgage or contribute to a pension fund?" #FinCapWeek

— FinCap Strategy (@FinCapStrategy) November 16, 2016

.@Nidaryan depends on circumstances, generally always good to pay off mortgage but don’t forget to secure your retirement income! I tend… https://t.co/Ik1RfBUDzm

— Jasmine Birtles (@Jasmine) November 16, 2016

…to do a bit of both to cover, but did put more into mortgage than ISA at one stage just to pay it off. Effectively tax-free investment https://t.co/Ik1RfBUDzm

— Jasmine Birtles (@Jasmine) November 16, 2016

 

.@jasmine @MsHepburnley asks how do we save when all money goes on rent? #FinCapWeek

— FinCap Strategy (@FinCapStrategy) November 16, 2016

1/2 .@MsHepburnley Gd point! Set up savings at start of month with standing order - even small amount & look at where you can cut elsewhere https://t.co/BzBzCasDwY

— Jasmine Birtles (@Jasmine) November 16, 2016

2/2 .@MsHepburnley Look at/cancel unused subscriptions can be a good start & look at extra earners to top up. My site @Moneymagpie has lots https://t.co/BzBzCasDwY

— Jasmine Birtles (@Jasmine) November 16, 2016

 

.@jasmine @RazwanaWahid asks "What's the best way to save and what are the options?" #FinCapWeek

— FinCap Strategy (@FinCapStrategy) November 16, 2016

.@RazwanaWahid big question! Various savings products out there – try to make regular manageable deposits. You’ll see big diff. #FinCapWeek https://t.co/PcSvEAfeT1

— Jasmine Birtles (@Jasmine) November 16, 2016

2/2 Best to get regular savings habit, ideally standing orders at start of the month into savings acc and investments. Easy & no thought! https://t.co/PcSvEAfeT1

— Jasmine Birtles (@Jasmine) November 16, 2016

3/3 @RazwanaWahid Also always spread money across diff products. Some pension, some shares, some savings acc etc. Safer that way #FinCapWeek https://t.co/PcSvEAfeT1

— Jasmine Birtles (@Jasmine) November 16, 2016

 

.@jasmine a question from @jayeshkotecha Is it better to combine my various pensions schemes or keep them separate? #FinCapWeek

— FinCap Strategy (@FinCapStrategy) November 16, 2016

@jayeshkotecha down to personal choice but can be a good idea to keep diversification and mitigate risk! #FinCapWeek 1/2 https://t.co/AJY46WXfxZ

— Jasmine Birtles (@Jasmine) November 16, 2016

.@jayeshkotecha Also exit rates often make moving pension money bad deal. Keep records of pensions in your files & monitor :-) #FinCapWeek https://t.co/AJY46WFEGr

— Jasmine Birtles (@Jasmine) November 16, 2016

 

.@jasmine and finally, what does financial capability mean to you? #FinCapWeek

— FinCap Strategy (@FinCapStrategy) November 16, 2016

.@FinCapStrategy people having skills and confidence to manage their money well. Really important stuff! #FinCapWeek https://t.co/q60RFbKgAu

— Jasmine Birtles (@Jasmine) November 16, 2016

.@FinCapStrategy…also means people sleep at night, can build up wealth and do the things they've always wanted to do #FinCapWeek https://t.co/q60RFbsFIW

— Jasmine Birtles (@Jasmine) November 16, 2016