WEBVTT - Retiring as a single person 0:00:02.619 --> 0:00:07.080 Hello, I'm Shirley Palace and welcome to Rewirement, The retirement 0:00:07.080 --> 0:00:10.840 podcast from Legal In General. This is the series that 0:00:10.840 --> 0:00:16.130 explores how to reset, reinvent and rewire for the retirement 0:00:16.200 --> 0:00:20.869 you want. Every fortnight I'm joined by straight talking, honest 0:00:20.869 --> 0:00:25.829 retirees and would be retirees with different experiences, hopes, and 0:00:25.829 --> 0:00:27.790 expectations for retirement. 0:00:28.130 --> 0:00:30.380 I think it might have been nice to have the 0:00:30.380 --> 0:00:34.300 option of thinking about reducing hours. And I haven't got that option. 0:00:34.540 --> 0:00:37.499 And my expert panel will be here to help too, 0:00:37.830 --> 0:00:41.760 with suggestions to help you feel confident, comfortable, and in 0:00:41.760 --> 0:00:45.129 control of your finances after you've quit the day job. 0:00:45.900 --> 0:00:49.620 Today, I'm hearing from people who are approaching retirement without 0:00:49.620 --> 0:00:52.900 a partner. I'll be finding out what difference this makes 0:00:52.900 --> 0:00:56.350 to your financial and emotional planning, as well as hearing 0:00:56.350 --> 0:00:59.610 about the options available to those who are going it 0:00:59.730 --> 0:01:03.380 alone. Today, we're going to hear from three people who 0:01:03.380 --> 0:01:07.160 are approaching retirement without a partner. Last time we met 0:01:07.160 --> 0:01:10.479 David, who's been working for the civil service for 42 0:01:10.479 --> 0:01:11.780 years and lives with his father. 0:01:12.520 --> 0:01:16.700 I'm a single child. I still live at home. Sadly, 0:01:16.700 --> 0:01:18.959 my mum passed away two years ago. So now it's 0:01:18.959 --> 0:01:24.499 just Dad and myself. From a pension situation, I'm probably 0:01:24.500 --> 0:01:28.570 due to get my national retirement pension when I'm about 66, 0:01:28.929 --> 0:01:33.370 67. I'm 62 now. I'm civil servant, so I have got 0:01:33.600 --> 0:01:37.219 a civil service pension that I should be getting. If I do decide 0:01:37.220 --> 0:01:40.690 to retire before pension age, then that will be something I can 0:01:40.690 --> 0:01:41.830 maybe use. 0:01:42.130 --> 0:01:46.270 Liz is 55 and divorced with two grownup children. She doesn't 0:01:46.270 --> 0:01:47.179 have a pension. 0:01:47.730 --> 0:01:50.930 I live in a little village in East Sussex. I have two 0:01:50.930 --> 0:01:55.460 daughters, 26 and 24. When I was young, and we're 0:01:55.460 --> 0:02:00.050 going back to 35 years ago, I was working in 0:02:00.050 --> 0:02:03.290 a publishing company which got taken over by Robert Maxwell. 0:02:03.290 --> 0:02:05.809 Now I did have a few years pension that I'd 0:02:05.809 --> 0:02:08.700 built up, but he then went and killed himself and 0:02:08.700 --> 0:02:12.070 had spent all our pension pots. So I didn't qualify 0:02:12.070 --> 0:02:14.149 to get anything back from that. So I lost my 0:02:14.150 --> 0:02:18.160 pension. Soon after that, I met my husband and we 0:02:18.160 --> 0:02:21.939 had two children. The oldest one has a disability, so 0:02:21.940 --> 0:02:24.359 she was in and out of hospitals. So again, I didn't work 0:02:24.359 --> 0:02:27.489 then for about 15 years. When she was 15, I 0:02:27.489 --> 0:02:29.769 went back to work part time. But again, I didn't 0:02:29.769 --> 0:02:33.380 really earn enough money to warrant sort of putting any 0:02:33.380 --> 0:02:37.040 away to go into a pension. Then five, six years 0:02:37.040 --> 0:02:39.560 ago, my husband and I got divorced and he had his 0:02:39.560 --> 0:02:42.709 own private pension, which he still has, and I don't 0:02:42.709 --> 0:02:45.419 have access to. He had that. So at the moment, 0:02:45.450 --> 0:02:49.130 I'm left with nothing really, but I do have my 0:02:49.130 --> 0:02:51.760 house, which to me is kind of like my pension, 0:02:51.760 --> 0:02:55.189 I suppose. I do not feel empowered about my financial 0:02:55.190 --> 0:02:58.530 situation when I do retire. I have a sort of 0:02:58.530 --> 0:03:01.130 plan, but it's a matter of, well I'll have to 0:03:01.139 --> 0:03:03.150 do that because I don't have anything else kind of 0:03:03.150 --> 0:03:06.299 thing. Up until a couple of years, well 18 months 0:03:06.299 --> 0:03:08.629 ago, I was working, but I had a bad accident. 