WEBVTT - Approaching retirement – a new beginning 0:00:04.979 --> 0:00:09.820 Hello, I'm Shirley Ballas and welcome to Rewirement, the retirement 0:00:09.820 --> 0:00:14.329 podcast from Legal & General. In this six part series, I'll 0:00:14.330 --> 0:00:17.430 be exploring what it means to retire in today's world. 0:00:17.750 --> 0:00:20.570 The golden years retirement of old has given way to 0:00:20.570 --> 0:00:26.239 the new colorful retirement, an opportunity to reset, reinvent and 0:00:26.390 --> 0:00:31.979 rewire. From how you can make the most of it 0:00:31.979 --> 0:00:35.370 and have the lifestyle you dream of, adapt to change 0:00:35.370 --> 0:00:38.239 on your own or with a partner. Or even how 0:00:38.239 --> 0:00:41.330 you might continue doing the work you love at a 0:00:41.330 --> 0:00:44.930 pace that suits, we've got you covered. Thanks to my 0:00:44.930 --> 0:00:48.470 expert guests, I'll be gathering suggestions to take away the 0:00:48.470 --> 0:00:52.470 worry and make sure you feel confident, comfortable, and in 0:00:52.470 --> 0:00:56.300 control of your finances after you've quit the day job. 0:00:59.040 --> 0:01:01.720 Across the next few episodes, we'll be shaking off our 0:01:01.720 --> 0:01:06.250 taboos and getting personal as we meet colorful rewirerees and 0:01:06.250 --> 0:01:10.350 would be rewirerees to talk about the issues, questions, and 0:01:10.350 --> 0:01:12.780 concerns that everyone faces. 0:01:13.660 --> 0:01:17.720 I would like to retire and do all those things 0:01:17.720 --> 0:01:18.450 I want to do. 0:01:19.100 --> 0:01:21.500 I think it's so important for people to open up 0:01:21.500 --> 0:01:24.410 and talk about money. As well as getting our young 0:01:24.410 --> 0:01:27.300 people to take an interest in their pensions, whatever they 0:01:27.300 --> 0:01:29.990 can set aside, because it comes around in a flash. 0:01:30.380 --> 0:01:33.330 With a little bit of planning, life after 60 can 0:01:33.330 --> 0:01:34.520 be the most colorful. 0:01:34.940 --> 0:01:37.509 You've just got to grab hold of it with both 0:01:37.509 --> 0:01:38.970 hands and get on. 0:01:39.959 --> 0:01:41.850 If you lend me your ear for a little while, 0:01:42.080 --> 0:01:44.250 I'll do my very best to help you with planning 0:01:44.250 --> 0:01:46.569 for your future, so you can look forward to the 0:01:46.569 --> 0:01:55.790 retirement of your dreams. Before we start talking about the 0:01:55.790 --> 0:01:58.860 ins and outs of enjoying your retirement, we're going to 0:01:58.860 --> 0:02:01.100 look at how the way you plan to spend your 0:02:01.100 --> 0:02:04.390 time is as important as your pension pot and making 0:02:04.390 --> 0:02:07.780 decisions about when and how you'd like to transition to 0:02:07.780 --> 0:02:11.549 retirement. Later on I'll be joined by Chris Knight from 0:02:11.549 --> 0:02:14.549 Legal & General, as well as Dr. Allison Smith from the 0:02:14.549 --> 0:02:18.459 Royal Voluntary Service for their advice and ideas on planning 0:02:18.459 --> 0:02:22.190 your new beginning. Before we do that, I want to 0:02:22.190 --> 0:02:24.669 introduce you to some of the stars of our show. 0:02:25.329 --> 0:02:28.899 I got together with two groups of brilliantly, chatty, talented 0:02:28.900 --> 0:02:32.349 and very inspiring people to talk about where they're at 0:02:32.560 --> 0:02:37.680 in their retirement journey. First up, meet Tracy, Collin and John. 0:02:38.220 --> 0:02:42.790 I'm Tracy. I live in Hove, originally from Wales. I've 0:02:42.790 --> 0:02:45.720 been down in Brighton and Hove for 30 years. I 0:02:45.720 --> 0:02:47.939 am a teacher, well I was a teacher and I 0:02:47.940 --> 0:02:52.100 worked for West Sussex County Council in the education department. 0:02:52.700 --> 0:02:57.980 I have got two children who are 12 and 15, and I 0:02:57.980 --> 0:02:59.529 live with my partner, Simon. 