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
This site is more difficult to take in. The jargon and use of symbols and "tecky-talk" is
off-putting to the older reader (I am 80). I am not quite sure if the information is all there
or if I have to click on the symbols to get it. The earlier sites were very simple and direct. Jasmine Birtles may be a very good adviser but the layout puts me off
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