WEBVTT - TRAVEL ADVENTURES IN RETIREMENT 0:00:03.320 --> 0:00:07.360 This is Rewirement, the podcast where we discuss what we 0:00:07.360 --> 0:00:10.669 should be thinking about now to live a colorful retirement. 0:00:11.229 --> 0:00:14.790 I'm Angellica Bell, and thanks to Legal & General, we're meeting 0:00:14.819 --> 0:00:20.099 inspirational, unusual and colorful retirees to hear about their stories 0:00:20.099 --> 0:00:23.349 and advice. And whatever road you want to travel down 0:00:23.349 --> 0:00:26.439 in your later years, we'll also be chatting to experts 0:00:26.439 --> 0:00:29.250 to find out how you can take savvy financial and 0:00:29.250 --> 0:00:32.670 practical steps to make sure your plans become a reality. 0:00:34.500 --> 0:00:37.110 Top of the bucket list for many a retiree is 0:00:37.110 --> 0:00:40.129 a little bit of travel, but lately, the pandemic has 0:00:40.129 --> 0:00:43.449 seen those plans put on hold. Looking to the future 0:00:43.449 --> 0:00:46.419 with optimism, how can you make sure you still make 0:00:46.419 --> 0:00:49.489 that trip of a lifetime? Whether you've been putting off 0:00:49.489 --> 0:00:52.080 that round the world trip in favor of work deadlines, 0:00:52.349 --> 0:00:55.250 saving your pennies to help the children or never had 0:00:55.250 --> 0:00:58.440 enough time to plan for that dream trip, retirement might 0:00:58.440 --> 0:01:01.640 seem like the perfect time. But if you're nervous about 0:01:01.640 --> 0:01:04.929 how best to fund a trip or wondering what's changed 0:01:04.929 --> 0:01:07.920 since you last made a bit of globe trotting, plenty 0:01:07.920 --> 0:01:10.170 of people can feel unsure about how to plan a 0:01:10.170 --> 0:01:14.149 retirement adventure. Fortunately, the right way to do it is 0:01:14.149 --> 0:01:17.130 the right way for you. Whether it's a luxury hotel 0:01:17.130 --> 0:01:19.600 or youth hostel style trip, I'm going to be chatting 0:01:19.600 --> 0:01:23.190 to the experts for ideas, suggestions, and smart tips to 0:01:23.190 --> 0:01:26.330 make it the trip that you've always dreamed of. Later 0:01:26.330 --> 0:01:28.002 on, we'll be chatting to travel journalist, Mark (Hodgson) , 0:01:29.220 --> 0:01:32.080 and Claire Singleton from Legal & General for tips that are 0:01:32.080 --> 0:01:37.449 financial, practical, and guaranteed to give you itchy feet. First 0:01:37.449 --> 0:01:41.050 up, let's hear how two different retirees have unleashed the 0:01:41.050 --> 0:01:43.520 travel bug and had the time of their lives. 0:01:44.229 --> 0:01:49.290 My name is June (inaudible) . I'm from Yorkshire, have 0:01:49.290 --> 0:01:54.280 been living down south in Hampshire for about 35 years. 0:01:54.559 --> 0:01:58.830 I'm now in Wiltshire, but only very shortly because I 0:01:58.830 --> 0:02:02.790 actually like being on the move and traveling. That is my life. 0:02:04.380 --> 0:02:07.760 June started her retirement with a plan to run an avocado farm 0:02:07.760 --> 0:02:11.070 in Southern Spain. She and her husband had fallen in 0:02:11.070 --> 0:02:13.609 love with the area and bought a piece of land, 0:02:14.019 --> 0:02:15.930 but sadly, tragedy struck. 0:02:16.480 --> 0:02:24.790 We bought it 20 years ago now. It was a farm for avocados, and it just had one 0:02:25.350 --> 0:02:30.470 building there that had a kitchen and lounge and one 0:02:30.700 --> 0:02:35.720 bedroom. We just, by chance, came across this place, and 0:02:35.720 --> 0:02:38.480 I couldn't believe it. It was up a track, up in 0:02:38.480 --> 0:02:45.139 the mountains. From where the land was and the house, all I could see was just 0:02:45.530 --> 0:02:53.630 mountains and vegetation. I retired when I was 63. Unfortunately, a year later, my husband died. We got the place, a place in Spain, which we'd bought about seven years before that. So we spent the first part of my retirement together, we spent in Spain, preparing the land and getting all the avocados ready, and planting a lot more different fruit trees. And then, unfortunately, 0:02:55.690 --> 0:03:21.680 my husband died in Spain. 