0:02:59.919 --> 0:03:03.859 My name's Collin, I'm from Worthing. I'm a self- employed 0:03:04.070 --> 0:03:09.560 IT consultant, probably six, seven years away from retiring. I've 0:03:09.560 --> 0:03:12.540 got two grown up children, both of whom are now 0:03:12.899 --> 0:03:16.510 independent and in jobs. Well, my daughter was, she just 0:03:16.700 --> 0:03:20.030 had a grandchild 11 months ago, our first grandchild. I'm 0:03:20.820 --> 0:03:23.440 a Sussex born and bred, virtually lived in Sussex all 0:03:23.440 --> 0:03:25.940 my life apart from about two years living in London 0:03:26.329 --> 0:03:27.329 in my early career. 0:03:28.239 --> 0:03:32.079 I'm John, I've been retired about three years. I worked 0:03:32.079 --> 0:03:35.420 in the Lloyd's Insurance market in London. I am married 0:03:35.460 --> 0:03:36.970 with two grown up children. 0:03:37.990 --> 0:03:41.180 I started by asking my new friends how they felt 0:03:41.260 --> 0:03:45.619 about approaching retirement. Colin was first to share his thoughts. 0:03:45.619 --> 0:03:49.820 I'm not really prepared for it. I'm pretty excited about 0:03:49.820 --> 0:03:53.540 it if we can live a decent retirement, be healthy, 0:03:53.800 --> 0:03:56.550 have enough money to do the things we would like 0:03:56.550 --> 0:04:00.010 to do. It's a new opportunity. I would see that 0:04:00.050 --> 0:04:03.110 I would do quite a bit of volunteering. We've got 0:04:04.330 --> 0:04:07.809 a ninth share in what's called a syndicate boat already, 0:04:08.030 --> 0:04:10.529 and that moves around the country every couple of years. 0:04:10.700 --> 0:04:14.390 It moves to a different base, so we get four 0:04:14.390 --> 0:04:16.339 or five weeks on it a year if we wanted it. 0:04:16.520 --> 0:04:20.029 The plan ultimately is to sell our shares and money 0:04:20.029 --> 0:04:22.890 permit in and around about the time of retirement or semi- 0:04:22.890 --> 0:04:25.859 retirement to maybe buy a boat. Cruise the network during 0:04:25.860 --> 0:04:27.950 the decent weather for three or four years, do as 0:04:27.950 --> 0:04:29.589 much of it as we can. 0:04:30.210 --> 0:04:33.900 John is already enjoying his retirement. I asked him if 0:04:33.900 --> 0:04:35.729 the move was what he had expected. 0:04:36.289 --> 0:04:38.989 Well, that's a very interesting question Shirley, because I wasn't 0:04:39.099 --> 0:04:44.089 quite sure how I would react to retirement. Some people 0:04:44.089 --> 0:04:47.700 I know have found it very difficult, that they felt 0:04:49.120 --> 0:04:52.469 that they're no longer of use to society because they're 0:04:52.469 --> 0:04:55.739 not working. I have to admit, I didn't find that at all. 0:04:56.310 --> 0:04:59.280 I was starting to find as I approached retirement that 0:04:59.820 --> 0:05:03.749 I wasn't quite as enthusiastic about what I was doing 0:05:03.750 --> 0:05:08.479 anymore or I was getting 60 odd. I was very 0:05:08.479 --> 0:05:12.940 pleased to retire in the end, and I haven't felt worthless at all. I've 0:05:12.940 --> 0:05:13.820 been very happy. 0:05:14.190 --> 0:05:16.790 All right, we asked the same question to Tracy. 0:05:16.990 --> 0:05:20.750 Well, I'm looking forward to my retirement, but I've got 0:05:20.750 --> 0:05:23.450 to tell you Shirley, I'm only turning 50 next year. 0:05:23.760 --> 0:05:25.880 It's still feeling as though it is quite a long 0:05:25.880 --> 0:05:29.729 way off, I think it's exciting to be retired. One 0:05:29.729 --> 0:05:31.839 of the things about my life, I have a lovely 0:05:31.839 --> 0:05:34.479 life at the moment, but I feel as though I'm 0:05:34.740 --> 0:05:38.099 living in time poverty. I haven't got much time to 0:05:38.099 --> 0:05:41.050 do the things that I want to do, and I feel 0:05:41.050 --> 0:05:45.039 that I would like to retire and do all those 0:05:45.039 --> 0:05:49.060 things that I want to do. Things that perhaps don't cost 0:05:49.060 --> 0:05:52.169 that much money either, but one of the things I 0:05:52.169 --> 0:05:56.839 am very unsure about is when I can retire because 0:05:56.839 --> 0:06:01.289 my background is teaching. I've got a teacher's pension. I 0:06:01.289 --> 0:06:03.809 ducks out of teaching for a little while and I 0:06:04.229 --> 0:06:07.339 worked for a different company doing training, so I've got 0:06:07.339 --> 0:06:10.550 a little pension pot with them. It's all over the 0:06:10.550 --> 0:06:13.380 place Shirley. I don't know when I'll be able to 0:06:13.380 --> 0:06:16.570 retire, but I feel like now listening to my colleagues 0:06:16.570 --> 0:06:19.659 here this evening, I've got a chance to put things 0:06:19.659 --> 0:06:22.440 in place and that's what I'll need to do. My 0:06:22.440 --> 0:06:26.619 ideal would be to retire early 60s and just enjoy 0:06:26.669 --> 0:06:31.760 my time when I, hopefully I'm very fit, still got 0:06:31.760 --> 0:06:33.979 my energy to do the things that I want to do. 0:06:34.430 --> 0:06:36.789 One of the main things that I'd like to do 0:06:37.710 --> 0:06:40.460 is to travel around the coast of Wales in a 0:06:40.460 --> 0:06:40.989 camper van. 0:06:40.990 --> 0:06:45.000 I love that idea. Our second group featured David and 0:06:45.000 --> 0:06:48.339 Marcus, who both spend their free time at a London 0:06:48.339 --> 0:06:49.219 based choir. 0:06:50.190 --> 0:06:54.129 I'm David. I am 60 in a few months time. I 0:06:54.130 --> 0:06:58.080 am already retired and have been for over five years. 0:06:58.659 --> 0:07:01.270 I have spent quite a lot of time in the 0:07:01.450 --> 0:07:03.630 past five years trying to get to grips with pension 0:07:03.630 --> 0:07:07.150 related issues. We don't have any children and we have 0:07:07.150 --> 0:07:10.190 a couple of cats who as far as I know, 0:07:10.570 --> 0:07:12.510 are blissfully unaware of pension issues. 0:07:13.010 --> 0:07:16.930 My name's Marcus, I just turned 50 last month so 0:07:16.930 --> 0:07:19.950 I'm still recovering from that shock. I'm still very much 0:07:19.950 --> 0:07:22.360 in my working career, I think I probably have another 0:07:22.790 --> 0:07:25.970 10 to 15 years work left. I'm an Australian as 0:07:25.970 --> 0:07:28.650 you can probably hear from my voice. Fiddled here about 0:07:28.650 --> 0:07:31.520 15 years ago and due course became a dual citizen. 0:07:32.220 --> 0:07:34.950 My wife is Croatian, she arrived here same time as 0:07:34.950 --> 0:07:37.650 I did, 15 years ago. We have three children. I 0:07:37.650 --> 0:07:41.180 have a stepdaughter who's 28 years old and I have 0:07:41.180 --> 0:07:42.610 twin boys age 21. 0:07:43.770 --> 0:07:47.810 Dave took early retirement after a career in financial services. 0:07:47.960 --> 0:07:50.820 Although we have not, since I retired, traveled as much as 0:07:50.820 --> 0:07:53.869 I had anticipated, that was obviously very much part of 0:07:53.870 --> 0:07:59.119 the agenda. Just the glory of being able to go 0:07:59.120 --> 0:08:02.510 and watch a film at lunchtimes on a Monday and 0:08:02.510 --> 0:08:06.900 things like that. Obviously singing, which is something that both 0:08:06.900 --> 0:08:11.129 of us do, it's very much enhanced that I joined 0:08:11.130 --> 0:08:13.850 a second choir. I've been able to do all these 0:08:14.410 --> 0:08:19.730 things. Life is easily filled I found and I know 0:08:19.820 --> 0:08:22.050 everybody says it, but it really is true. How on 0:08:22.070 --> 0:08:23.850 earth I ever found the time to get into the 0:08:23.850 --> 0:08:26.690 office for seven and work till six in the evening, I 0:08:26.690 --> 0:08:27.639 have no idea. 0:08:28.500 --> 0:08:31.890 Marcus runs his own business with two other partners. I 0:08:31.890 --> 0:08:34.700 asked him if retirement was in his sights at 50. 