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1:00

Sounds Music Radio podcasts? Hello! We're

1:02

publishing this Money Box live podcast

1:04

more than halfway through the working

1:06

week. But where are you in

1:09

your working life? And more importantly,

1:11

where are your pension savings? Because

1:13

we will need an extra eight

1:15

thousand pounds a year for just

1:17

a so called moderate retirement. That's

1:19

according to the latest research and

1:22

one think tank reckons the state

1:24

pension age needs to rise to

1:26

seventy one. So if this Valentine's

1:28

Day podcast are. Force it. Uma

1:31

Devlin has been asking that extremely

1:33

romantic question. When. Will you retire

1:35

seventy five according to my pension plan?

1:37

Answer Is I at sixty? Why it's you

1:39

Think you might be able to retire five

1:42

hundred and fifty? Yeah

1:45

think of probably be so either way to

1:47

larger up. At what age? thirty five

1:49

and you need to start thinking well

1:51

right now and make your money works

1:54

were you? I'd love to say fifty

1:56

five or failing to my favorite longer

1:58

than the. So what about you?

2:00

Do you have big retirement? Dreams

2:03

Are you wondering? if finances will mean

2:05

working to the very end? Maybe just

2:07

physical job And you're worried about your.

2:09

Ability. To keep working. Maybe you

2:12

love what you do and you want

2:14

to keep doing it as long as

2:16

possible there's still time to join us.

2:18

Big retirement discussion today. You can email

2:20

us it's money Box at Btc Dakota

2:22

Uk a tweet us we are at

2:24

many books because I meet the X.

2:26

Let's go to our first call, a

2:28

pool who is working in his seventies.

2:30

pulled last name, Is still a list

2:32

of s money was allocated for to get

2:34

to get wet? It's not either. Is it

2:36

because. You're pull this from money box and

2:38

Nation needs you to keep working. Loaded

2:41

or the nation needs me to keep working.

2:43

I think I probably need to eat working

2:46

in a that they said. They do say

2:48

if you love your job, you never do

2:50

a day's work in your life and that's

2:53

it. It How I feel because I love

2:55

what I do, both broadcasting and writing and

2:57

under very lucky I'm immensely lucky. As long

2:59

as I can stagger to a keyboard or

3:02

a microphone, I can I can carry on

3:04

working. And because I love it and I

3:06

suppose I do think it might be a

3:08

bit useful to some people. Occasionally I shall.

3:11

Carry On Assessed as occasionally. Now

3:13

and then are you must love it To

3:15

what family Saturday and I mentioned that survey

3:17

from the Pensions and Lifetime Saving Association. You

3:19

looked at this on Saturdays program and it

3:21

does say the cost of her time it

3:24

is on the rise. Well

3:26

it does and I think most people with

3:28

surprised by the that the announced it had

3:30

gone up and the figures themselves and it's

3:32

done by a survey and. That. They

3:34

asked this group of people what they think of

3:36

minimum or a moderate or a comfortable retirement would

3:38

be. You know what holidays you'd have thought about

3:41

a car? what about how much you spend on

3:43

presence of people do eat out and all that

3:45

kind of thing. and when they. Got.

3:47

All those results in and toss it up

3:50

the cost of them. They did come to

3:52

these extraordinary figures You know, for a single

3:54

person, forty three thousand, one hundred pounds a

3:56

year. To learn.

4:00

The to deliver a comfortable a

4:02

moderate life and of i just

4:04

think it's some sort of thing.

4:06

they they seem very high, very

4:08

high. Gate they do seem very high and

4:10

actually quite a lot of people gotten thoughts

4:13

about that after Saturday's program pizza email to

4:15

say I'm a single retired person living alone

4:17

and a half my own and get along

4:19

very nicely on slightly more than half the

4:21

amount the stat think I need for a

4:23

comfortable life and pull some of the numbers

4:25

they suggested a couple needs just under sixty

4:28

thousand pounds for comfortable retirement. Of that there

4:30

are loads of couples including families with children

4:32

who live on less. Will

4:34

Her are indeed a Me like I could

4:36

say to to on Saturday this is more

4:38

than you know, the average wage Those a

4:40

lot of people are going to have very

4:43

meager retirements and if you look at what

4:45

you'd have to have saved to get that

4:47

sort of income of were including your state

4:49

pension, it's it's in the hundreds of thousands

4:51

of and that's just a dream for most

4:53

people so I really think they did seem

4:55

very high. They have gone up year by

4:58

year. they went up a lot last year

5:00

and they've gone up again this year and

5:02

I think people do think they're. They're a

5:04

bit high and and of course many people.

