Transcript: Retiring as a single person
Shirley: Hello, I’m Shirley Ballas and welcome to Rewirement, The retirement podcast from Legal & General. This is the series that explores how to reset, reinvent and rewire for the retirement you want. Every fortnight I'm joined by straight talking, honest retirees and would be retirees with different experiences, hopes, and expectations for retirement
Speaker: I think it might have been nice to have the option of thinking about reducing hours. And I haven't got that option.
Shirley: And my expert panel will be here to help too, with suggestions to help you feel confident, comfortable, and in control of your finances after you've quit the day job. Today, I'm hearing from people who are approaching retirement without a partner.
I'll be finding out what difference this makes to your financial and emotional planning, as well as hearing about the options available to those who are going it alone.
Today, we're going to hear from three people who are approaching retirement without a partner. Last time we met David, who's been working for the civil service for 42 years and lives with his father.
David: I'm a single child. I still live at home. Sadly, my mum passed away two years ago. So now it’s just Dad and I.
From a pension situation, I'm probably due to get my national retirement pension when I'm about 66, 67. I'm 62 now. I'm civil servant, so I have got a civil service pension that I should be getting. If I do decide to retire before pension age, then that will be something I can maybe use.
Shirley: Liz is 55 and divorced with two grownup children. She doesn’t have a pension.
Liz: I live in a little village in East Sussex. I have two daughters, 26 and 24. When I was young, and we're going back to 35 years ago, I was working in a publishing company which got taken over by Robert Maxwell.
Now I did have a few years pension that I'd built up, but he then went and killed himself and had spent all our pension pots. So I didn't qualify to get anything back from that. So I lost my pension.
Soon after that, I met my husband and we had two children. The oldest one has a disability, so she was in and out of hospitals. So again, I didn't work then for about 15 years. When she was 15, I went back to work part time. But again, I didn't really earn enough money to warrant sort of putting any away to go into a pension.
Then five, six years ago, my husband and I got divorced and he had his own private pension, which he still has, and I don't have access to. He had that. So at the moment, I'm left with nothing really, but I do have my house, which to me is kind of like my pension, I suppose.
I do not feel empowered about my financial situation when I do retire. I have a sort of plan, but it's a matter of, well I'll have to do that because I don't have anything else kind of thing. Up until a couple of years, well 18 months ago, I was working, but I had a bad accident.
I fell off a ladder when I was cutting my hedge and I completely smashed my leg up and spent four months in hospital. I'm still kind of in rehab from that. So at the moment, no, I'm not working.
Shirley: My next guest is Jenny. Jenny's a mum of two. She's always put into her pension and planned ahead, but still wonders what sorts of choices she might have to make compared to her married friends.
Jenny: Well, I'm approaching 58 and I live in Hove in East Sussex, near Brighton and Hove. I work as a social work manager and I've worked in social work, really all my professional life.
And I've got two children, both grown up, one 27 and one 21. When you're single, you're aware that your finances have just one income.
I suppose what I've noticed is friends who've been able to maybe work part time a much earlier point because they've got another income, or friends who've been able to think, " Well, I've had enough of being in my full time job for all these years, I'm going to have a break and then decide what to do."
And I suppose I know that I couldn't have a break and take some time out. And I suppose, in an ideal world, that would be great. And also I think it might have been nice to have the option of thinking about reducing hours. And I haven't got that option, because my salary ... And I still got a daughter at university. So my salary is their salary.
When I was younger, I didn't pay into a pension. I worked sort of freelancer as an agency social worker for about five years, which meant I didn't have a pension scheme at all.
And then when I got a full time job, at that stage, when you left a job, you could withdraw your pension. So I did that. So it was only really when I was in my early 30s that I even considered the need to pay into a pension. I've got to keep working until I get my state pension, which obviously isn't until I'm, I think it's 67.
So I think, I thought until I started to sit down and maybe consider the detail of the finances, I think I thought I was better placed than I actually am. I have thought at times I'd love to give up work and maybe do something more radical, go and live abroad, or do something significantly different.
But I think if I wasn't wanting to do that, I feel fairly okay about continuing to work. I am mindful of being able to at least support my children in some way. I've got a house. I still got a mortgage on my house, but I've got a house that's worth ... It's not a big house, but it's worth a reasonable amount of money. And it doesn't make sense for me to have this and for them to have no means of getting on the property ladder.
So I suppose I have thought quite a bit about moving to a cheaper area, not just for them, but also because that would potentially offer me something different. Because I do think as much as it's great living in one place and all the benefits of that, there's also that desire to have a change.
