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You can watch this by clicking on the image below or by playing Step 03: Introduction on your DVD.

Time to catch up with Mark, John and Louise as they have their lunch.

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The transcript below is a repeat of what is said in the video.

Mark

Now that one, now that was interesting.

John

Ah, finally waking up then eh?!

Mark

Yeah, maybe I am. Looking at what I might be spending when I’m older; well, it’s a bit weird and a bit scary, but I’ll still be me, won’t I? And although I’ll be doing different things to what my grandad did, it’s not hard to guess what I might be doing.

Louise

I found it really helpful thinking about the cost of things. You know, I’d always thought what with inflation and stuff that we can’t possibly know what things are going to be worth, but realising that you can do it based on the cost of things today.

John

Yeah – I mean it’s good isn’t it, because it makes it simple. I remember it came as a surprise to me the first time round, I can tell you!

Louise

And they’re right you know. Rather than worrying about what things might cost in the future, it’s better to base it on what we know they cost today – and then work out what kind of money we’d need for the retirement we’d want today…it’s just so easy!

Mark

I’d never really thought about it – I mean, you’re so old then. I remember when I turned 20, I thought I was ancient…

John

Oh hark at him ‘remember being 20’ – I’d love to remember that!

Mark

Well that’s just it, time does go faster – some of my mates are over thirty and they still go out and have a laugh!

John

Don’t worry – I know what you’re saying. But thinking ahead does not mean that you won’t be having fun, because you will. I mean, you’re going to have so much time to save the money necessary to do all the things that you want to do when you retire. iPodgeCruises to the stars or whatever.

Mark

iPod I think you mean, but at least now I know I should be doing something and it might be worth looking at pensions before I get married and have kids.

Louise

Married? Kids? Listen to him! You’ve turned a corner. Meet the new Mr Responsible!

Mark

Okay, well, no plans yet, but it might happen some day. I wouldn’t have thought about looking at pensions until I had to be responsible…

John

…so now you’re thinking, ‘If I start now it might not cost me so much’.

Louise

Or at least you could spread if over a longer period of time, whereas I’ve had to have a bit of a re-think.

John

Yeah, can’t afford cruises and golf and jewellery eh?

Louise

Well, actually I think I can, but I’ve got to do a little bit more about it. I’m not quite sure what just yet, but it seems like it’s all still possible…

John

Well, go back and discuss your options.

 

I mean, from my point of view, I’ve not reached my target, so I won’t be able to retire before I’m 60, but I don’t think it’s going to be too much longer.

 

But the first time I did this, I didn’t think I could ever afford to retire!!

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© BOC Pension Services and AHC Ltd 2012.