5:07

Find they can live on a lot less.

5:09

What about working later Because somebody might look

5:11

at you and think, okay, watching into your

5:13

seventies is clearly very good for your health.

5:15

But what I was wondering is is it

5:17

that washing is. Good for you or is

5:19

it that only the healthy Tennessee working

5:21

as a good question or notes oh my

5:23

God would agree with you instantly but I

5:26

certainly feel okay and but my work isn't

5:28

that demanding physically and either that that that

5:30

fortune as I think from my point of

5:33

view I think thing I do know is

5:35

that if you work very hard they be

5:37

a difficult, a stressful job and then you

5:39

suddenly stop at sixty five or sixty six

5:42

then your health declined because you you're not

5:44

using your brain, you're not using your body

5:46

and I think it is. Important to

5:48

do something a bit like what

5:50

you did in work or maybe

5:53

something you didn't doing work, but

5:55

something that keeps your brain your

5:57

body access. That does help you

5:59

avoid this. Good aging. It's when you

6:01

just slumped down with a ah that's it.

6:03

I can do what I like. oh but

6:05

I'm not quite so when they want to

6:07

do. Now that's really what it is time

6:09

for your health. I poll was actually very

6:11

very much not is working in his seventies.

6:13

us over time now is hop on funny

6:15

but denied us Thank you So much advantage

6:17

to it and new. Listings Pole and

6:20

joining me today to answer your questions

6:22

or hollen Marcy had of retirement at

6:24

the financial services company Hovers Lansdowne

6:27

and also took the Emily Andris Deputy

6:29

Director for what at the census

6:31

the Aging Better Charity a good of

6:33

money by thirty often a very

6:35

much for joining Us and Emily. Research

6:38

from the International Lungs Overseas Center

6:40

suggests. Retirement age of state pension age.

6:42

Would need to go up to seventy

6:44

one by the year Twenty Sixty One.

6:46

Would that mean for today? Thirty Somethings?

6:49

I mean you know this is that

6:51

it was a provocative proposal by the

6:53

and I'll see, I think it was

6:55

deliberately designed to provoke people. And it

6:57

has done that. And none of that

7:00

provocation has been at positives as far

7:02

as I can tell an and in

7:04

I bet it's true. There are more

7:06

people who are working past Sixty Five

7:08

into their seventies. The never have been

7:11

in that That said, broadly. Speaking of

7:13

Wheaties, positive story and spots at

7:15

the same time, most people have

7:17

less work before they even reach

7:19

the current state pension age of

7:21

sixty six. So in a while

7:23

people in their twenties, thirties forties,

7:25

you know that and approaching and

7:27

retirement age can kind of feel

7:29

comforted at their old growing opportunities

7:32

for people to keep their kings

7:34

and they're not for everyone and

7:36

then know. Everywhere at the moment. On

7:38

to and haven't those numbers from the piano

7:40

say I was just something about with pull

7:43

I suggest the couple needs more than twenty

7:45

two thousand pounds a year from minimum standard

7:47

of living more than forty three thousand pounds

7:50

he ever moderate sounding almost sixty thousand pounds

7:52

to be comfortable with heard at the does

7:54

he seem very high numbers that how much

7:56

would you need and your pension pot to

7:59

make that post. Yeah, so

8:01

I mean again, these these are really

8:03

get a staggering numbers and if we

8:05

drill down into them into that couple

8:07

on the mater it with time and

8:09

the forty three thousand they will be

8:11

located eating could you possibly be up

8:13

to two hundred and fifty thousand pounds

8:15

each in order. To. Have thought that if

8:17

we break the time to a single person

8:19

deputy need to build on. it is a

8:21

couple of. Five hundred thousand in order.

8:24

to get that motor it recently men's if

8:26

we will have to the police double standard.

8:29

Again, a couple around forward and fifty

8:31

thousand pounds each in order to get

8:33

back and accountable for single payer. Sunset

8:35

shows the difficulties particularly for single people

8:37

is that a ceiling someone's using their

8:39

part to buy an annuity. I'm a

8:41

so basically they bakeries and simple park

8:43

vegas for an uber see because they

8:45

change depending on rates and what type

8:47

of immune to the uk by think

8:50

the even if you were in in

8:52

control thought you were puppies been eating

8:54

pension pot or bombs amd and they

8:56

stop allen. I guess to yeah I k

8:58

thanks He's right let's hear from door as

9:00

his eighties. She's single and she was watching

9:03

until her early seventies. I

9:05

stopped working with. Oil with

9:07

a seventy Three Seventy

9:09

four, Far I

9:11

have to carry on working.