0:03:08.649 --> 0:03:10.059 I fell off a ladder when I was cutting my 0:03:10.060 --> 0:03:13.410 hedge and I completely smashed my leg up and spent 0:03:13.410 --> 0:03:16.850 four months in hospital. I'm still kind of in rehab 0:03:16.850 --> 0:03:19.380 from that. So at the moment, no, I'm not working. 0:03:20.030 --> 0:03:23.250 My next guest is Jenny. Jenny's a mum of two. 0:03:23.530 --> 0:03:26.850 She's always put into her pension and planned ahead, but 0:03:26.850 --> 0:03:29.350 still wonders what sorts of choices she might have to 0:03:29.350 --> 0:03:31.830 make compared to her married friends. 0:03:32.340 --> 0:03:37.160 Well, I'm approaching 58 and I live in Hove in 0:03:37.160 --> 0:03:40.700 East Sussex, near Brighton and Hove. I work as a 0:03:40.780 --> 0:03:43.990 social work manager and I've worked in social work, really 0:03:43.990 --> 0:03:47.990 all my professional life. And I've got two children, both 0:03:48.140 --> 0:03:53.439 grown up, one 27 and one 21. When you're single, 0:03:53.540 --> 0:03:57.460 you're aware that your finances have just one income. I 0:03:57.460 --> 0:04:00.690 suppose what I've noticed is friends who've been able to 0:04:00.690 --> 0:04:05.380 maybe work part time a much earlier point because they've 0:04:05.380 --> 0:04:09.800 got another income, or friends who've been able to think, " 0:04:09.800 --> 0:04:13.330 Well, I've had enough of being in my full time 0:04:13.330 --> 0:04:15.350 job for all these years, I'm going to have a 0:04:15.350 --> 0:04:18.750 break and then decide what to do." And I suppose 0:04:18.750 --> 0:04:22.479 I know that I couldn't have a break and take some 0:04:22.479 --> 0:04:25.359 time out. And I suppose, in an ideal world, that 0:04:25.360 --> 0:04:29.080 would be great. And also I think it might have 0:04:29.080 --> 0:04:33.109 been nice to have the option of thinking about reducing 0:04:33.110 --> 0:04:36.830 hours. And I haven't got that option, because my salary ... 0:04:36.830 --> 0:04:39.570 And I still got a daughter at university. So my salary is 0:04:39.570 --> 0:04:43.320 their salary. When I was younger, I didn't pay into 0:04:43.320 --> 0:04:45.979 a pension. I worked sort of freelancer as an agency 0:04:45.979 --> 0:04:49.790 social worker for about five years, which meant I didn't 0:04:49.839 --> 0:04:52.490 have a pension scheme at all. And then when I 0:04:52.490 --> 0:04:55.960 got a full time job, at that stage, when you 0:04:55.960 --> 0:04:58.659 left a job, you could withdraw your pension. So I 0:04:58.659 --> 0:05:01.849 did that. So it was only really when I was 0:05:01.849 --> 0:05:06.520 in my early 30s that I even considered the need to 0:05:06.520 --> 0:05:09.659 pay into a pension. I've got to keep working until 0:05:10.029 --> 0:05:12.970 I get my state pension, which obviously isn't until I'm, 0:05:13.360 --> 0:05:17.469 I think it's 67. So I think, I thought until 0:05:17.469 --> 0:05:20.919 I started to sit down and maybe consider the detail 0:05:20.919 --> 0:05:23.750 of the finances, I think I thought I was better 0:05:23.750 --> 0:05:27.960 placed than I actually am. I have thought at times 0:05:27.960 --> 0:05:31.229 I'd love to give up work and maybe do something 0:05:31.229 --> 0:05:35.680 more radical, go and live abroad, or do something significantly 0:05:35.680 --> 0:05:39.339 different. But I think if I wasn't wanting to do 