0:03:22.899 --> 0:03:25.750 June returned to her family with the future she had planned now 0:03:25.750 --> 0:03:28.980 in question, but it was returning to her love of travel 0:03:28.980 --> 0:03:30.320 that helped her through grief. 0:03:31.149 --> 0:03:34.149 The first thing then, a year after he died, a 0:03:34.149 --> 0:03:37.760 friend of mine, who'd also lost her husband, we both went 0:03:38.030 --> 0:03:42.610 to India, travelled round there for four months, and that really did 0:03:42.610 --> 0:03:47.879 me a lot of good. I so enjoyed getting back to 0:03:48.150 --> 0:03:53.610 backpacking around. We stayed in hostels in the south of 0:03:55.600 --> 0:03:58.490 India, in (Kerala) . It just got me going, got me going 0:03:58.490 --> 0:04:04.280 again, and feeling inspirational, and knowing that I was happy 0:04:04.360 --> 0:04:08.150 being on the move and traveling and meeting lots of 0:04:08.150 --> 0:04:12.860 people and seeing how other people in other parts of the world actually 0:04:12.860 --> 0:04:16.460 live their life, which of course is very different to what it is 0:04:16.460 --> 0:04:22.140 in the UK. And that was the start of my retirement. 0:04:23.070 --> 0:04:26.260 I went to Italy with a friend that I worked with. 0:04:26.659 --> 0:04:33.190 Her father went there as well. And he had a Harley Davidson motorbike, 0:04:34.029 --> 0:04:38.680 which I had a passion for. I got on the 0:04:38.680 --> 0:04:41.880 back of that and we went off round Italy. It was 0:04:41.880 --> 0:04:45.249 amazing. We've kept friends ever since and that's who I go off on the motorbike with. 0:04:48.120 --> 0:04:51.029 A passion for bikes began many years before for June. 0:04:51.490 --> 0:04:54.839 This Harley ride around Italy reminded her of her adventures 0:04:54.839 --> 0:04:59.710 as a student, traveling through Nepal, India, Afghanistan, Bangladesh, and 0:04:59.710 --> 0:05:03.659 Pakistan on two wheels. She completed that trip seven months 0:05:03.659 --> 0:05:06.740 pregnant with her first child. So why is it still 0:05:06.740 --> 0:05:08.479 her favorite way to see the world? 0:05:08.880 --> 0:05:10.880 For me, it was the people that I met and the 0:05:11.159 --> 0:05:16.000 history that I learned about the country. And when you're 0:05:16.190 --> 0:05:20.540 traveling in that style, I find that the local people 0:05:21.550 --> 0:05:26.049 accept you a lot more easily. If you wander with 0:05:26.050 --> 0:05:32.740 your backpack into a little, old village and smile, people 0:05:32.740 --> 0:05:37.490 take you into where they live and make you meet their 0:05:37.550 --> 0:05:41.859 children, their family, and you just join in. And you 0:05:41.859 --> 0:05:45.639 learn such a lot about their way of living and 0:05:46.130 --> 0:05:51.900 how they're being treated by the governments etc. And the scenery is 0:05:51.900 --> 0:05:52.469 so different. 0:05:53.039 --> 0:05:55.710 She decided to keep the avocado farm and now spends 0:05:55.710 --> 0:05:58.080 part of the year out there, splitting her time between 0:05:58.080 --> 0:06:01.900 Spain, the UK and wherever else her biking adventures take 0:06:01.900 --> 0:06:05.289 her, such as Romania and Holland. But Spain has a 0:06:05.289 --> 0:06:06.220 special magic for June. 0:06:06.220 --> 0:06:16.330 I just love it. We know some great people. The musicians; I love live music. It puts you on a high if 0:06:16.330 --> 0:06:20.939 you get into, it could be a pub or outside, 0:06:21.229 --> 0:06:25.739 and the music is so exhilarating, you can't stop yourself jumping and jigging about to it. 0:06:25.740 --> 0:06:31.659 June and her biking friend also bought a narrow boat and spend some 0:06:31.659 --> 0:06:35.099 months of the year exploring the UK by water. She 0:06:35.099 --> 0:06:37.210 does the locks and he does the steering. 0:06:37.990 --> 0:06:41.499 When we go out, we take different routes. We've been 0:06:42.049 --> 0:06:44.450 up to the Thames, because it's not far to go 0:06:44.450 --> 0:06:47.439 to Reading and then the Thames, to the Thames and 0:06:47.539 --> 0:06:51.869 down into London and through London. Or we go the other way 0:06:51.870 --> 0:06:57.219 to Oxford. We've gone up there, and to Wales and across the Pontcysyllte 0:06:59.919 --> 0:07:05.159 Aqueduct, which is amazing. It's scary, but it's superb in Wales. 