9:15

Mainly. For financial reasons

9:17

com because of of a particularly

9:19

well off when you have the

9:21

assumption that of retirement age is.

9:24

A long way away and the

9:26

money is more important now. So

9:28

full of whatever it was possible

9:30

to walk thousand paying into a

9:32

professional can should I did. What

9:34

was it like working at you

9:36

in in up to seventy three,

9:39

Seventy four? I was lucky I

9:41

did. I was healthy and. Also,

9:43

I realize how important love.

9:45

A say on a our

9:47

Fathers are a very old

9:49

a song named Monica Eu

9:52

as I listened. To. Allow

9:54

me. To reduce

9:57

my hours. When you were younger,

9:59

What did you? So you're you're

10:01

pensionable years. Would look like if it

10:03

is everything okay, that's it. It's roots

10:05

are just assume that. I

10:07

would get the state pension.

10:10

Oh but. I was

10:12

the purpose of hold. On

10:15

just did not consider. For.

10:17

Think. Too. Hard about.

10:20

The whole business of silences,

10:23

Assesses owes us are easy not

10:25

think about getting cancer is net.

10:27

Of Helen Keller, thought fast, they pension was

10:29

going to be enough. Now if you qualify

10:31

for the full state pension at the moment

10:34

it's just under two hundred and four

10:36

pounds a week is going up and able

10:38

to just over two hundred and twenty

10:40

one pounds at a significant increases. Never how

10:42

far does it go towards funding a

10:44

decent retirement? Yeah it is really interesting issues

10:47

we need to be as a nice

10:49

conversation drama time it was chair the Us

10:51

and so a state pension on it's

10:53

own. Really? if is only gonna be and

10:55

saves think really, you're very basic. She not

10:57

going to get much beyond that. If if

11:00

you reliant on the state pension on this

11:02

is enough to say it's obviously harder for

11:04

a single person to manage on the state

11:06

pension. Would it be an idea for them

11:08

to get a slight increase and couples a

11:11

slight decrease of it like the current count

11:13

fact a single occupant i'm teacher forthcoming? Money

11:15

box out Btc.code or Ek Emily Door is

11:17

needed to find work in her sixties when

11:19

she came back to the Uk. we talking

11:21

about people needing to work longer. How much

11:24

harder is it to look for work at

11:26

that age? I mean it. You

11:28

know one thing that we hear a lot

11:30

from people is that when you've been out

11:32

of the job market for a while getting

11:34

back into it can be quite bewildering. If

11:36

you haven't looked for a job for a

11:38

long time he might not know where to

11:40

look. You know we spoken to people he

11:42

will kind of expecting to take this easy

11:44

around and to be no to to hand

11:47

out impasse and now also it is. It

11:49

is also a stereotype that people have are

11:51

not net sofie when they're in their sixties

11:53

many all and actually and we. Know that

11:55

kind of insert upset she's pups are most people

11:57

decide green. But we do need some help and

11:59

employees on. Waking up case housemate A

12:01

Recruitment practices more inclusive A briefly

12:03

Dolores didn't feel like she could

12:05

say she opted out of her

12:07

workplace pensions Are you get people

12:09

when they're younger to think? About

12:11

the future as. A present can feel really hard.

12:15

Say. One intervention that we think has M

12:17

and some legs is an eight sometimes called

12:19

a midlife M I T. Again, this is

12:21

something the government quite interested in and that

12:23

more more employers are getting interesting which is

12:25

giving people an opportunity to kind of holistic

12:27

me, think about their future to trick a

12:29

point when they're in about their mid forties

12:31

and will I like about this is that

12:33

it can be coupled with some sort of

12:36

psychosocial interventions to help people kind of see

12:38

all the psychological safety to think about these

12:40

things that no one wants to think about

12:42

as well as career planning. For the feature

12:44

that what I think. About my cause of

12:46

eighty all my side so love potential

12:48

of a seats right? Some people are

12:51

watching long into their seventies and even

12:53

old us as a very different group

12:55

of people who are entirely focused on

12:57

retiring decades earlier. That part of a

13:00

movement called fire it stands for financial

13:02

independence. Retire early and I've been speaking

13:04

to Sarah who's in her thirties and

13:06

plans on quitting what months earlier than

13:08

most. We tend to

13:11

put away and around about

13:13

forty five to fifty percent

13:15

of our monthly salary am

13:17

into puncher investments and say

13:19

that. Or should I a

13:21

significant amount or indo that not everybody

13:23

is able to do that but were

13:25

in position that are outgoing. The Oh.alive

13:27

How are you able to do that?