0:05:39.339 --> 0:05:43.490 that, I feel fairly okay about continuing to work. I 0:05:43.490 --> 0:05:46.550 am mindful of being able to at least support my 0:05:46.550 --> 0:05:49.310 children in some way. I've got a house. I still 0:05:49.310 --> 0:05:50.919 got a mortgage on my house, but I've got a 0:05:50.919 --> 0:05:54.729 house that's worth ... It's not a big house, but it's worth a 0:05:54.729 --> 0:05:58.300 reasonable amount of money. And it doesn't make sense for 0:05:58.300 --> 0:06:01.479 me to have this and for them to have no 0:06:01.479 --> 0:06:04.050 means of getting on the property ladder. So I suppose 0:06:04.510 --> 0:06:07.349 I have thought quite a bit about moving to a 0:06:07.349 --> 0:06:11.020 cheaper area, not just for them, but also because that 0:06:11.020 --> 0:06:15.370 would potentially offer me something different. Because I do think 0:06:15.529 --> 0:06:17.799 as much as it's great living in one place and 0:06:17.799 --> 0:06:21.180 all the benefits of that, there's also that desire to 0:06:22.270 --> 0:06:26.419 have a change. I suppose my number one would be 0:06:26.419 --> 0:06:29.359 obviously health and happiness, but I would want to feel 0:06:29.359 --> 0:06:33.739 financially secure so that I can live a comfortable life, 0:06:33.740 --> 0:06:36.010 go on holidays if I wanted to, be able to 0:06:37.060 --> 0:06:40.919 have money available to support them. But then as somebody 0:06:40.919 --> 0:06:46.960 approaching retirement, it's thinking about contacts and friendships and social 0:06:46.960 --> 0:06:49.440 life you've got in an area. And how would you 0:06:49.440 --> 0:06:53.190 manage (inaudible) a single person? So, you know, that 0:06:53.190 --> 0:06:55.170 might make it more difficult. 0:06:56.820 --> 0:07:00.010 Without a pension. I asked Liz how she plans to 0:07:00.010 --> 0:07:01.440 finance her retirement. 0:07:02.520 --> 0:07:05.940 I'd like to feel secure that when I could give 0:07:05.940 --> 0:07:08.629 up work, I would have enough money to live on 0:07:08.630 --> 0:07:12.670 every month. That would be lovely. And not have to 0:07:12.880 --> 0:07:16.730 worry, and maybe the dream, buy a camper van and clear 0:07:16.730 --> 0:07:19.400 off round Europe for a couple of years. It would 0:07:19.400 --> 0:07:21.590 be lovely to feel that confident that you could do 0:07:21.590 --> 0:07:24.929 that financially and you'd be secure enough. I will have 0:07:24.930 --> 0:07:27.750 to sell my house and I will move to a 0:07:27.750 --> 0:07:30.270 more reasonable area of the country, which I have family 0:07:30.270 --> 0:07:33.620 in anyway, in Norfolk and Suffolk. So the plan is 0:07:33.620 --> 0:07:36.540 at some point in the future, I'll sell my house 0:07:36.620 --> 0:07:39.619 in East Sussex and I'll move to that area, which 0:07:39.620 --> 0:07:41.510 will free up some money, which I will then invest 0:07:41.510 --> 0:07:45.439 in something. And that hopefully will help me out in 0:07:45.440 --> 0:07:45.561 my retirement. 0:07:45.561 --> 0:07:50.100 And when you look at how much you can sell your house for 0:07:50.330 --> 0:07:52.900 and how much you could possibly buy whatever property you're 0:07:52.900 --> 0:07:55.010 looking at, do you feel there's enough money there to 0:07:55.010 --> 0:07:55.330 live on? 0:07:55.960 --> 0:07:58.910 Oh, will there ever be enough money to live on, 0:07:58.910 --> 0:08:01.120 to do what we all wanted to do? I'm hoping 0:08:01.120 --> 0:08:03.100 so. I'm hoping there'll be enough money to live on. 0:08:03.679 --> 0:08:06.570 Because also that needs to be sat down. You go 0:08:06.580 --> 0:08:08.390 through the allowance, you look at how much you're selling 0:08:08.390 --> 0:08:10.860 for, you're looking at how much you're buying for. Then 0:08:10.860 --> 0:08:12.749 you make, if you're a list person like me, then 0:08:12.750 --> 0:08:15.560 you make your list of how much there is, how 0:08:15.560 --> 0:08:17.619 much a month do you need to live on and 0:08:17.620 --> 0:08:20.590 whether you're comfortable with that amount or do you need 0:08:20.590 --> 0:08:23.050 to keep working past the date of retirement? 