In Episode 6 of the ‘Key Life Stages’ season, Simon and Bex discuss various points to consider in connection with getting ready for retirement.
Some key points covered in this episode include the following:
- Simon provides a brief overview of planning for retirement and explains why it is important to prepare well for that stage of life. [04:06]
- The first, and most obvious, step is to build up your State Pension. [06:49]
- The next key factor is to increase your pension(s), whether company pension schemes or personal pensions. [08:08]
- The third main strategy to adopt is to make a conscious decision to decrease pre-retirement expenditure in a sensible and considered manner. [09:24]
- Simon highlights the benefits to be gained from saving money in the final years before retirement and putting it into a pension. [12:06]
- Simon acknowledges that there are many different factors that can affect people’s priorities and actions as they get ready to retire. [14:55]
- Simon suggests that the best way of being able to retire at your preferred point in time is to set up a budget with that goal in mind. [16:55]
- Simon concludes by listing five additional points, aka ‘nuggets of wisdom’, to consider when preparing for retiring: (1) the significance for couples of discussing retirement matters with each other beforehand [19:33]; (2) the benefits of including all relevant factors when making affordability calculations [20:36]; (3) the need to consider various principles and practicalities when considering leaving an inheritance [21:12]; (4) the advantages of taking a flexible approach towards ‘retirement goals’, recognising the benefits of putting some plans into effect before retirement itself actually takes place [21:32]; (5) the importance of considering being generous and planning how and when giving can occur during retirement. [22:38]
- If you would like to contact us with some feedback, questions or requests, please do so via whereyourtreasureis@freerangepodcasting.co.uk (email) or @whereyourtreasureispodcast (Instagram). The next life stage episode will be devoted to the topic of ‘Retirement’ itself. [22:56]
This show has been brought to you by Free Range Podcasting.