13:29

I mean I could be million. You're

13:31

going without. Lots of things. Not.

13:34

Really? No, Both my husband and I

13:36

have worked for the age of eighteen.

13:38

We don't have any student desks. When

13:40

we bought our. First

13:43

time property we could live with ah,

13:45

family members. Bombs be safer deposits we

13:47

didn't have to rent. At. The

13:49

same time, How long as this been

13:52

a goal? Here is saving as much

13:54

as he can. Retiring early, At. The

13:56

maybe ten years something might not be

13:58

in. The. Workplace when I

14:00

was twenty three. I'm I'm We've

14:02

been doing salary sacrifice and about

14:04

how do you limit your spending.

14:07

On discretion recess. Payday

14:09

Com. How do you decide, right?

14:11

I'm definitely putting half of this

14:13

into my pension investments. We gave

14:15

ourselves like a three hundred pound

14:17

i'm I'm a new spending barely

14:20

that we can understand on everyday

14:22

things. How do you avoid temptation?

14:25

Is so by of his and down on

14:27

the on a section on the phone at the

14:29

still want and thirty days on end of

14:31

i really wanted. To

14:34

be monks allows me physically see how

14:36

much money I have. Soured

14:39

you like your job. Is

14:41

why do you want to retire new late

14:43

forties That. Could.

14:45

I don't want to work from seventy

14:48

bald spot between really foresee seventy one

14:50

solely there are some other of system

14:52

so it is thought. Why?

14:54

Sure if I give my lifestyle means

14:57

asking seats. So much money. On.

14:59

That can afford to retire early wouldn't as we all

15:01

months I. Would. Never want to.

15:03

Clearly not a lot of people have already

15:06

been in touch with the program. I'm still

15:08

in service at it herself. Not everybody can

15:10

do this but she is proving this is

15:12

possible for some people. Yeah I mean a

15:15

really commend him of cities have a nation

15:17

is striving towards the school that as you

15:19

say you know as we both and at

15:21

the sight of a sudden people wouldn't be

15:24

in a position still to save them finance

15:26

of money and I think we'll see what

15:28

you risk is kind it seems to be

15:31

without day and also doing without tomorrow and.

15:33

You know in what is kind of

15:35

say even of tennis to fund delightfully

15:37

that that you will you could be

15:39

listen to. One hundred is fascinating. The

15:41

different approaches people pay for that versus

15:43

eat. Some people can say let's see

15:45

another thirty Something similar is on the

15:47

line. you're thirty. Three, And we actually heard from

15:50

you at the beginning of the program. You're one of

15:52

those people saying to be one hundred and fifty. When

15:54

you retire, you be watching. So he drove. I

15:57

yeah other than I was treated of it negative

15:59

events. Nut bag that see that

16:01

very morning I had checked my pension caught

16:04

and I'd actually increase my contributions. The yells

16:06

a very responsible a my annuity is actually

16:08

gone down quite significantly and I was like

16:10

well how does that was It's I thought

16:12

is sorry paints a little sort of the

16:14

tunnel and a moment's and but we just

16:16

we heard from Sarah that he's planning to

16:18

retire in her forties and when you roll

16:21

your eyes and say hundred and sixty you

16:23

just mean it might be might be bit

16:25

tougher. As yeah.

16:28

So I can. I am quite fortunate

16:31

as well. I have a. For.

16:33

A middle class jobs and

16:35

it's not to physically demanding

16:37

am I managed to to

16:39

say the bear on been

16:41

conscious of these issues since

16:43

it goes about. Twenty. Four

16:46

my mom gave me a telling off as

16:48

i i didn't wanna think about pension fund

16:50

much of a relatively fortunate and still. Looking

16:53

at my situation it looks not

16:55

that great. so. Really

16:57

makes me worry so much for

17:00

not only myself but also. And.