0:07:05.640 --> 0:07:08.539 But you've still got to have the ambition and the 0:07:08.539 --> 0:07:12.670 ideas in your head, and then go for it. All 0:07:12.670 --> 0:07:17.260 miles in an hour, you travel. The scenery is just 0:07:17.260 --> 0:07:22.700 amazing, and then where you can moor, you can moor in allocated 0:07:22.700 --> 0:07:25.760 mooring on the side of the canal, or you can just 0:07:25.760 --> 0:07:31.370 find somewhere where there's just you there. And then we've got bikes on 0:07:31.370 --> 0:07:35.660 the boat, so we can cycle off and get shopping or 0:07:35.790 --> 0:07:38.290 whatever. It's a lovely life. Freedom, again. 0:07:40.320 --> 0:07:42.820 Having a friend who shares her passion for Harley's, the 0:07:42.820 --> 0:07:45.850 land and travel has meant June has a companion for 0:07:45.850 --> 0:07:48.610 her adventures, in addition to her own time spent on 0:07:48.610 --> 0:07:52.420 the farm and with family. Since retiring, she's stayed in 0:07:52.420 --> 0:07:55.130 a tree house in Cambodia, walked the Great Wall of 0:07:55.130 --> 0:07:58.059 China and camped in the wilderness, to name a few 0:07:58.060 --> 0:08:01.470 adventures. She also recently biked around Romania. 0:08:02.130 --> 0:08:05.100 We helped build (inaudible) with a horse pulling a 0:08:05.100 --> 0:08:08.240 cart, and we jumped on the back of it. And that, 0:08:09.160 --> 0:08:16.360 to me, is what traveling is about. It's about actually sharing the lives 0:08:16.360 --> 0:08:20.800 the local people lead, finding out what it's really like. 0:08:22.080 --> 0:08:24.970 So he's my best friend that I can share going 0:08:24.970 --> 0:08:27.730 to Spain with, because he loves working on the land, 0:08:28.160 --> 0:08:32.000 and also, I love being on the boat. The best 0:08:32.290 --> 0:08:35.980 advice; I mean, you can get different travel books. It 0:08:36.150 --> 0:08:39.829 depends on how you want to travel. Whatever way you 0:08:39.860 --> 0:08:45.150 want to travel, you can do it. It's just having 0:08:45.150 --> 0:08:49.890 the state of mind where you think, " Okay, so I'm 70, but I'm 0:08:49.890 --> 0:08:52.500 going to do it. I can do it." And if 0:08:52.850 --> 0:08:56.410 you like to travel and see how the real community 0:08:56.630 --> 0:09:00.449 lives, then the best way really, I think, that I've 0:09:00.449 --> 0:09:05.319 found out, is to actually fly to the country and 0:09:05.319 --> 0:09:09.370 then travel on public transport. And you can get Lonely 0:09:09.920 --> 0:09:14.840 Planet and books where they'll give you advice about places 0:09:14.920 --> 0:09:20.910 you can stay. I mean, if you think of somewhere like Cambodia, where we went, 0:09:21.360 --> 0:09:26.150 we stayed in hostels there. You had separate rooms. It 0:09:26.150 --> 0:09:31.001 was only about 12, 15 pounds at the most (inaudible) 0:09:31.001 --> 0:09:39.720 , and you've got the facilities to use. And the people are so friendly. Obviously it's mostly 0:09:39.720 --> 0:09:44.730 young people, but they don't treat you like old people. They just 0:09:44.730 --> 0:09:48.459 talk to you in the same way. In India, you 0:09:48.459 --> 0:09:52.939 can stay in homestays. It's people's houses. There's maybe an 0:09:52.939 --> 0:09:55.839 outdoor stair at the side of the house and you've 0:09:55.839 --> 0:09:59.380 got your own lovely bedroom. And you're meeting the people who live 0:09:59.380 --> 0:10:03.569 there, and it's interesting to find out what their life is. 0:10:06.670 --> 0:10:10.280 So you can do it. You just make up your mind and you 0:10:10.390 --> 0:10:14.679 just go for it. Find out what you can, and that's it. It's easy. 0:10:15.179 --> 0:10:15.949 It really is. 0:10:17.550 --> 0:10:21.050 June's a born backpacker and a lifelong traveler who doesn't 0:10:21.050 --> 0:10:24.589 mind working it out as she goes along. Meanwhile, Elizabeth 0:10:24.589 --> 0:10:27.119 took her time and found a savvy way to see lots 0:10:27.120 --> 0:10:30.569 of places in one trip through cruises. Elizabeth had a 0:10:30.569 --> 0:10:34.010 career as a science teacher before she retired and started 0:10:34.010 --> 0:10:37.410 working at a hospice. With three children, she and her 0:10:37.410 --> 0:10:39.870 husband hadn't done much in the way of adventurous travel 0:10:39.870 --> 0:10:42.980 for years. In fact, it was after she had recovered 0:10:42.980 --> 0:10:46.900 from breast cancer that her retirement travel adventures began in earnest. 