Having been a post-grad education junkie for the last decade, I have always justified to myself that I do not need to get a pension….Well, not yet.
It was only after working for my first employer post PhD that I was enrolled into a workplace pension. And that is a classic Ebony example when it comes to finance- less proactive and more if something happens, then great! BUT, I have been a freelancer for the last 18 months and it has only just dawned on me… oh yeah- what happened to the pension? I had never really considered getting my own personal pension. It turns out I have been missing a trick.
I caught up with fellow Vet Matt Dobbs who has had his financial security products in place since 18! At 36, I feel perhaps all that “education” should have made me a little bit financially savvy.
Watch a quick catch up to hear about when it is advisable to start and what happens with multiple pensions as we move through multiple jobs.
Matt made me think… dangerous I know
- Why leave all the pension planning to the employer? If we move jobs or decide to go freelance we don’t have control or design of the pot
- A personal pot will allow me to pay into MY pension irrespective of who's employing me or even whether I am employed. It's portable, so it is going to follow me personally through the rest of MY life
- I can have a personal pension and an employer pension (if I am ever employed again) at the same time so it is not an either or. Always worth making the most of an employer pension (almost like free money) but starting my personal pension will keep me in control and hopefully consistently saving.
- Who knew that moving or combining multiple pension pots may cost! Whereas if I had a personal pension then that wouldn’t matter
- I wish I had started earlier in life to have the benefit of longer term investment returns.
- I don’t have to keep up “high” contributions if I can’t afford it- consistency will be key in my new game- Project Financial Wellbeing. Rather than my classic financial paralysis, I will endeavour to keep putting away a consistent amount of money every month- come rain or shine :)
Follow my journey and updates on the P word from selection to repayment investments and what to do with my old pension pot