17:03

My generation and the the other generations

17:05

of a similar age where I think

17:07

them the majority of people would be

17:09

in a physician's him that myself is

17:11

not worth. Are you renting or do

17:13

you hope to buy a house. I'm

17:16

renting right now. I'm hoping

17:18

to buy in the next

17:20

few years. And. I

17:22

see that's the position that a lot of people are

17:24

in. I think. Unless.

17:27

I can pay off the mortgage. Retirement

17:30

would be as a dream. And

17:33

we have that suggested age of seventy One

17:35

bite twenty sixty for the states henson the

17:37

just as the suggested not government policies that

17:39

that would be the causes your necessities Know

17:41

how would you feel about that. On

17:45

again. I'm quite fortunate in that my job

17:47

is one where I could realistically. Keep

17:49

doing it assuming our still in good

17:52

health and until I was in my.

17:54

sixties. Or seventies. But.

17:57

Not everybody is so fortunate on that's also

17:59

assuming that my. Does it substantially change?

18:01

Read: if I talked to, people have

18:03

been doing my job thoughtful. says.

18:06

You're even twenty years. When they started

18:08

out, it was totally different. everything good

18:10

on paper. Now it's all digital. When

18:12

I'm looking for years in the future

18:14

maybe much of will be fully automated

18:16

and of a see like that of

18:18

the last. Not reliably in the job

18:20

I do but for use in the

18:22

future is. Very. Unpredictable and I

18:24

feel at last one element of this

18:26

conversation. it's really been missed. Like what

18:28

jobs that he seven zero worth is?

18:30

Going. To do in. Twenty.

18:33

Six day. When. A

18:35

I hadn't All this is a technology that so

18:38

we down the pipeline you clearly thinking about the

18:40

salon saving into pensions and looking at your pension

18:42

savings and and thinking about your seats as A

18:44

you are quite switched on to this T How

18:46

The question for a panel. Of

18:50

just what? What Are we supposed to do?

18:52

And. People. My age shoes.

18:55

That. We've done everything right and

18:57

still don't have enough. or maybe haven't really

18:59

thought. About eight, or have. Been.

19:02

Quite unlucky an anonymous what what are

19:04

we supposed to do well as bringing

19:06

Helen on this snow as as an

19:08

what some people in her position to

19:10

at the doing all they can the

19:12

savings what they can and and she

19:14

so worried it's not enough yeah absolutely

19:16

I mean what i would say is

19:18

think there's a lot cs around intentions

19:20

and since money's slow would see the

19:22

siege mentioned that she'd be system should

19:24

be shin and yet a pension pecan

19:26

tarts this is because it's investors and

19:28

incessant markets and they they can chase

19:31

lol with since her. Is that lockers

19:33

down Will come back against if she's got

19:35

times in a she's able to been a

19:37

position to be contributions awesome when she cause

19:39

she will see that. Pension bills bills to

19:41

say to stay positive and Snow is planning

19:44

to buy a house and and hopefully clear

19:46

the mortgage and the numbers we were talking

19:48

about earlier. need for comfortable or motorists are

19:50

minimum or time it's they didn't include renting

19:52

costs and we know a lot more people

19:54

her age. Now we'll be paying rental costs

19:57

what you for the rest of the life.

20:00

I knew why. I mean this is where

20:02

I think the conversation mama time it really

20:04

has to safety nets we can't expect to

20:06

everybody from interest on it was paid off

20:08

same old as looking at some places a

20:10

day and shoot average rents off one thousand

20:12

two hundred and twenty pounds a month. If

20:14

you fucking not into new of time in

20:16

savings it's a significant boost and it's something

20:18

that we need to talk about. Snow Thank

20:20

you so much for joining us I'm sorry

20:22

like hundred souls The other services for the

20:24

ties are a sits in a half hour

20:27

program but we really appreciate you explain and

20:29

to us Emily. Snow as a shit

20:31

job she to carry on doing hopefully or

20:33

into her seventies. Dolores did as well. Pull

20:35

those clearly does. It's not the case. Forever

20:37

on his ex and had a message from

20:39

Michael. He says I've what to the groundwork?

20:42

A groundsmen, God, Nasa Council and the private

20:44

sector. At sixty I was too old. Raising

20:46

the retirement age means we won't get a

20:48

pension because are either dead or broken. broke

20:50

my shovels. I'm not gonna break my back.