0:10:47.800 --> 0:10:50.360 I asked her what her goals were when she retired. 0:10:51.010 --> 0:10:54.959 I wanted to help people who were in difficulty in 0:10:55.260 --> 0:10:58.379 some way. So I thought, well, probably the easiest place 0:10:58.380 --> 0:11:01.269 to go to is the place where I taught when 0:11:01.270 --> 0:11:04.929 it was a special school, called Dorothy House Hospice, which 0:11:05.050 --> 0:11:07.319 is about three miles from where I used to live 0:11:07.319 --> 0:11:10.780 in Bradford- on- Avon. So I became what they call a host. 0:11:11.069 --> 0:11:13.910 And basically, it was people who were in their last year of 0:11:13.910 --> 0:11:19.339 life and they would stay with a nurse there permanently, 24/7, 0:11:19.339 --> 0:11:24.040 you know, obviously changing shifts, and doctors there. They would 0:11:24.040 --> 0:11:27.360 come for a week to give their family respite. I 0:11:27.360 --> 0:11:31.110 would feed them or take them for walks in their wheelchair. 0:11:31.350 --> 0:11:34.559 There was one lady who was really into all this 0:11:34.640 --> 0:11:36.850 photography. Not that I could really help her with that, but she 0:11:36.850 --> 0:11:40.280 was showing me that. And it was just a very 0:11:40.339 --> 0:11:42.160 happy place to be actually. 0:11:42.719 --> 0:11:44.339 When did you leave the hospice? 0:11:45.390 --> 0:11:49.929 I left there just when we moved, because it was about 30 0:11:49.929 --> 0:11:53.500 miles to our new house. And it was during that 0:11:53.500 --> 0:11:57.179 time that I was diagnosed with cancer. So I couldn't really 0:11:57.179 --> 0:12:00.809 do much because I was in hospital and having chemotherapy 0:12:01.300 --> 0:12:04.530 and really feeling a bit exhausted. 0:12:05.240 --> 0:12:07.769 How did the cancer change your outlook on life? 0:12:08.010 --> 0:12:10.760 I think it made me probably want to do more. 0:12:11.160 --> 0:12:14.410 Some people think, " Oh, I've got cancer. I better not 0:12:14.410 --> 0:12:17.470 go here in case I'm ill. I better not go there in case 0:12:17.589 --> 0:12:23.569 I'm ill." One big problem is actually getting insurance. I 0:12:23.569 --> 0:12:27.780 flew to Las Vegas to attend a charity conference with 0:12:27.780 --> 0:12:32.900 my son and husband, and it was very difficult to 0:12:32.959 --> 0:12:36.890 get insurance because I'd just finished having my chemotherapy. I 0:12:36.890 --> 0:12:40.210 got it, but they ... And of course, being in America, 0:12:40.650 --> 0:12:44.510 you know, huge amount of money. And that could be 0:12:44.510 --> 0:12:47.439 a little bit of a brick wall for some people, 0:12:47.439 --> 0:12:51.370 to suddenly realize that they've got to pay this huge 0:12:51.630 --> 0:12:55.660 insurance. In the end, I didn't have to pay that 0:12:55.660 --> 0:12:58.670 much, but obviously, I wanted to be insured. My oncologist 0:12:58.670 --> 0:13:02.070 said to me, " Look, before you go, please make sure that 0:13:02.130 --> 0:13:06.329 you insure yourself well in America." So yes, it hasn't 0:13:06.329 --> 0:13:08.829 really stopped me. I mean, it was a big shock. 