0:08:34.890 --> 0:08:38.420 I see retirement as a gradual process, a tapering off 0:08:38.420 --> 0:08:41.340 rather than an end. I'm fortunate that I'm in the 0:08:41.340 --> 0:08:44.740 kind of business where my work is project work, basically 0:08:44.740 --> 0:08:48.369 it's consulting assignments. I think as I approach retirement, I'll 0:08:48.370 --> 0:08:51.750 just get increasingly picky about what I take on. It's 0:08:51.750 --> 0:08:55.410 perfectly possible to slip into a role where you're doing, 0:08:55.410 --> 0:08:58.480 I don't know, 40 or 50 days of work a year 0:08:58.750 --> 0:09:01.150 on a project you think you're interested, worthwhile get a 0:09:01.290 --> 0:09:04.610 little top up income. Keep the gray cells ticking over 0:09:04.610 --> 0:09:07.829 as it were. I don't see retirement as being any 0:09:07.829 --> 0:09:13.080 kind of a sudden end, more a gradual progression. 0:09:14.400 --> 0:09:18.390 David's retirement wasn't the gentle progression he might've preferred. He 0:09:18.390 --> 0:09:21.729 told me about his experience and the realities of cutting down 0:09:21.730 --> 0:09:22.390 on hours. 0:09:23.660 --> 0:09:26.760 It wasn't gentle and I mean, I was ill so 0:09:26.760 --> 0:09:29.730 I was forced to stop work. The only thing that 0:09:29.730 --> 0:09:31.849 was gentle about it is that, because they hadn't found 0:09:31.850 --> 0:09:34.869 a replacement, I ended up working an extra month on 0:09:34.870 --> 0:09:39.280 a half day basis. That was actually quite nice, but 0:09:39.689 --> 0:09:44.610 no, it was a fairly enormous gap from a full on 0:09:44.970 --> 0:09:52.030 very busy job to not working at all. Well, a 0:09:52.030 --> 0:09:55.130 lot of people and I've spoken to friends who are saying, " 0:09:55.329 --> 0:09:58.790 I quite like doing my job," and I enjoy doing 0:09:58.790 --> 0:10:02.439 what I did, so that wasn't an issue. Finding ways 0:10:02.439 --> 0:10:05.609 of doing it as Marcus has talked about on some 0:10:05.610 --> 0:10:09.100 more picky basis, but that's simply not practical for most 0:10:09.679 --> 0:10:13.499 employment situations. I know of someone who went on to, 0:10:14.410 --> 0:10:17.630 people who go onto three day a week arrangements quite 0:10:17.630 --> 0:10:20.429 often end up packing into five days worth of work 0:10:20.429 --> 0:10:24.109 into a shorter period. Or things that actually are important them 0:10:24.110 --> 0:10:27.160 not really being involved in when they're out of the office. 0:10:28.449 --> 0:10:31.970 Therefore, feeling a little bit out of the loop on a 0:10:31.970 --> 0:10:36.020 lot of issues, so it's tricky to try and achieve 0:10:36.020 --> 0:10:39.429 that. In a lot of cases, people end up stopping 0:10:39.429 --> 0:10:42.599 suddenly. I mean, I might've stopped in another year, but 0:10:43.189 --> 0:10:46.010 if you're stable in a job and quite enjoying what 0:10:46.010 --> 0:10:49.010 you're doing, it's quite hard to choose a point and say, " 0:10:50.309 --> 0:10:53.420 This is the right time to go." Then most people that 0:10:53.420 --> 0:10:57.880 I know who have recent retired, there's been some specific trigger. 0:10:58.910 --> 0:11:01.360 From a busy job to hours of extra time on 0:11:01.360 --> 0:11:04.439 your hands, David explained how he kept up the pace 0:11:04.439 --> 0:11:06.009 at the start of his retirement. 0:11:06.949 --> 0:11:11.380 I pretty much went into projects straight away. The first 0:11:11.380 --> 0:11:13.770 of which was to repaint the house from top to 0:11:13.770 --> 0:11:17.229 bottom. I wrote a book so that took up a 0:11:17.230 --> 0:11:20.350 fair amount of time. I would say now five years 0:11:20.350 --> 0:11:25.520 on, that I've reached the end of that, ideas that 0:11:25.520 --> 0:11:28.760 I had in my head. Actually now considering other new 0:11:28.760 --> 0:11:31.800 things in particularly getting maybe involved in the mentoring world 0:11:31.800 --> 0:11:34.559 or something like that, as a chance to give something 0:11:34.559 --> 0:11:37.339 back. I've had quite a lot of me- time in 0:11:37.339 --> 0:11:39.270 the past five years, but I'd like to do something 0:11:39.270 --> 0:11:43.170 a bit more constructive. I would say the singing aspect, which 0:11:43.449 --> 0:11:47.439 is what unites us here, was very important because actually 0:11:47.439 --> 0:11:50.319 that was the one thing that was aside from having 0:11:50.319 --> 0:11:53.319 language students in our house, it was the one