I suppose my number one would be obviously health and happiness, but I would want to feel financially secure so that I can live a comfortable life, go on holidays if I wanted to, be able to have money available to support them.
But then as somebody approaching retirement, it's thinking about contacts and friendships and social life you've got in an area. And how would you manage (inaudible) a single person? So, you know that might make it more difficult.
Shirley: Without a pension. I asked Liz how she plans to finance her retirement.
Liz: I'd like to feel secure that when I could give up work, I would have enough money to live on every month. That would be lovely. And not have to worry, and maybe the dream, buy a camper van and clear off round Europe for a couple of years.
It would be lovely to feel that confident that you could do that financially and you'd be secure enough.
I will have to sell my house and I will move to a more reasonable area of the country, which I have family in anyway, in Norfolk and Suffolk.
So the plan is at some point in the future, I'll sell my house in East Sussex and I'll move to that area, which will free up some money, which I will then invest in something. And that hopefully will help me out in my retirement.
Shirley: And when you look at how much you can sell your house for and how much you could possibly buy whatever property you're looking at, do you feel there's enough money there to live on?
Liz: Oh, will there ever be enough money to live on, to do what we all wanted to do? I'm hoping so. I'm hoping there’ll be enough money to live on.
Shirley: Because also that needs to be sat down. You go through the allowance, you look at how much you're selling for, you're looking at how much you're buying for.
Then you make, if you're a list person like me, then you make your list of how much there is, how much a month do you need to live on and whether you're comfortable with that amount or do you need to keep working past the date of retirement?
Liz: Yeah. I mean, that's something I'll have to sort of cross as and when I get there, whether the money I made out of my house here would be enough if I invest it, to actually be enough for me to live on monthly.
I'm hoping it would be, but if not, then there's always the option of a part time job just to keep some money coming in. Hopefully, if you're fit and well enough, then that's an option. I could get a job behind the bar at the local pub. That wouldn’t be too bad, would it?
Shirley: I couldn't think of anything more exciting actually. See if you can get me one in there. I'll come with you Liz, okay?
Liz: Yeah, no problem.
Shirley: Even if you do know your pension fund will allow you to be comfortable in retirement, there are still questions and complexities to iron out. David told me about the scenarios he has to consider.
David: My civil service pension, I can really retire at any time, but of course it does leave that gap between, if I said I would retire at 62, it still leaves a four or five year gap between then and getting my state pension. So if I did decide to take a lump sum and the whole amount, that would have to really tide me right up till I get to my state pension.
Shirley: And do you think it could?
David: I don’t know. I honestly don't know, because it's one of those things. It depends on your lifestyle, what you want to do.
One thing I have got in my favour, and it sounds dreadful, but if anything happened to my dad, it would mean that I would then inherit the house. And there's a house near us that's just recently been sold for 500, 000 pounds. But that would mean looking at maybe equity release. That's fine for a sort of stop gap. And 500,000 would be very nice.
But if anything happened to me or if I became ill, I got serious illness or Alzheimer or dementia or anything like that, what happens about me going into a home or anything like that? So it's something I have really got to stand back and think about.
Shirley: And also because you're single, you've really got to have somebody you can trust, in case later on down the line, something like that happens and you do have to take equity release or any other financial situation that you have. You'll need someone you can trust.
David: Absolutely. Because I mean, you can't give a power of attorney to somebody who you know is going to sort of suddenly go off with all the money and leave you with nothing. It's difficult. I mean, I have got friends, but nobody that I could really turn and say, " I would like you to have the power of attorney," because a lot of people might say, " Well, I don't want that responsibility." Some people might say they do, but others won’t.
Shirley: That's interesting. Knowing who to turn to for advice, or just having someone you can trust to talk to or manage your affairs is an important consideration for the millions of single, divorced or widowed people making the move to retirement each year.
David: It's always a bit of a minefield with regard to retirement and pension details, because there's so much out there for people to sort of be told. As I said, mentioned just now, the equity releasing’s, there are so many adverts in the papers and on the television and all this sort of thing. And it's just knowing who is the right person to go to.
What's the right thing for me to do/ I mean, some people, you could speak to friends, talk to friends about what have they done, but what works well for one person doesn't necessarily work well for somebody else. Who do you go to?
I mean, if I went to the bank, they've only got their own best interest at heart. And it's the same I think with a lot of places, they're selling it to you at their angle. And I think you've got to really be aware of what's happening.
Shirley: I asked Jenny where she turns for guidance.
Jenny: I wouldn't really know where to go. And a couple of times friends of mine have said, " Oh, well, you can talk to so- and- so my financial advisor."