0:08:24.150 --> 0:08:25.720 Yeah. I mean, that's something I'll have to sort of 0:08:25.720 --> 0:08:27.800 cross as and when I get there, whether the money 0:08:27.800 --> 0:08:29.890 I made out of my house here would be enough 0:08:29.929 --> 0:08:32.699 if I invest it, to actually be enough for me 0:08:32.699 --> 0:08:34.730 to live on monthly. I'm hoping it would be, but if 0:08:34.730 --> 0:08:36.709 not, then there's always the option of a part time 0:08:36.709 --> 0:08:41.360 job just to keep some money coming in. Hopefully, if 0:08:41.360 --> 0:08:44.160 you're fit and well enough, then that's an option. I could 0:08:44.160 --> 0:08:46.040 get a job behind the bar at the local pub. 0:08:46.040 --> 0:08:47.059 That wouldn't be too bad, would it? 0:08:47.059 --> 0:08:50.729 I couldn't think of anything more exciting actually. See if you can 0:08:53.660 --> 0:08:55.689 get me one in there. I'll come with you Liz, okay? 0:08:56.429 --> 0:08:57.559 Yeah, no problem. 0:08:59.120 --> 0:09:01.660 Even if you do know your pension fund will allow 0:09:01.660 --> 0:09:05.079 you to be comfortable in retirement, there are still questions 0:09:05.079 --> 0:09:08.420 and complexities to iron out. David told me about the 0:09:08.420 --> 0:09:10.300 scenarios he has to consider. 0:09:10.610 --> 0:09:13.750 My civil service pension, I can really retire at any 0:09:13.750 --> 0:09:17.819 time, but of course it does leave that gap between, if I 0:09:17.819 --> 0:09:21.319 said I would retire at 62, it still leaves a four 0:09:21.319 --> 0:09:25.350 or five year gap between then and getting my state 0:09:25.350 --> 0:09:28.429 pension. So if I did decide to take a lump 0:09:28.429 --> 0:09:31.720 sum and the whole amount, that would have to really 0:09:32.420 --> 0:09:35.559 tide me right up till I get to my state pension. 0:09:35.620 --> 0:09:35.839 And do you think it could? 0:09:37.770 --> 0:09:40.949 I don't know. I honestly don't know, because it's one 0:09:40.949 --> 0:09:45.370 of those things. It depends on your lifestyle, what you 0:09:45.370 --> 0:09:48.400 want to do. One thing I have got in my 0:09:48.400 --> 0:09:51.850 favor, and it sounds dreadful, but if anything happened to 0:09:51.850 --> 0:09:55.260 my dad, it would mean that I would then inherit 0:09:55.260 --> 0:09:59.390 the house. And there's a house near us that's just recently been sold for 500, 0:09:59.400 --> 0:10:04.819 000 pounds. But that would mean looking at maybe equity 0:10:04.819 --> 0:10:09.559 release. That's fine for a sort of stop gap. And 0:10:09.559 --> 0:10:12.750 500,000 would be very nice. But if anything happened to 0:10:12.750 --> 0:10:16.850 me or if I became ill, I got serious illness 0:10:17.000 --> 0:10:20.829 or Alzheimer or dementia or anything like that, what happens 0:10:20.829 --> 0:10:24.770 about me going into a home or anything like that? 0:10:24.860 --> 0:10:28.530 So it's something I have really got to stand back and 0:10:28.530 --> 0:10:29.220 think about. 0:10:29.449 --> 0:10:32.969 And also because you're single, you've really got to have 0:10:32.970 --> 0:10:35.929 somebody you can trust, in case later on down the 0:10:35.929 --> 0:10:38.230 line, something like that happens and you do have to 0:10:38.230 --> 0:10:41.920 take equity release or any other financial situation that you 0:10:41.920 --> 0:10:43.660 have. You'll need someone you can trust. 0:10:43.660 --> 0:10:46.550 Absolutely. Because I mean, you can't give a power of 0:10:46.550 --> 0:10:50.900 attorney to somebody who you know is going to sort of suddenly go 0:10:50.900 --> 0:10:53.609 off with all the money and leave you with nothing. 