thing 0:11:53.319 --> 0:11:56.150 that was a continuity from before to after. That it's 0:11:56.150 --> 0:11:59.410 Monday nights was rehearsal night, the week before I stopped 0:11:59.410 --> 0:12:02.559 working and the week after, that was really helpful to 0:12:02.559 --> 0:12:06.900 have that. For some it can be tricky to find 0:12:06.900 --> 0:12:09.270 new things to do. I met a friend recently who 0:12:09.569 --> 0:12:13.499 lives on his own and he's clearly struggled more than 0:12:13.679 --> 0:12:16.629 I have in terms of finding useful things to do 0:12:16.630 --> 0:12:21.849 with his life. It's partly when you've earned reasonably well 0:12:21.850 --> 0:12:25.179 out of doing things that is not of great value to 0:12:25.179 --> 0:12:29.189 mankind. There are a lot of things that don't work 0:12:30.030 --> 0:12:34.309 that well in society and it would be a worthwhile thing 0:12:34.660 --> 0:12:37.160 to do. I know I'd say more than worthwhile, I 0:12:37.170 --> 0:12:41.219 think a necessary thing to try and give people some 0:12:41.390 --> 0:12:44.729 benefit of experience, or to just do something practical that 0:12:44.730 --> 0:12:47.760 is of benefit to others. Proof is in actually going 0:12:47.760 --> 0:12:48.500 out and doing it. 0:12:51.730 --> 0:12:54.780 Thanks to our fantastic guests for getting together and sharing their 0:12:54.780 --> 0:12:57.689 stories and perspectives. We'll be getting to know them a 0:12:57.689 --> 0:13:00.719 lot better over the next few episodes and meeting a 0:13:00.719 --> 0:13:03.699 few new friends too. To talk in depth about the 0:13:03.699 --> 0:13:06.739 questions that came out of our chat, I'm joined now 0:13:06.740 --> 0:13:10.980 by Chris Knight, the CEO of Legal & General Retail Retirement 0:13:11.380 --> 0:13:15.340 and Dr. Allison Smith, the head of research and insight, 0:13:15.610 --> 0:13:19.269 Royal Voluntary Service. Thank you both for joining me. 0:13:19.270 --> 0:13:19.420 Hello. 0:13:20.610 --> 0:13:20.631 Hi Shirley. 0:13:20.631 --> 0:13:23.410 Chris, how has retirement changed? 0:13:23.660 --> 0:13:27.329 Well, Shirley look, people used to think of their lives in 0:13:27.329 --> 0:13:30.160 three blocks if you like. First one was, being at 0:13:30.160 --> 0:13:35.140 school and the second one was working full time, full pelt if 0:13:35.140 --> 0:13:38.209 you like for part one or two employers. Then there was a 0:13:38.209 --> 0:13:41.290 moment, a magic moment when you got a carriage clock, 0:13:41.709 --> 0:13:43.589 you shook hands with your employer and then you were 0:13:43.589 --> 0:13:47.120 retired and that was kind of it. You pass at 0:13:47.120 --> 0:13:50.780 a pension or two pensions, you had the government pension and your 0:13:50.780 --> 0:13:54.579 employer pension. You perhaps felt quite well looked after. You 0:13:54.679 --> 0:13:57.849 owned your own home, which was fully paid for. It's 0:13:57.849 --> 0:14:01.189 kind of the ideal model. It wasn't always actually the 0:14:01.189 --> 0:14:04.140 reality, but it's a very strong model of it in people's 0:14:04.900 --> 0:14:09.809 minds. People's lives these days are much, much more complicated 0:14:09.809 --> 0:14:13.900 than that. People's ambitions have changed. They want and expect 0:14:13.949 --> 0:14:17.390 much more fulfilling lives. They've got aspirations and hopes and 0:14:17.390 --> 0:14:19.810 dreams in retirement, just like they have at any other 0:14:19.810 --> 0:14:23.410 moment in their lives. It is much more complicated and 0:14:23.910 --> 0:14:25.720 they have to find their own path. 0:14:26.220 --> 0:14:31.700 Wow, that is complicated. That sounds complicated Chris. What are some of the 0:14:31.700 --> 0:14:34.400 challenges facing today's retirees? 