0:13:09.420 --> 0:13:13.099 Tell me about your travels then, and this new part 0:13:13.099 --> 0:13:13.780 of your life. 0:13:14.410 --> 0:13:18.410 We had half term, it was about two years before I 0:13:18.599 --> 0:13:22.939 retired, and we wanted to go away. We left it till 0:13:22.939 --> 0:13:25.319 September and I thought, " I'd like a week away." This 0:13:25.319 --> 0:13:28.949 is 10, 11 years ago, perhaps even 12 years ago. And 0:13:29.280 --> 0:13:31.040 the internet wasn't such a thing then. A lot of 0:13:31.040 --> 0:13:33.959 people went to travel agents. So we just went to 0:13:33.959 --> 0:13:36.239 the local town, went in to see the travel agent and 0:13:36.240 --> 0:13:40.170 said, "I don't suppose you've got anything available for October half 0:13:40.170 --> 0:13:42.980 term." Of course, they're always really busy. So she said, " 0:13:42.980 --> 0:13:45.599 The only thing we've got available is a cruise." So 0:13:45.599 --> 0:13:48.000 we looked at each other and said, " Oh, don't think 0:13:48.000 --> 0:13:51.019 so. Cruises are for old people. Oh, I don't think we 0:13:51.020 --> 0:13:53.339 can do that." " No," she said. " They're not." She said, " 0:13:53.339 --> 0:13:56.449 Honestly, we have quite a lot of younger people going on them. Why 0:13:56.449 --> 0:13:59.679 don't you try it?" So we said, " Okay." We went on this 0:14:00.040 --> 0:14:03.040 fairly short cruise, but we went to about seven different countries. 0:14:03.640 --> 0:14:05.989 I know one of them was Sardinia, and then we 0:14:05.990 --> 0:14:10.860 went to Sicily, Palma, to Italy, into Rome for the 0:14:10.860 --> 0:14:15.339 day, Minorca, Monaco. We just loved it, you know? But 0:14:15.339 --> 0:14:17.520 then we went on an American ship around all the 0:14:17.520 --> 0:14:22.540 islands in the Caribbean. We've been to the Canary Isles, Mexico, Norway. We 0:14:22.540 --> 0:14:25.970 went on the fjords, and that sort of gave us 0:14:26.180 --> 0:14:29.350 the inclination to perhaps go somewhere colder, because it was 0:14:29.350 --> 0:14:32.840 quite cold in Norway. We decided, we got off the 0:14:32.900 --> 0:14:34.950 plane and we thought, " We're not going to take a 0:14:34.950 --> 0:14:37.190 taxi. We'll just walk to the hotel." It didn't look 0:14:37.190 --> 0:14:40.100 very far. So there we were with our cases, wheeling them 0:14:40.100 --> 0:14:41.540 along through the snow. Can you imagine? 0:14:41.960 --> 0:14:41.960 Mm-hmm (affirmative). 0:14:41.960 --> 0:14:45.269 And we'd been to America as well, like Florida and 0:14:46.500 --> 0:14:50.450 New York, San Francisco. We were going on all these 0:14:50.450 --> 0:14:53.660 rollercoaster and everything. We were like the oldest people on 0:14:53.660 --> 0:14:58.160 them. And we managed to get the front seat, which was ... And our kids were 0:14:58.160 --> 0:15:01.820 sort of a bit embarrassed. When we went to Norway, we 0:15:01.820 --> 0:15:06.190 loved it. We thought, "Oh, this is really nice. We sort of quite like it cold." So 0:15:06.190 --> 0:15:09.390 then we went to Svalbard in the Arctic, thought, " Oh, we'll 0:15:09.390 --> 0:15:12.999 just do a bit of snowmobiling." And again, we were the 0:15:13.040 --> 0:15:18.870 oldest people there. (inaudible) youngsters, you know? But they 0:15:20.000 --> 0:15:22.509 made us very welcome. We did sort of fall off 0:15:23.340 --> 0:15:27.729 the snowmobiles. It just crashed to the ground and turned over. 0:15:28.890 --> 0:15:31.479 Elizabeth, you are such an adventurer. 0:15:31.510 --> 0:15:34.119 I haven't seen the Northern lights. I really want to 0:15:34.120 --> 0:15:35.110 see the Northern lights. 0:15:35.160 --> 0:15:37.500 Go. Make sure you do it. After this is over, 0:15:37.550 --> 0:15:39.460 go and see it, because it's so magical. I think 0:15:40.820 --> 0:15:45.170 you would be speechless, so do it. Elizabeth, for anybody 0:15:45.170 --> 0:15:48.050 who is thinking of retiring and wants to travel, what 0:15:48.050 --> 0:15:49.040 advice would you give them? 0:15:50.229 --> 0:15:53.639 When you retire, most people are not that restricted. So 0:15:53.640 --> 0:15:57.619 take the opportunity if it's available. Obviously look into it. 0:15:57.790 --> 0:16:00.810 I mean, I guess you have to be careful that 0:16:00.900 --> 0:16:05.030 it's not some sort of scam. You need to watch 0:16:05.030 --> 0:16:08.580 that. See if you can get a deal. If you can, 0:16:08.580 --> 0:16:12.040 probably try to get an all- in break. We had 0:16:12.040 --> 0:16:15.989 the flights plus the hotel for a certain amount of 0:16:16.210 --> 0:16:19.470 money. When we went to Las Vegas, we just booked 0:16:19.510 --> 