20:53

So I mean if they definitely are people

20:55

here in that situation and you know that

20:57

is where we have to be acknowledged that

20:59

when we increases. State pension age. If we

21:01

don't make it easier for people to

21:03

move into different jobs with his retirement

21:05

all we doing is is just increasing

21:07

number of years. The someone he's out

21:09

of work might be living in poverty.

21:11

however more and more employers actually often

21:13

in those industries. The sinkhole. Has been

21:16

quite physical and significant on for

21:18

construction. Actually read Illinois to this

21:20

issue and and and actually slightly at

21:22

the leading edge because often is also

21:24

and industries where they've got skills shortage

21:26

of finding it hard to see get

21:28

younger workers in and they really want

21:30

to work out how to redesign jobs

21:32

in order to keep skilled workers into

21:34

to kind of used I experience and

21:36

to help and bring more people alone

21:38

in a it was amazing to his

21:40

notebook by a eyes such a good

21:42

point The really good news about Ai

21:44

is that is we still automating more

21:46

tasks skills to com or important. Other team

21:48

and skills the people skills and those the things

21:50

we get better with as as we age and

21:52

and I we were testing before we came on

21:54

arab I use you can ask for adjustments as

21:56

as you age as he needs us to can

21:58

dial down the the. The policy of some

22:01

of your work yeah absolutely I mean under

22:03

the eclipse is act and if you all

22:05

a disabled or he has and on him

22:07

health condition that you know is getting in

22:09

the way of doing your job your body

22:11

sleepy and fighting to reasons adjustments so that

22:14

you can do your job or not. Law

22:16

is really important for actually so often and

22:18

we had to some Dolores employees of reading

22:20

motivated twenty people table to retain people they

22:22

don't want us to go and replace their

22:24

skilled workers. Thank you. Now before we came

22:27

on our i suspect stuff see of her

22:29

husband retired they. Realize. Any more income

22:31

and they are using their home to make

22:33

some money. Says told me how it'll came

22:35

about. We both decided we

22:37

wanted to retire L A which

22:39

are recognized is very fortunate position

22:41

to be and but when we

22:43

did a big spread say about

22:45

some are in going said outgoing

22:47

we realized I for wanted to

22:49

retire early. we needed to get

22:52

a little bit of extra income

22:54

so it just made sense to

22:56

take the opportunity to give up

22:58

work with my husband, got the

23:00

opportunity for voluntary redundancy and then

23:02

like some extra income because it

23:04

covers the bills with. A lower

23:06

we Love a. Spreadsheet pair of funny

23:08

but. When

23:10

you say retiring early, how early are

23:13

we talking? I was fifty six and

23:15

he was sixty seven. We're now Fifty

23:17

Eight studies much earlier than a lot

23:19

of people listening will be planning to

23:21

retire. At yeah of we are

23:23

very fortunate and my husband has a

23:25

final salary. pension scheme is probably one

23:27

of the last people to get those

23:30

contra thing of it was after lockdown

23:32

really we knew working wasn't worth it.

23:34

We could be home together odi and

23:36

it was actually really nice. Say that's

23:39

what we decided today About says a

23:41

lot about your relationship. I think that

23:43

is your finances of those beauties you

23:45

got this x. Your way to plug the gap.

23:48

Tell the what it is you do. So.

23:50

We offer a room out

23:52

as they are to dig

23:54

say that for am actors

23:56

technical staff anybody who is

23:59

touring around. The country made

24:01

cheap accommodation and not like the

24:03

money by a is making the

24:05

most of the spice. That we've

24:07

got. So it's not just you, Have

24:09

having a lodger his they're all the time

24:11

it's it's occasional visits. says that he had

24:14

new one famous. At we out

24:16

we have had a person who was

24:18

on call the midwife. I wouldn't want

24:20

size nines ssssss what does this extra

24:23

income then mean. For you and your

24:25

late fifties, it means. That we know under

24:27

as much pressure to sell the family home

24:29

as our spreadsheet suggested. we do have to

24:32

sell our family home could keep it for

24:34

us but we still got one that university

24:36

so we do. You still want her to

24:38

be helped come home. And

24:41

yet taken the pressure off that for it

24:43

up for this really dumb in terms of

24:45

pay the bills might in the most of

24:47

this is an asset but when i get

24:49

in a bit of in come out with

24:51

it the extra room. The. Latest

24:53

survey of what people think they. Need

24:56

for a comfortable retirement? Suggests a couple

24:58

would need about sixty thousand pounds? A

25:00

yes? Would you think that. Well

25:04

we won't have that a. Box.