0:14:35.300 --> 0:14:37.900 Well Shirley, there's lots of challenges. Some of them are good 0:14:37.900 --> 0:14:40.780 challenges to have, and some of them are more tough challenges to have. 0:14:41.320 --> 0:14:43.940 People are living longer so I mean, that's obviously great, 0:14:44.270 --> 0:14:46.950 but it does mean they have to make their money 0:14:46.950 --> 0:14:52.050 stretch further, that more complex lives, the more different family 0:14:52.050 --> 0:14:57.410 situations. We've seen an increase in divorce rates amongst older 0:14:57.410 --> 0:15:02.190 people. For some retirees they still have maybe their own 0:15:02.200 --> 0:15:06.580 children living at home, and they've got the responsibility of looking after 0:15:06.580 --> 0:15:11.229 their own, even older parents. They feel under pressure from 0:15:11.229 --> 0:15:14.119 generational pressures, but also from their own health and their 0:15:14.120 --> 0:15:17.820 own care costs. People might have a whole number of 0:15:17.820 --> 0:15:22.290 different pension arrangements from different employers during their careers. They 0:15:22.290 --> 0:15:25.810 might have more housing wealth than they actually do liquid 0:15:25.810 --> 0:15:29.110 savings. Some older people are still paying off a mortgage. 0:15:29.470 --> 0:15:33.030 People have pension freedoms, which sounds great, but obviously with 0:15:33.030 --> 0:15:37.180 freedom it brings that responsibility of choice. Some people love 0:15:37.180 --> 0:15:40.340 that and other people find that a bit daunting, but 0:15:40.340 --> 0:15:43.730 most people naturally look to a company like L& G 0:15:44.320 --> 0:15:45.910 to help them get through this. 0:15:46.229 --> 0:15:48.580 What do you mean when you talk about helping people 0:15:48.979 --> 0:15:50.690 have more colorful retirement? 0:15:51.110 --> 0:15:55.410 Well look, the imagery around retirement can be quite bland 0:15:55.410 --> 0:15:59.300 and colorless sometimes. People talk about Grey pounds or silver 0:15:59.300 --> 0:16:02.760 surfers, and you often see a retired couple's picture as 0:16:03.140 --> 0:16:07.290 walking hand in hand towards the setting sun. At Legal & 0:16:07.410 --> 0:16:10.640 General, we're much more positive and we want to be positive and ambitious 0:16:10.640 --> 0:16:13.710 for people, for our customers and for society as a 0:16:13.710 --> 0:16:18.470 whole. Though while retirement can be a challenge, there's also 0:16:18.850 --> 0:16:22.040 huge hopes and dreams for people. They can really make 0:16:22.040 --> 0:16:24.550 a huge contribution and get a lot of pleasure out 0:16:24.550 --> 0:16:27.700 of life, so it's not all doom and gloom. We 0:16:28.040 --> 0:16:31.390 want to put our products in the context of people's real 0:16:31.790 --> 0:16:35.560 lives. Everyone's unique and everyone has their own unique color 0:16:35.560 --> 0:16:36.610 scheme in retirement. 0:16:36.960 --> 0:16:40.300 Allison, what are the benefits of volunteering in retirement? 0:16:40.580 --> 0:16:45.210 Chris has mentioned that the old notion of retirement and 0:16:45.210 --> 0:16:47.990 that sense you put up your feet is actually not 0:16:48.280 --> 0:16:53.800 supported by latter generations of people entering retirement. Also, what 0:16:53.800 --> 0:16:58.870 the research evidence tells us, staying connected and having social 0:16:58.870 --> 0:17:02.380 connections, whether you do that through volunteering, or you do 0:17:02.380 --> 0:17:06.310 that through the social groups that you naturally participate in 0:17:06.600 --> 0:17:10.480 has a lot of health and wellbeing benefits. There's actually 0:17:10.480 --> 0:17:14.760 some significant and hard science behind this, and that's why 0:17:14.760 --> 0:17:20.250 staying connected and volunteering is so important. We know through 0:17:20.330 --> 0:17:27.100 an extensive body and growing body of research literature that, 0:17:27.180 --> 0:17:32.830 staying socially connected is actually physically important. We know that 0:17:32.830 --> 0:17:37.730 social connections are really important for cognitive stimulation. It's not 0:17:37.730 --> 0:17:41.949 only important for staying physically active and getting out and 0:17:41.950 --> 0:17:47.570 about, but also mental stimulation. Also, humans are social beings, 0:17:47.770 --> 0:17:51.480 so actually exposure to others, it's almost built up in 0:17:51.480 --> 0:17:56.570 our DNA. We need others to really stay strong both 0:17:56.570 --> 0:18:01.780 physically, cognitively, but also for our immune system. Of course, 0:18:01.780 --> 0:18:05.320 I would speak about the benefits of volunteering, working for 0:18:05.320 --> 0:18:10.379 the Royal Voluntary Service. It's not only beneficial to yourself 0:18:10.379 --> 0:18:14.290 as far as health benefits, but also really beneficial to others. 