And I've said, " Well, how does that work? What did you pay them?" And they say, " Well, I don't know, I didn't really have to pay." So I suppose that's made me feel a bit unsure about how does that work.
But I think if I was in a relationship, I think I probably would feel a bit more adventurous about maybe moving or maybe traveling. Whereas I would be more cautious, and I'll do some of traveling definitely, but the options are slightly different when you're just doing it on your own, I think.
Shirley: I asked Liz where she would look for information on her pension future.
Liz: I wouldn't necessarily ask about pensions and I think I've left it a bit late now, and also not working, I can't put any money into it. I would ask about equity release. I would also ask that if I sold the house and I had sort of like half the money to invest, what would they suggest that I put that in? That would be what I ask.
Shirley: Well, let me ask you a question. Who do you speak to about money and finance? Who's your confidant?
Liz: My family basically, sort of my brother and my sister would be the main people I would speak to. My brother's very sensible, very switched on about things like that.
So I would speak to him for a sensible conversation, and I would speak to my sister just to sort of get it off my chest and say, " I don't know what I'm going to do." And then we'll come up with a plan or something, but it's never a very good plan. So my family basically would be the main people I speak to.
Shirley: And do you ever talk to your children about finances?
Liz: No. I don't particularly discuss it much with them. No, not really.
Shirley: Is there a reason, like for example, if you discuss it, do you think it's like a lesson for them when they move forward? Do you feel like it's, you just want to keep things more ...
See. My mother is a very private person and I feel always about sharing, even though sometimes my son doesn't want to hear about a will or a pension policy or this or that, I feel it's important to share the ups and downs I've been through in my life, so that perhaps when he comes across those kinds of ups and downs himself, maybe he can reflect back. Do you feel perhaps it would be worth talking to them?
Liz: Yes, I suppose so. I mean, my youngest daughter's probably far more sensible financially than I am. So she would probably talk to me and tell me where I've gone wrong.
So that’s fine. She's very sensible. She's got her world, her life sorted. So financially, that’s fine. The other one is not quite the same. And yeah, I mean they know the situation, they know that I've got a will, they know what's in it. We talk about that. But I suppose there’s no point.
I don't talk about, " Oh, what am I going to do when I retire, because I won't be able to live off the state pension," because I have got a plan in place sort of, if it works. And also I wouldn't want to worry them, it's not their problem, so I wouldn't want to worry them. But yet, in a way that they could learn by my mistakes to encourage them, to look into things when they're younger and a lot earlier, is sensible.
Shirley: It's a tough decision to make for anyone to sell up and move to a new area, even if it does release some cash from your property. We'll talk a little more about the options available here later on. First I asked David what he thought the challenges were for a single person in retirement.
David: At the moment, if I retired now, I still have dad, but I mean, if I retired and he wasn't there, I would just be on my own. I'm a fairly outgoing sort of person. I mean, I would make myself go out and that for meals, or go out, but it's always very difficult.
If you go out for a meal and you're on your own, they either sit you've near the kitchen or in the middle of the restaurant or somewhere like that, or somewhere where nobody else wants to sit.
And what do you do? I mean, I've seen people on their own in pubs and restaurants and this sort of thing. And that's always, I think, a bit difficult and it's always very sad in one sense, but I wouldn't want people to pity me. I would just sort of try and find somebody to go out with, and so there were two of you to have a conversation.
So yeah, so loneliness, I think, would be one of the biggest challenges for a single person. But the plus side is obviously you can do what you want to do. So, if you want to get up early, you can get up early. If you don't want to get up early, you don't.
Shirley: You're on your own schedule.
David: You run your own show.
Shirley: You can always call me if I'm in the area.
David: Absolutely, Shirley. If I want a dance partner, I'll do that. Thank you.
Shirley: I'll try not to tread on your toes.
David: Thank you.
Shirley: How do you personally plan to find your way around the lack of workplace community?
David: Some people aren't that gregarious. They don't go out and want to do those sorts of things. And it's really, for some people, a real push to make them do something different.
And I think it's difficult. If you're working in an office, you get that daily routine, you get the same people, and you see the same people faces. They get to know you; they get to know your moods.
They get to know if you're in a good mood or a bad mood. If you're on your own, who do you talk to? You've got to really get a network of friends to be able to sort of go out to and say to them, "This is a problem. I've got a problem.
This is what I need to do." So, yeah. It's always a bit of a problem. But I think if you really want to make that effort, you can get out and do it
Shirley: My mom's 82, by the way, and she still gets out and about, and has friends and across to Liverpool and up doing her washing and ironing. Likes her own company. Never got married again after the first husband.