0:10:53.679 --> 0:10:57.770 It's difficult. I mean, I have got friends, but nobody that I could 0:10:57.770 --> 0:10:59.809 really turn and say, " I would like you to have 0:10:59.809 --> 0:11:02.120 the power of attorney," because a lot of people might say, " 0:11:02.120 --> 0:11:06.610 Well, I don't want that responsibility." Some people might say they 0:11:06.890 --> 0:11:07.840 do, but others won't. 0:11:09.620 --> 0:11:15.040 That's interesting. Knowing who to turn to for advice, or 0:11:15.040 --> 0:11:17.949 just having someone you can trust to talk to or 0:11:17.949 --> 0:11:21.900 manage your affairs is an important consideration for the millions 0:11:21.900 --> 0:11:25.729 of single, divorced or widowed people making the move to 0:11:25.730 --> 0:11:27.140 retirement each year. 0:11:28.750 --> 0:11:31.339 It's always a bit of a minefield with regard to 0:11:31.339 --> 0:11:35.130 retirement and pension details, because there's so much out there 0:11:35.130 --> 0:11:39.349 for people to sort of be told. As I said, 0:11:39.350 --> 0:11:41.800 mentioned just now, the equity releasings, there are so many 0:11:41.800 --> 0:11:44.410 adverts in the papers and on the television and all 0:11:44.410 --> 0:11:47.629 this sort of thing. And it's just knowing who is 0:11:47.630 --> 0:11:50.280 the right person to go to. What's the right thing 0:11:50.280 --> 0:11:57.569 for me to do/ I mean, some people, you could 0:11:57.569 --> 0:11:59.819 speak to friends, talk to friends about what have they 0:11:59.819 --> 0:12:03.079 done, but what works well for one person doesn't necessarily 0:12:03.459 --> 0:12:06.620 work well for somebody else. Who do you go to? 0:12:06.620 --> 0:12:08.300 I mean, if I went to the bank, they've only 0:12:08.300 --> 0:12:11.469 got their own best interest at heart. And it's the 0:12:11.469 --> 0:12:15.499 same I think with a lot of places, they're selling 0:12:15.500 --> 0:12:17.839 it to you at their angle. And I think you've 0:12:17.839 --> 0:12:20.209 got to really be aware of what's happening. 0:12:20.800 --> 0:12:23.150 I asked Jenny where she turns for guidance. 0:12:23.719 --> 0:12:26.099 I wouldn't really know where to go. And a couple 0:12:26.100 --> 0:12:28.620 of times friends of mine have said, " Oh, well, you 0:12:28.870 --> 0:12:34.220 can talk to so- and- so my financial advisor." And 0:12:34.300 --> 0:12:36.990 I've said, " Well, how does that work? What did you 0:12:37.000 --> 0:12:38.809 pay them?" And they say, " Well, I don't know, I 0:12:38.949 --> 0:12:42.339 didn't really have to pay." So I suppose that's made 0:12:42.339 --> 0:12:45.479 me feel a bit unsure about how does that work. 0:12:45.860 --> 0:12:47.479 But I think if I was in a relationship, I 0:12:47.480 --> 0:12:51.760 think I probably would feel a bit more adventurous about 0:12:51.760 --> 0:12:56.920 maybe moving or maybe traveling. Whereas I would be more 0:12:56.920 --> 0:13:00.640 cautious, and I'll do some of traveling definitely, but the 0:13:00.640 --> 0:13:02.699 options are slightly different when you're just doing it on 0:13:02.699 --> 0:13:03.670 your own, I think. 0:13:04.140 --> 0:13:06.559 I asked Liz where she would look for information on 0:13:06.559 --> 0:13:07.699 her pension future. 0:13:08.230 --> 0:13:10.339 I wouldn't necessarily ask about pensions and I think I've 0:13:10.339 --> 0:13:13.160 left it a bit late now, and also not working, 0:13:13.209 --> 0:13:14.880 I can't put any money into it. I would ask 0:13:14.880 --> 0:13:18.170 about equity release. I would also ask that if I 0:13:18.170 --> 0:13:21.120 sold the house and I had sort of like half 0:13:21.120 --> 0:13:23.860 the money to invest, what would they suggest that I 0:13:23.860 --> 0:13:26.069 put that in? That would be what I ask. 0:13:26.309 --> 0:13:29.150 Well, let me ask you a question. Who do you speak to about 0:13:29.150 --> 0:13:31.780 money and finance? Who's your confidant? 