0:16:23.500 separate flights. We booked a hotel and then we booked 0:16:23.990 --> 0:16:26.680 things all separately. But I think if you have a 0:16:26.680 --> 0:16:29.330 small amount of savings and you put towards, say, a 0:16:29.330 --> 0:16:36.100 holiday fund, use it when you have the opportunity to 0:16:36.100 --> 0:16:37.869 go somewhere that you really want to go. 0:16:38.650 --> 0:16:41.950 Elizabeth's curiosity about the world really shines through when she 0:16:41.950 --> 0:16:44.609 talks about her adventures. You can tell she was a 0:16:44.609 --> 0:16:47.900 teacher and has that hunger to learn more. Another thing 0:16:47.900 --> 0:16:49.880 I love is that she and her husband are often 0:16:49.880 --> 0:16:53.070 the oldest people in their travel groups, and cruises have 0:16:53.070 --> 0:16:54.940 allowed them to see so much of the world in 0:16:54.940 --> 0:16:59.410 a way they enjoy. Traveling in retirement is so individual. 0:16:59.630 --> 0:17:02.859 Whether you've been a backpacker, a luxury lounger or a 0:17:02.859 --> 0:17:05.800 bit of both in your earlier adventures, working out a 0:17:05.800 --> 0:17:08.040 way to do it that gives you confidence later in 0:17:08.040 --> 0:17:12.859 life is key. I'm joined now by two experts, travel 0:17:12.859 --> 0:17:16.359 journalist, Mark Hodgson, and Legal & General's Claire Singleton. Thank you 0:17:16.359 --> 0:17:20.590 so much both for joining me. So Mark, why is 0:17:20.590 --> 0:17:24.410 traveling a completely different consideration in later life? 0:17:24.659 --> 0:17:27.450 Well, I think what you have a lot of when 0:17:27.450 --> 0:17:31.100 you retire, well, apart from money, we hope, is time, 0:17:31.340 --> 0:17:35.630 but things are a little bit different to where you were 0:17:35.649 --> 0:17:38.330 traveling when you were younger and a little bit different to 0:17:38.330 --> 0:17:41.020 when you were just going on holidays when you were 0:17:41.020 --> 0:17:45.510 working. So you have different demands, but maybe you have 0:17:45.510 --> 0:17:49.050 different opportunities as well. You can certainly do longer trips. 0:17:49.560 --> 0:17:54.270 I think one of the interesting things about this generation 0:17:54.409 --> 0:17:58.470 that's now retiring, this is the first generation that went 0:17:58.470 --> 0:18:04.330 backpacking around the world. So many of them will have 0:18:04.560 --> 0:18:06.669 wonderful memories of when they were younger, when they were 0:18:06.669 --> 0:18:11.500 in their twenties and so forth, of traveling, backpacking, being 0:18:11.500 --> 0:18:14.070 kind of free, having lots of time, wandering around from 0:18:14.070 --> 0:18:16.619 one place to another. And a lot of people want 0:18:16.619 --> 0:18:20.060 to recreate a feeling of that, perhaps go to back 0:18:20.060 --> 0:18:23.109 to some of the same places, but perhaps to travel 0:18:23.159 --> 0:18:26.689 in much the same kind of way. In some ways, 0:18:26.690 --> 0:18:28.840 that's become a lot easier now, because you can plan 0:18:28.840 --> 0:18:33.279 everything online. There are so many more low cost airline 0:18:33.280 --> 0:18:35.789 networks around the world that allow you to get from 0:18:35.790 --> 0:18:38.690 one place to another without overnight bus journeys and so 0:18:38.690 --> 0:18:42.840 forth. But one of the key things to think about 0:18:42.840 --> 0:18:46.629 when you're retiring is that you're not the same person 0:18:46.629 --> 0:18:49.379 that you were in your twenties, much as you might 0:18:49.639 --> 0:18:53.350 like to think you are. We've all got a 25 0:18:53.350 --> 0:18:58.770 year old inside, haven't we? But actually, your physical resilience, 0:18:58.770 --> 0:19:04.659 your ability to cope with jet lag, a bad night's 0:19:04.659 --> 0:19:07.980 sleep, rough journeys, and so forth, may have changed. So 0:19:07.980 --> 0:19:10.919 you have to adapt as well. And maybe that means 0:19:10.919 --> 0:19:15.220 slowing down, maybe spending a bit more time in places 0:19:15.220 --> 0:19:17.739 rather than rushing around like you did when you were 0:19:17.740 --> 0:19:22.270 25. So it's a good idea to