David: I mean, some people do and some people do like their own company. And I mean, I can quite easily spend the day in the garden or clearing the house and tidying and this sort of thing.
I just would not be able to sit. I mean, some people say, " Oh, I just like to sit down and watch the television." I couldn't do that all day every day. I mean, it's nice to watch some programs, but you've got to really sort of get out and do things, otherwise you just.
Shirley: I asked Jenny, if she thought her social life would change when she stopped working.
Jenny: Yeah, it does provide friendships and it does provide stimulation and structure. But I suppose I do think you can find that in other ways. I suppose I've seen people replicate some of that through voluntary work or hobbies.
But no, I think it's easy to underestimate maybe the positives of work. You know, I've lived here for 20 years. One of my sort of best friends lives around the corner. I've got nice ... You know, I obviously have got to know quite a lot of people.
It's more that, that I would be really conscious of if you move, what's that like? But then I have also got friends and even my parents who moved at a similar age to me and they very quickly make new connections and friends.
Shirley: Planning for your future when you're solo can be a different game, not just from a financial standpoint, but also in terms of your relationships, living situation and those who depend on you for support.
If that's you, hopefully today's conversations have reassured you that there are many people out there facing the same questions and decisions. In each episode, I get a chance to put these questions to the experts.
And today I'm joined by Chris Knight, the CEO of Legal & General Retail Retirement, and Joe Hemmings, a behavioural psychologist and author. It's great to talk to you, Joe and Chris. Joe retirement is a big life change for anyone to navigate emotionally. What added dimensions do you think being solo, whether that's single, widowed or divorced brings to this?
Jo: I think it's all about emotional preparedness. I think if you're single and you've been working or you're, solo and you've been working, what you've had for a great deal of your daily life is the companionship and camaraderie and company of other workers, colleagues.
And that's a big chunk of a week. You may be used to being on your own in the evening or at weekends, but to have that taken away can be quite a difficult thing for some people. So I think knowing, being prepared and planning in advance or knowing that bulk of your hours, though you may have been working well with other people, you will need to sort of think about replacing that with other company.
Shirley: Do you have many clients who are approaching a retirement change? What sorts of questions do they come up with?
Jo: The ones who've come to me are often the ones who were dreading it, who were very fearful, who wondered how that third trimester of life was going to pan out. Didn't know what to do. Needed reassurance.
But they're the ones, sometimes, who have already been thinking about it a bit. The ones who I think need it most, who probably wouldn't come to me, are those that think it's going to be fantastic. It's going to be a breeze.
It's going to be marvellous. I won't look back. And they're sometimes the ones who actually have the biggest shock to their system, if you like, rather than the ones who anticipate it's going to be quite different.
Shirley: You must hear some inspiring stories.
Jo: Very inspired by lots of people. I think together we've made a sort of plan about what they'll do, and things that they may feel a bit uncomfortable about in the first instance; they'll give it a go.
It's all about finding what feels right for you and adjusting to it. Nobody goes into retirement suddenly saying, " I'm going to go on holiday on my own. I'm going to go out for dinner every night on my own." These are things that you choose. You see if you like them, how do you adjust to them?
Making new contacts, new friends, and new associations. So it's getting that balance and knowing that things are going to change and how just taking baby steps to changing them, it doesn't have to be an overwhelming all at once significant change. But yeah, I've been pretty impressed by some of my clients.
Shirley: Are people more worried now about coronavirus?
Jo: Well, I think there are three C three key things to remember here. Due to the coronavirus epidemic, actually, if there's any positive takeaway, it's that some of these people living on their own will have met neighbours they have never met before.
So they've been a community around them that perhaps they just hadn't had the time or thought about getting to know before. But that’s one of the key things. To know, actually, and we're talking about stats, but actually they're more single people living in this country than ever before.
So you will not be alone in that situation. So do not be fearful about reaching out to communities, to other people, to getting to know new people, however you do it. Via going to the gym or a local organization or community centre. That's really important.
Secondly, I say, make technology your friend, because lots of older people have got by without really using any technology at all, apart from their phones. And there's a whole world out there that's quite easy to use, that will keep you in touch with friends and relatives on video calls, that will get you onto social media. I mean, there's so much information out there. It's not that hard, even if you've ignored it up to now.
Get to learn it, because it really will be your companion.
And thirdly, on a practical level, there are so many free things to do. So even if you're fretting a bit about how far your money is going to stretch, anybody in any town or near a town, will have loads of free things to do.
They could be art galleries, museums, events. There's so much out there that costs no money at all. And it’s a great way of getting out. And it's a great way of meeting other people too.