0:13:33.439 --> 0:13:36.760 My family basically, sort of my brother and my sister 0:13:37.380 --> 0:13:39.209 would be the main people I would speak to. My 0:13:39.209 --> 0:13:42.360 brother's very sensible, very switched on about things like that. 0:13:42.360 --> 0:13:44.810 So I would speak to him for a sensible conversation, 0:13:45.240 --> 0:13:47.179 and I would speak to my sister just to sort 0:13:47.179 --> 0:13:49.089 of get it off my chest and say, " I don't 0:13:49.089 --> 0:13:50.509 know what I'm going to do." And then we'll come 0:13:50.510 --> 0:13:52.770 up with a plan or something, but it's never a very 0:13:52.770 --> 0:13:56.069 good plan. So my family basically would be the main 0:13:56.069 --> 0:13:56.949 people I speak to. 0:13:57.370 --> 0:13:59.740 And do you ever talk to your children about finances? 0:13:59.870 --> 0:14:02.199 No. I don't particularly discuss it much with them. No, 0:14:02.199 --> 0:14:02.839 not really. 0:14:02.910 --> 0:14:06.959 Is there a reason, like for example, if you discuss 0:14:06.959 --> 0:14:08.829 it, do you think it's like a lesson for them 0:14:08.829 --> 0:14:11.650 when they move forward? Do you feel like it's, you 0:14:11.650 --> 0:14:13.609 just want to keep things more ... See. My mother is 0:14:13.610 --> 0:14:16.829 a very private person and I feel always about sharing, 0:14:16.829 --> 0:14:18.959 even though sometimes my son doesn't want to hear about a will 0:14:19.460 --> 0:14:22.229 or a pension policy or this or that, I feel 0:14:22.229 --> 0:14:24.720 it's important to share the ups and downs I've been 0:14:24.720 --> 0:14:28.029 through in my life, so that perhaps when he comes 0:14:28.030 --> 0:14:31.670 across those kinds of ups and downs himself, maybe he 0:14:31.670 --> 0:14:34.650 can reflect back. Do you feel perhaps it would be 0:14:34.650 --> 0:14:35.261 worth talking to them? 0:14:35.261 --> 0:14:39.500 Yes, I suppose so. I mean, my youngest daughter's probably far more sensible 0:14:39.500 --> 0:14:41.790 financially than I am. So she would probably talk to 0:14:41.790 --> 0:14:44.470 me and tell me where I've gone wrong. So that's fine. 0:14:44.530 --> 0:14:48.110 She's very sensible. She's got her world, her life sorted. So financially, 0:14:48.400 --> 0:14:52.529 that's fine. The other one is not quite the same. 0:14:53.940 --> 0:14:56.080 And yeah, I mean they know the situation, they know 0:14:56.150 --> 0:14:58.100 that I've got a will, they know what's in it. 0:14:59.330 --> 0:15:02.910 We talk about that. But I suppose there's no point. 0:15:02.910 --> 0:15:04.239 I don't talk about, " Oh, what am I going to 0:15:04.240 --> 0:15:05.710 do when I retire, because I won't be able to live 0:15:05.710 --> 0:15:08.680 off the state pension," because I have got a plan 0:15:08.680 --> 0:15:11.820 in place sort of, if it works. And also I 0:15:11.820 --> 0:15:14.380 wouldn't want to worry them, it's not their problem, so 0:15:14.380 --> 0:15:16.420 I wouldn't want to worry them. But yet, in a 0:15:16.420 --> 0:15:19.040 way that they could learn by my mistakes to encourage 0:15:19.040 --> 0:15:22.389 them, to look into things when they're younger and a 0:15:22.390 --> 0:15:24.270 lot earlier, is sensible. 0:15:25.710 --> 0:15:28.740 It's a tough decision to make for anyone to sell 0:15:28.740 --> 0:15:31.330 up and move to a new area, even if it 0:15:31.330 --> 0:15:34.340 does release some cash from your property. We'll talk a 0:15:34.340 --> 0:15:40.780 little more about the options available here later on. First 0:15:40.780 --> 0:15:43.359 I asked David what he thought the challenges were for 0:15:43.360 --> 0:15:45.270 a single person in retirement. 