think realistically about 0:19:22.889 --> 0:19:26.830 what you really want to do with the rest of 0:19:26.919 --> 0:19:29.790 your life, what kind of places you want to visit 0:19:30.340 --> 0:19:32.139 and what kind of things you want to do and how 0:19:32.139 --> 0:19:35.340 you want to do them. And it's a really good time to start now thinking about that. 0:19:35.700 --> 0:19:38.460 So Claire, what if budget is a problem? Say you're 0:19:38.460 --> 0:19:41.279 retired and have no additional income to bump up savings, 0:19:41.669 --> 0:19:43.669 but you still want to do that bucket list thing, 0:19:43.669 --> 0:19:46.609 like travel the Pacific Coast Highway in a Mustang. What 0:19:46.609 --> 0:19:47.159 can you do? 0:19:47.320 --> 0:19:51.639 So there's various things people can consider, depending on their 0:19:51.639 --> 0:19:55.730 situation. Some people, we see them downsizing from their properties. 0:19:55.730 --> 0:19:58.379 So they decide that they don't need the size of 0:19:58.379 --> 0:20:01.419 home they have anymore, and actually, they'd like to have 0:20:01.419 --> 0:20:04.540 some extra money to go and do that travel plan. 0:20:05.109 --> 0:20:07.940 The other thing people can think about is releasing equity 0:20:07.940 --> 0:20:11.830 for their home, and there's various different options and considerations 0:20:11.830 --> 0:20:15.850 around that. So people can choose to release money, but 0:20:15.850 --> 0:20:19.629 also then consider whether they would like to leave an 0:20:19.629 --> 0:20:22.499 inheritance or not. So that's one factor people need to 0:20:22.500 --> 0:20:25.439 think about. So would they like to leave an inheritance 0:20:25.440 --> 0:20:28.389 to their kids? And if so, they can protect a 0:20:28.389 --> 0:20:32.070 part of that inheritance within the house and release cash to 0:20:32.070 --> 0:20:35.920 go and do some of their travel plans. People could 0:20:36.020 --> 0:20:39.040 take (inaudible) of money and pay the interest on 0:20:39.040 --> 0:20:43.270 that too, to stop increasing their debt quite so much. 0:20:43.600 --> 0:20:46.990 So it's one thing for people to think about, alongside the potential option 0:20:46.990 --> 0:20:48.510 of, say, downsizing from their home. 0:20:49.000 --> 0:20:51.330 I mean, for some people, that sort of information can 0:20:51.330 --> 0:20:53.429 be quite overwhelming, especially if you've been in your home 0:20:53.429 --> 0:20:55.810 your whole life and all these sorts of things. So 0:20:55.810 --> 0:20:58.560 it might be a necessity that they need to do 0:20:58.560 --> 0:21:01.970 in order to fulfill those dreams, but do you give 0:21:02.460 --> 0:21:05.790 proper advice and are there places that people can go 0:21:05.790 --> 0:21:08.929 so they can feel secure, especially when talking about money? 0:21:09.379 --> 0:21:11.970 Look, if you're ever releasing money from your house, it's 0:21:11.970 --> 0:21:14.919 an advised process and they can come to Legal & General 0:21:14.919 --> 0:21:18.200 for that advice. There's also lots of information available on 0:21:18.200 --> 0:21:20.999 our website in terms of the pros and cons of 0:21:21.000 --> 0:21:23.970 releasing money from your home. So where we talk about 0:21:24.179 --> 0:21:27.070 the costs of borrowing and also the fact that there's 0:21:27.070 --> 0:21:30.359 a no negative equity guarantee where you'll never have to 0:21:30.359 --> 0:21:33.710 pay back more than what your property is sold for. 0:21:33.919 --> 0:21:36.080 And we also talk about some of those protections I 0:21:36.109 --> 0:21:39.739 mentioned around protecting part of the equity so that you 0:21:39.740 --> 0:21:44.820 can leave an inheritance. So really important to take good advice, 0:21:45.050 --> 0:21:48.919 really important to consider the costs of borrowing, and really 0:21:48.919 --> 0:21:51.580 important to read up and understand that. 0:21:52.320 --> 0:21:56.500 So again, think ahead. But Mark, Elizabeth mentioned in her 0:21:56.500 --> 0:21:59.909 case study that our changing bodies can also mean that 0:21:59.909 --> 0:22:04.100 insurance can be quite a different experience. How