The R Word (Retirement)
In the thirteenth episode of the Free Like Me podcast from FLM Wealth Management, Peter Coleridge, Senior Adviser and Harry Vaughan, Chartered Financial Planner, join their host Caitlin Lambert, Senior Adviser. In this episode, they are discussing the R word: Retirement. The Free Like Me podcast aims to help people just like you navigate the complex world of financial planning.
After illuminating introductions from the two guests Caitlin starts proceedings by asking Peter why he thinks the topic of retirement can be tricky to navigate. Peter explains that historically retirement has been seen as a final destination in life’s journey. He talks about how times have changed and are continuing to change, and Harry joins him in pointing out that retiring at 60 now means an average of 25 or more years of retirement to enjoy.
Peter expands on how the view of having a three-stage life: entering adulthood, being in the workforce and then retiring, is becoming far less common. He suggests that the reality of a growing life expectancy is that a life cannot be so clearly defined in these three stages, and there is plenty of life to live in retirement.
Caitlin shares an anecdote that demonstrates changing perspectives towards a trend of more active retirements. This leads Peter and Harry to discuss their own experiences and attitudes towards planning for retirement, and the differing feelings towards retirement that people have at varying stages of their lives.
They discuss the anxieties that can come along with retirement, not just in terms of a change in income structure, but also around holding a sense of purpose and identity. Peter points out that a lot of people derive their sense of self from the work that they do and that generally they don’t want to feel anonymous throughout their retirement when that work comes to an end.
Harry covers how pensions have evolved over the years and the impact that has had on flexible working, allowing people to work for the reasons they wish to. This leads to Peter explaining how good planning, in turn with pension flexibility, can open up a world of choices to explore in retirement. In Caitlin’s words; “having that clarity is having power.”
Together they discuss the importance of being tax efficient, thinking about your retirement plan strategically, and the ways that tax advisers can help people to develop a good plan for their retirement.
They round off the episode by talking about the idea of a retirement mentor, and looking to others for inspiration, before sharing their top tips for listeners considering their own retirement.
If you’d like to hear more about navigating the world of financial planning and wealth management for people like you, tune in again for our next episode of the Free Like Me podcast.
Intro 0.00 - 01.57
Why retirement can be a tricky subject to talk about
How retirement is to be enjoyed like any other phase of life
The differences in attitude between someone starting their retirement saving journey and someone ready to retire
The anxieties associated with retirement
How understanding long term impact helps short term action
Looking at retirement as giving yourself choices to do what you want to do
Understanding your spending needs in retirement
Importance of tax efficiency
The role that advisers can play in helping people plan for retirement
The magic of compounding interest
Looking to a retirement mentor for inspiration
Best advice for people getting ready for retirement