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You can watch this by clicking on the image below or by playing Step 04: Introduction on your DVD.

"There's no such thing as the right answer. No one size fits all approach. We’re all so different, how we use our money is different and, ultimately, what we want from our money is also different."

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

Video transcript:

Sarah

You’ve now reached the penultimate Step in this Working Money programme.

 

Bob, we’re looking at options this time. That suggests there’s more than one option?

Bob

Oh yes definitely. There’s no such thing as the right answer. No one size fits all approach. We’re all so different, how we use our money is different and, ultimately, what we want from our money is also different.

Sarah

I see that, but I hadn’t ever realised there were options?

Bob

I think it’s more likely that you’d seen the options but never really looked into them before… most people have a better idea than they think.

 

For example, one option would be to join a pension arrangement, whether it’s one offered by your company, or a private pension. You might also want to think about some extra ways to set money aside for your retirement.

Sarah

Right. Bob, do all the options mean that you have to save more one way or another?

Bob

Well, not necessarily. Very briefly, you could also think about changing your target – perhaps deciding that you don’t want – or can’t afford – to have such a high standard of living in retirement. Or maybe you’d rather have that high standard of living but work longer to achieve it. There are all sorts of options.

Sarah

Thanks Bob.

 

Well I think we should take another look to see how John, Mark and Louise are getting on.

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© BOC Pension Services and AHC Ltd 2012.