0:18:15.230 --> 0:18:17.659 Is keeping fit and healthy important? 0:18:17.950 --> 0:18:21.680 I am glad you mentioned that Shirley, because things like 0:18:21.680 --> 0:18:28.359 physical activity incredibly important through the life course, but particularly 0:18:28.359 --> 0:18:34.190 important in later life. When you're approaching retirement or you're 0:18:34.190 --> 0:18:38.979 in retirement, it's important to visualize what you want to 0:18:38.980 --> 0:18:42.679 do. Maybe you've put off all of those things that 0:18:42.679 --> 0:18:46.909 you wanted to, but were too busy with family life 0:18:46.909 --> 0:18:51.020 and work to pursue. Now you have an opportunity in 0:18:51.020 --> 0:18:53.850 say the next phase of your life, that could be 0:18:53.869 --> 0:18:59.750 20, 30, sometimes 40 years to really explore those activities 0:18:59.899 --> 0:19:03.840 or those interests that you never had time to explore before. 0:19:04.040 --> 0:19:08.090 Have a dance. My wife's a dance teacher and she's 0:19:08.090 --> 0:19:10.500 got students of all ages that are having a fantastic 0:19:10.500 --> 0:19:13.409 time keeping fit and keeping healthy. People tend to take 0:19:13.409 --> 0:19:16.830 a very plan- ful and structured approach to their careers 0:19:16.830 --> 0:19:19.489 and work lives, and we'd like them to do a 0:19:19.490 --> 0:19:22.439 bit of the same when they come to approach planning 0:19:22.440 --> 0:19:25.720 for their retired lives. In particular, first step, really to 0:19:25.879 --> 0:19:29.560 take control of your finances. You can do it, people 0:19:29.560 --> 0:19:32.050 then have the confidence to live life to the full. 0:19:32.540 --> 0:19:36.139 Keeping close to your social contacts and the networks is 0:19:36.139 --> 0:19:39.879 really, really important too. That's why we're so keen to support 0:19:40.109 --> 0:19:43.169 the Royal Voluntary Service and to help people to get 0:19:43.169 --> 0:19:46.229 out there and volunteer. Everyone has a contribution to make 0:19:46.290 --> 0:19:49.219 and we're all in this together. Reaching out to people 0:19:49.250 --> 0:19:52.830 in organizations you trust for support is really important and 0:19:52.850 --> 0:19:54.180 you're not alone. 0:19:54.790 --> 0:19:57.389 How important is the emotional side do you think? 0:19:57.700 --> 0:20:01.889 Oh, it's really important Shirley. Money is important, but most 0:20:01.889 --> 0:20:04.740 retirees tell us in our research that there are three 0:20:04.800 --> 0:20:08.070 other things that are equally as important. First one is 0:20:08.159 --> 0:20:10.580 living in a home that's right for you and where 0:20:10.580 --> 0:20:14.029 you feel safe. People who are able to stay throughout 0:20:14.030 --> 0:20:18.270 their retired lives at home are healthier and happier, and 0:20:18.270 --> 0:20:21.530 feel less of a burden on the NHS and others. 0:20:22.149 --> 0:20:25.350 Secondly, as we've talked about, staying healthy and having access 0:20:25.359 --> 0:20:28.139 to the care you need when you need that care. 0:20:29.020 --> 0:20:32.050 Thirdly and most importantly maybe, staying connected to friends and 0:20:32.050 --> 0:20:34.970 family, and feeling that you're making a contribution. 0:20:35.700 --> 0:20:38.520 How can people ensure they enjoy themselves as they get 0:20:39.050 --> 0:20:39.439 a little bit older? 0:20:40.280 --> 0:20:45.100 Just to say, I mean, while aging is inevitable, how 0:20:45.100 --> 0:20:49.840 we age is not. The perception around and the notions 0:20:49.840 --> 0:20:55.380 around aging is very much around a trajectory of decline. 