0:15:45.790 --> 0:15:48.040 At the moment, if I retired now, I still have 0:15:48.040 --> 0:15:51.320 dad, but I mean, if I retired and he wasn't there, I 0:15:51.320 --> 0:15:54.880 would just be on my own. I'm a fairly outgoing sort 0:15:54.880 --> 0:15:57.740 of person. I mean, I would make myself go out 0:15:57.740 --> 0:16:02.040 and that for meals, or go out, but it's always 0:16:02.040 --> 0:16:05.139 very difficult. If you go out for a meal and 0:16:05.140 --> 0:16:08.320 you're on your own, they either sit you've near the 0:16:08.320 --> 0:16:11.240 kitchen or in the middle of the restaurant or somewhere 0:16:11.240 --> 0:16:14.159 like that, or somewhere where nobody else wants to sit. 0:16:14.960 --> 0:16:18.720 And what do you do? I mean, I've seen people 0:16:18.910 --> 0:16:21.600 on their own in pubs and restaurants and this sort 0:16:21.600 --> 0:16:24.220 of thing. And that's always, I think, a bit difficult 0:16:24.229 --> 0:16:27.369 and it's always very sad in one sense, but I wouldn't 0:16:27.370 --> 0:16:30.160 want people to pity me. I would just sort of 0:16:30.380 --> 0:16:33.229 try and find somebody to go out with, and so 0:16:33.229 --> 0:16:37.320 there were two of you to have a conversation. So yeah, 0:16:38.640 --> 0:16:41.890 so loneliness, I think, would be one of the biggest challenges for 0:16:41.890 --> 0:16:47.710 a single person. But the plus side is obviously you 0:16:47.710 --> 0:16:50.960 can do what you want to do. So, if you 0:16:50.960 --> 0:16:52.670 want to get up early, you can get up early. 0:16:52.670 --> 0:16:53.850 If you don't want to get up early, you don't. 0:16:56.790 --> 0:16:57.051 You're on your own schedule. 0:16:57.051 --> 0:16:57.450 You run your own show. 0:16:57.450 --> 0:17:01.200 You can always call me if I'm in the area. . 0:17:01.200 --> 0:17:03.811 Absolutely, Shirley. If I want a dance partner, I'll do that. Thank you. 0:17:03.811 --> 0:17:07.489 I'll try not to tread on your toes. 0:17:07.609 --> 0:17:07.739 Thank you. 0:17:08.629 --> 0:17:11.060 How do you personally plan to find your way around 0:17:11.060 --> 0:17:13.030 the lack of workplace community? 0:17:13.600 --> 0:17:16.869 Some people aren't that gregarious. They don't go out and 0:17:16.869 --> 0:17:20.250 want to do those sorts of things. And it's really, 0:17:20.290 --> 0:17:24.139 for some people, a real push to make them do 0:17:24.139 --> 0:17:28.710 something different. And I think it's difficult. If you're working 0:17:28.710 --> 0:17:32.040 in an office, you get that daily routine, you get 0:17:32.109 --> 0:17:35.340 the same people, you see the same people faces. They 0:17:35.340 --> 0:17:37.629 get to know you, they get to know your moods. 0:17:37.629 --> 0:17:39.060 They get to know if you're in a good mood 0:17:39.060 --> 0:17:43.399 or a bad mood. If you're on your own, who 0:17:43.399 --> 0:17:45.490 do you talk to? You've got to really get a network 0:17:45.490 --> 0:17:48.169 of friends to be able to sort of go out 0:17:48.169 --> 0:17:50.690 to and say to them, " This is a problem. I've 0:17:50.690 --> 0:17:53.759 got a problem. This is what I need to do." 0:17:53.810 --> 0:17:56.220 So, yeah. It's always a bit of a problem. But 0:17:56.220 --> 0:17:59.119 I think if you really want to make that effort, 0:17:59.260 --> 0:18:00.200 you can get out and do it. 0:18:01.240 --> 0:18:03.570 My mom's 82, by the way, and she still gets 0:18:03.570 --> 0:18:06.180 out and about, and has friends and across to Liverpool 0:18:06.180 --> 0:18:08.669 and up doing her washing and ironing. Likes her own 0:18:08.669 --> 0:18:11.499 company. Never got married again after the first husband. 0:18:12.010 --> 0:18:17.730 I mean, some people do and some people do like their own company. And I mean, I can quite easily 0:18:17.800 --> 0:18:23.060 spend the day in the garden or clearing the house 0:18:23.060 --> 0:18:26.409 and tidying and this sort of thing. I just would 0:18:26.409 --> 0:18:28.169 not be able to sit. I mean, some people say, " 0:18:28.169 --> 0:18:30.350 Oh, I just like to sit down and watch the 0:18:30.350 --> 0:18:34.389 television." I couldn't do that all day every day. I 0:18:34.389 --> 0:18:37.250 mean, it's nice to watch some programs, but you've got 0:18:37.250 --> 0:18:39.850 to really sort of get out and do things, otherwise you just [ inaudible 00:18:40]. 