pensions

How coronavirus will impact your personal finances

The coronavirus pandemic has sent shockwaves through the global economy, affecting the finances of people around the world. 

From investments and pensions, to savings and travel, we round up how the virus could impact your money. 

What does coronavirus mean for investments?

Stock markets around the world have tumbled to their lowest levels since the 2008 global financial crisis owing to fears about the coronavirus. Uncertainty over the spread of the disease could continue to impact markets throughout the world.  

Coronavirus scams: greater risk of being a victim of pension fraud

Pension savers face a greater risk of being targeted by fraudsters, research from the All-Party Parliamentary Group on Pension Scams (APPG) has revealed.

The government has advised more people to stay at home amid the coronavirus crisis, which could increase their chances of being contacted via phone or online.

Investment markets plunging over recent weeks may also make people more susceptible to pension scams as they attempt to recover losses from their retirement savings.  

Coronavirus anxiety is contagious

Early in January, I came across a tweeted witticism that ran along these lines:
1 January: 2020 off to a good start!
2 January: Australia on fire
3 January: WWIII declared

Three rules for building a pension that you can retire on

One of the most frequently asked questions about pensions is “how much do I need to save?”. But despite the best efforts of government and the pensions industry, a one-size-fits-all answer is hard to come by.

In previous generations, the question didn’t really arise for most people. A worker simply stayed in the workplace scheme, contributed in line with the rules, and with a long working life could expect a pretty decent retirement.

A beginner’s guide to retirement jargon

Retirement planning can be a daunting task – with so many options available since the pension freedoms, it can be easy to feel overwhelmed with the amount of complex information available. According to the Pensions Policy Institute (PPI), many people struggle to understand important financial fundamentals when it comes to retirement, such as tax, inflation, or how retirement income products work.

Money Observer podcast: Pensions vs Isas - which is best for you?

February 27, 2020

Money Observer editor Faith Glasgow and deputy editor Kyle Caldwell examine whether an Isa or pension is the better wrapper for your money at the end of the tax year.

In addition, the pair discuss retirement income strategies, including how to boost income during the first year.