0:20:56.139 --> 0:21:01.509 What people don't realize is that we have an incredible 0:21:01.510 --> 0:21:06.389 amount of control over how we age. Much of what 0:21:06.389 --> 0:21:10.899 we attribute down to aging, such as disease is actually 0:21:10.899 --> 0:21:17.429 preventable through some lifestyle choices. Whether that's being more physically 0:21:17.429 --> 0:21:23.879 active or enjoying such activities as volunteering or things you're 0:21:23.879 --> 0:21:28.580 really passionate about that give you a sense of purpose. 0:21:30.290 --> 0:21:33.830 It's never too late to make improvements that impact on 0:21:34.240 --> 0:21:38.320 your health and wellbeing. Retirement in later life is very 0:21:38.320 --> 0:21:44.300 different than previous generations, and there's so much more out 0:21:44.300 --> 0:21:46.460 there to enjoy and explore. 0:21:46.540 --> 0:21:49.790 Chris, both Collin and Tracy talked about plans to use 0:21:49.790 --> 0:21:53.959 their house to help fund their retirement. How can people 0:21:53.960 --> 0:21:54.580 do this? 0:21:55.090 --> 0:21:56.960 Well Shirley, there are a few ways they can do 0:21:56.960 --> 0:22:00.060 that. One thing might be to sell the house and 0:22:00.060 --> 0:22:05.350 move into a rented accommodation. Alternatively, people can downsize to 0:22:05.350 --> 0:22:08.879 a smaller house or a purpose built accommodation perhaps in 0:22:08.879 --> 0:22:12.399 their area. Or you could release some of the equity 0:22:12.399 --> 0:22:15.800 in your house to free up funds. A lifetime mortgage 0:22:15.830 --> 0:22:19.789 is a form of equity release. When you can release 0:22:19.790 --> 0:22:23.340 cash to yourself in like a lump sum or regular 0:22:23.340 --> 0:22:27.139 payments, you are effectively borrowing money from the future value 0:22:27.139 --> 0:22:29.929 of your house. In the meantime, you get to live 0:22:29.929 --> 0:22:32.560 there and enjoy it. You can pay the interest off 0:22:32.659 --> 0:22:34.460 like you do for a credit card, to keep down 0:22:34.460 --> 0:22:37.560 the cost. The important thing is you never own more 0:22:37.560 --> 0:22:40.359 than the value of your house, so you're never passing 0:22:40.359 --> 0:22:42.150 down debts to the next generation. 0:22:42.540 --> 0:22:45.840 Chris, what are the things you'd recommend that people start thinking about 0:22:45.840 --> 0:22:47.750 as they approach retirement age? 0:22:48.109 --> 0:22:50.230 Look, Shirley I think people should really try and take 0:22:50.230 --> 0:22:53.950 the time to engage with it. Research that we've done 0:22:53.950 --> 0:22:56.560 shows that people spend more time, believe it or not, 0:22:56.800 --> 0:22:59.409 choosing the car they're going to buy when they're retiring 0:22:59.659 --> 0:23:04.330 than they do actually planning their retirement finances. We say 0:23:04.330 --> 0:23:06.550 to people, " Do some work to bring all your pension 0:23:06.550 --> 0:23:09.350 pots and other things into one place. If not literally 0:23:09.350 --> 0:23:12.460 then at least into paper and try and figure out 0:23:12.460 --> 0:23:15.130 and think through what you need to spend in retirement 0:23:15.399 --> 0:23:19.240 and what you might like to spend money on. Think 0:23:19.240 --> 0:23:21.629 about how prepared you are if things don't pan out 0:23:21.629 --> 0:23:24.469 as you hope." You're going to receive, as you get 0:23:24.470 --> 0:23:27.590 close to retirement, lots of information, things like wake up 0:23:27.590 --> 0:23:30.650 packs from your pension providers. Have a look at them, 0:23:30.820 --> 0:23:34.409 go online, shop around and take up the offers of 0:23:34.409 --> 0:23:37.080 free advice there are out there. For example, from Pension 0:23:37.080 --> 0:23:41.139 Wise, which is a government backed organization, which gives everybody 0:23:41.139 --> 0:23:45.989 coming to retirement a free consultation, either over the phone 0:23:45.990 --> 0:23:49.720