25:08

I suppose we've done our own sums of

25:10

what we need. Say you know we have

25:12

factored in the fact that we like an

25:14

occasional weekend away and that kind of the

25:17

oh yeah, that's a lot of money is

25:19

my. most people are not gonna have that

25:21

retirement. So you want

25:23

to. Several was like stuff with spreadsheets and

25:25

some as we wouldn't need money, votes and

25:28

seven to pick up. On that last point

25:30

we talked about needing a certain level of

25:32

income for time that it has changed over

25:34

the years of make somebody might want to

25:36

holidays a year and us a relatively new

25:39

cars regularly in the sixties and seventies not

25:41

necessarily by the time they're in their eighties

25:43

and nineties. salute the use me as a

25:45

sushi see when people since for two eating

25:48

the beach do everything a she wanted. on

25:50

the holidays you wanted to see his grandkids

25:52

house. But then I she could have

25:54

been to be time and he health might

25:56

start to come smooth. You might want to

25:59

meet you in. If we

26:01

are coming saw that we'll go doubts with

26:03

an evil got three wave of as you

26:05

gonna get older you may have need for

26:07

care which quoted then push your outgoings. Again,

26:10

so I could be a a use Shapes

26:12

need a thoughtless. Ending Emily renting rooms side

26:14

hustle as a is it news iran

26:16

the my grandmother say he had a

26:18

loss as to help with her finances

26:20

and that was with decades ago. absolutely.so

26:22

I was thinking as thinking about on

26:24

a Victorian women as there was a

26:26

state pension you know making ends meet

26:28

with that lodgings and wrench meme Salford

26:30

dig say no it's not new tool

26:32

and I mean when we took our

26:34

side Hustle self employment is an incredibly

26:36

common amongst people in this age group.

26:38

That can be really positive thing that

26:40

people doing consultancy work, people working. With

26:42

is flexible. I worry that would it

26:45

tells us is that we don't have

26:47

enough good quality part find work in

26:49

this country and that we really need

26:51

to make what sustainable food of us.

26:53

Helen, Stephen Husband eventually want to sell

26:55

the family home the huggers on sounded

26:57

Some research on this didn't make as

26:59

downsizing sounds like a sensible I did.

27:01

Absolutely A Minute can come across as

27:03

an ideal way to fill the gaps.

27:05

The what we found and twenty percent

27:07

of people that we surveyed said that

27:09

they plan to downsize. But what we

27:11

know, sisters or. Ask people got oh

27:13

that's and this which to do so

27:15

seem to evaporate quite quickly sets about

27:17

the size of the eighteen to thirty

27:19

four was wants to do it compared

27:21

to only fourteen percent of the a

27:23

the sixty five and as various reasons

27:26

you know least for most people get

27:28

very to their homes they can only

27:30

assume any he didn't want to leave

27:32

you familiar to them and an ulcer

27:34

when they were the cost much funding

27:36

home. I'm fine and you want the

27:38

might find it gets really less money

27:40

than they thought they would have. it's

27:42

just. The sort of financial impact.

27:45

Of downsizing and also the emotional wants

27:47

potentially having to move away from friends

27:50

and family as far. As like you very

27:52

much. Well. Are watching Lives

27:54

may be going on for longer that

27:56

the Money Box live podcast sadly can't

27:58

teach. Thanks everyone for the many. Many

28:00

emails and thank you of course to

28:02

our experts. We've been hearing from Helen

28:04

Morrissey of Hargreaves Lansdown and of to

28:06

Emily Andris from the Center for Aging.

28:08

Better if there's a financial story you

28:10

want me pull Louis or the team

28:12

had to take a look at Pleased

28:14

to get in touch with us. You

28:17

can email Money Box at Btc Dakota

28:19

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28:21

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28:23

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28:25

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28:27

studio manager with James West are editor

28:29

is just quail. I'm Fi city Hannah

28:31

and this with the Bbc News Money

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a promise to turn ordinary people in

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some pop stars to stood there behind

28:45

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had actually like the little that us.

28:53

I'm cheating is indeed theories. I was

28:55

a. Bbc. Say bees journalist.

28:57

He covered every twist and

28:59

turn. I want to go

29:01

behind the scenes to find out

29:03

from south I'm consistent with. It

29:05

was like it, I just want

29:07

average people he wanted. It was

29:10

so. That they were coco, She'll

29:12

I was humiliated just three of.

29:14

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