0:18:42.010 --> 0:18:44.080 I asked Jenny, if she thought her social life would 0:18:44.080 --> 0:18:45.790 change when she stopped working. 0:18:46.310 --> 0:18:49.830 Yeah, it does provide friendships and it does provide stimulation 0:18:49.830 --> 0:18:52.690 and structure. But I suppose I do think you can 0:18:52.690 --> 0:18:56.010 find that in other ways. I suppose I've seen people 0:18:56.280 --> 0:19:02.899 replicate some of that through voluntary work or hobbies. But 0:19:02.899 --> 0:19:06.409 no, I think it's easy to underestimate maybe the positives 0:19:06.409 --> 0:19:08.990 of work. You know, I've lived here for 20 years. 0:19:08.990 --> 0:19:11.499 One of my sort of best friends lives around the 0:19:11.500 --> 0:19:16.460 corner. I've got nice ... You know, I obviously have got to know quite 0:19:16.460 --> 0:19:19.129 a lot of people. It's more that, that I would 0:19:19.710 --> 0:19:23.759 be really conscious of if you move, what's that like? 0:19:23.760 --> 0:19:27.429 But then I have also got friends and even my 0:19:27.429 --> 0:19:30.480 parents who moved at a similar age to me and 0:19:30.480 --> 0:19:33.840 they very quickly make new connections and friends. 0:19:39.270 --> 0:19:41.629 Planning for your future when you're solo can be a 0:19:41.629 --> 0:19:45.840 different game, not just from a financial standpoint, but also 0:19:45.840 --> 0:19:49.529 in terms of your relationships, living situation and those who 0:19:49.530 --> 0:19:54.399 depend on you for support. If that's you, hopefully today's 0:19:54.399 --> 0:19:57.960 conversations have reassured you that there are many people out 0:19:57.960 --> 0:20:02.370 there facing the same questions and decisions. In each episode, 0:20:02.590 --> 0:20:04.710 I get a chance to put these questions to the 0:20:04.710 --> 0:20:09.970 experts. And today I'm joined by Chris Knight, the CEO 0:20:10.050 --> 0:20:14.340 of Legal In General Retail Retirement, and Joe Hemmings, a 0:20:14.340 --> 0:20:18.460 behavioral psychologist and author. It's great to talk to you, 0:20:18.460 --> 0:20:22.330 Joe and Chris. Joe retirement is a big life change 0:20:22.330 --> 0:20:26.429 for anyone to navigate emotionally. What added dimensions do you 0:20:26.429 --> 0:20:31.060 think being solo, whether that's single, widowed or divorced brings 0:20:31.060 --> 0:20:31.570 to this? 0:20:31.780 --> 0:20:35.280 I think it's all about emotional preparedness. I think if 0:20:35.280 --> 0:20:37.899 you're single and you've been working or you're, solo and 0:20:37.899 --> 0:20:41.060 you've been working, what you've had for a great deal 0:20:41.060 --> 0:20:44.760 of your daily life is the companionship and camaraderie and 0:20:44.760 --> 0:20:49.750 company of other workers, colleagues. And that's a big chunk 0:20:49.750 --> 0:20:52.239 of a week. You may be used to being on 0:20:52.240 --> 0:20:54.609 your own in the evening or at weekends, but to 0:20:54.609 --> 0:20:58.139 have that taken away can be quite a difficult thing 0:20:58.139 --> 0:21:01.519 for some people. So I think knowing, being prepared and 0:21:01.520 --> 0:21:05.040 planning in advance or knowing that bulk of your hours, 0:21:05.129 --> 0:21:07.630 though you may have been working well with other people, you 0:21:08.340 --> 0:21:11.590 will need to sort of think about replacing that with 0:21:11.590 --> 0:21:12.409 other company. 0:21:12.530 --> 0:21:15.080 Do you have many clients who are approaching a retirement 0:21:15.080 --> 0:21:18.080 change? What sorts of questions do they come up with? 0:21:18.450 --> 0:21:20.239 The ones who've come to me are often the ones 0:21:20.240 --> 0:21:22.900