can we 0:22:04.100 --> 0:22:04.459 deal with that? 0:22:05.320 --> 0:22:10.020 Travel insurance is one of the non- negotiables about getting 0:22:10.020 --> 0:22:13.520 around the world when you're a little bit older. You, perhaps when you were 0:22:13.520 --> 0:22:16.600 younger, might have thought that, " Well, we don't really need it 0:22:16.600 --> 0:22:20.399 for this little city break," or, " I'll be fine. Everything 0:22:20.399 --> 0:22:24.239 was fine last time." But you really need to have 0:22:24.240 --> 0:22:27.810 travel insurance. It's going to give you a lot of 0:22:27.810 --> 0:22:32.799 protection against if something goes wrong medically, but also just 0:22:32.800 --> 0:22:35.199 all the little bumps that happen along the road; if 0:22:35.659 --> 0:22:39.030 flights get canceled. Particularly when you do more adventurous travel, 0:22:39.359 --> 0:22:42.609 things turn up. I did a trip to Indonesia a 0:22:42.609 --> 0:22:44.479 couple of years ago and were planning to go to 0:22:45.250 --> 0:22:49.239 Lombok, and then a huge volcano erupted a couple of 0:22:49.240 --> 0:22:52.929 weeks before. Fortunately, I was with a tour operator and 0:22:52.929 --> 0:22:56.000 they managed to replan the whole trip and we went 0:22:56.000 --> 0:23:00.530 to another island instead, but that's the point where insurance 0:23:00.530 --> 0:23:05.139 might really kick in. Now, as you get older, insurance 0:23:05.220 --> 0:23:08.570 does become more expensive. So you need to make sure 0:23:08.570 --> 0:23:11.679 you've got the best insurance you can get and that 0:23:11.679 --> 0:23:15.710 it is appropriate for your age, and that you look 0:23:15.780 --> 0:23:18.609 at pre- existing medical conditions, which can put up the 0:23:18.609 --> 0:23:22.780 price of premiums. But that really becomes something you have 0:23:22.780 --> 0:23:25.580 to budget for. Perhaps you didn't think about it before, because it was 0:23:26.040 --> 0:23:30.199 relatively cheap. Now it's going to be a relatively expensive part 0:23:30.200 --> 0:23:31.330 of your travel budget. 0:23:31.409 --> 0:23:33.679 Yeah, so there are events that you cannot control, which 0:23:33.679 --> 0:23:37.260 will affect what happens with your holiday, and that means 0:23:37.260 --> 0:23:39.239 you have to protect your money. So going back to 0:23:39.240 --> 0:23:42.240 you, Claire, everyone has a different plan for retirement. So 0:23:42.240 --> 0:23:44.700 what sort of things do people spend their money on? 0:23:44.810 --> 0:23:47.250 Presumably travel is high up on the list. 0:23:47.350 --> 0:23:51.840 Yeah, that's right, Angellica. So we did a survey recently 0:23:52.800 --> 0:23:56.300 and talk about people's life goals in retirement, and travel 0:23:56.300 --> 0:24:00.439 comes up as number one. And alongside that, people often 0:24:00.450 --> 0:24:03.810 have some lifelong dreams for travel, so things like they'd 0:24:03.810 --> 0:24:06.240 like to visit Australia, or they'd like to drive Route 0:24:06.240 --> 0:24:09.590 66 in America. So we see those in the top 0:24:09.590 --> 0:24:11.609 five things that people say they want to do in 0:24:11.609 --> 0:24:15.060 retirement. The other thing that we're seeing more of is 0:24:15.060 --> 0:24:18.119 people using things like their tax free lump sum from 0:24:18.119 --> 0:24:21.480 their pension pot to invest in things that afford them 0:24:21.530 --> 0:24:24.729 to travel. So investing in things like motor homes, or 0:24:24.730 --> 0:24:26.780 I think in one of the case studies, someone had 0:24:26.780 --> 0:24:29.790 bought a narrow boat. So we really see people being 0:24:29.790 --> 0:24:32.359 able to use that lump of cash in a way 0:24:32.359 --> 0:24:35.070 that gives them freedom to travel in a way that 0:24:35.070 --> 0:24:35.760 suits them. 0:24:36.100 --> 0:24:39.810 So Mark, from your perspective, how would you advise people 0:24:39.810 --> 0:24:42.780 to approach their planning to go for this big dream, 0:24:42.780 --> 0:24:45.109 something they've been building up for, for most of their 0:24:45.109 --> 0:24:46.029 lives sometimes? 0:24:46.399 --> 0:24:51.409