Shirley: Chris, it’s great to have you back again. Our rewirerees have talked about being unsure where to go for advice. How do you cut through all the jargon that's out there?
Chris: Yeah, there is an awful lot out there, isn't there? First of all, your existing pension providers should be sending you something called a wake up pack, which will give you some useful information.
So have a look at that and go onto their websites, and maybe go onto the websites of some other providers. There's a couple of really good free sources out there.
There's Pensionwise, which is a government backed organization. You can actually get free advice conversations when you get to retirement. And lots of people find them really, really helpful. So definitely go onto Pensionwise.
There's also the money advice service, which again, it's a government thing. So it's very independent and that gives you a lot of help if you want to shop around, because people really should look to shop around.
Or your employer or your pension scheme you're a member of, probably gives you some access to financial advice too. Or you can go onto something like unbiased. com and get the name of a local financial advisor in your area.
But take time to do it. There's no rush. And if you can bring yourself up to speed and people get themselves informed, they'll feel much better about it. They'll feel much more confident to make the right decisions for themselves.
Shirley: The stats show that women often retire with smaller pensions than men. Why do you think that is?
Chris: Yeah, Shirley, unfortunately that is often quite true. And it's largely to do with what happens during a women's working lives, which tends to mean that either they or their employers pay less money into pension pots.
So for example, women are more likely to take career breaks at some point during their career, either to look after children or to look after other relatives. And they're more likely, women are more likely to have worked part time or in other kind of areas or roles, where in the past there wasn't such great pension provision. And then of course, there's that sort of famous salary gap, where women have earned less than men in the past.
So from that perspective, they often have smaller pots to work with. And the other truth is that women tend to live longer than men as well. So the smaller pots that women have tend to have to stretch that bit further. I think it's worth saying that studies sometimes show that women are a bit less confident than men in the sort of financial planning area.
That's not really true. I mean, women are just as good if not better than men, about making the right decision. So that again, if they take the time to get themselves informed and look at all their options, they can be in a much better place.
Shirley: Jo, what is a healthy, mental approach to retirement?
I stayed in bed there the day till 10: 30. I was so upset for 48 hours.
I tell you, I couldn't get it out my mind that I didn't feel productive. I have to get up. Well now with the coronavirus eight o'clock, but normally I'm up at six.
Jo: You can still do something productive Shirley, [inaudible 00:27:24].
Don't forget that. I don't think you should be too hard on yourself. I think it's perfectly okay to lie in bed until 10: 00 AM on your first day or two, after a time and possibly even your first week.
But no, I don't think it's a very good pattern to keep, but I understand how you might just want to see what it feels like. If you've been getting up for years at six or seven o'clock in the morning, there's going to be a (inaudible) just to see what it feels like to lie in bed till 10.
So I expect people to do it for a couple of days, of course. And then I think you need a sense of purpose. You feel that you've got to do something, you can't spend the rest of your days in bed.
Though there's nothing wrong with a few lie ins.
So don’t be too hard on himself.
Shirley: Lots of people we've talked to say they are looking forward to more time socializing and traveling. But as David said there, you don't always want to go out to dinner alone. What other opportunities are there to enjoy these things in later life when you're on your own?
Jo: Well, as I mentioned earlier, there are opportunities for socializing through organizations, through cinema clubs, theatre clubs, whatever your interest is, art, your hobbies, walking. I mean, there it is all there before you, but there's also the possibility of dating in later life.
If you're single and you want to meet somebody. I have a lot of clients who are well past retirement age, who are still having a ball, enjoying meeting people online. And they don't have to go out for dinner on their own because they have someone to go out with.
So all that freedom, it's like being 18 again, but with a little bit more money and a little bit more sense and more liberation. So I would always encourage people to do that, if that's what they want to do. There's definitely no time limit on the dating side of things.
Shirley: Oh, I'm glad you said that. Thank you.
Jo: Oh, Shirley. You and I need to have a separate conversation.
Shirley: I would like to have a separate conversation, I think. There's a few things I'd like to ask, actually. I think David raised a good point about having someone to talk to when the unexpected happens. How important is a good support network?
Jo: Well, it’s very important. I mean, but it’s a two way process. So I think often you get fulfilled by supporting somebody else as well. I think, again, this is something coronavirus has showed us.
There's always someone more vulnerable than that you can help. And that makes us feel good. But yes, knowing that you've got one or two people who will be there for you, come what may, and doing that sort of swap so you're there for each other, is incredibly important.
Again, it's a safety net, a sense of security and companionship and friendship. These are things that we value so much more in retirement, because they become that much more a priority and that much more significant.
Shirley: Chris, it must be even more important to consider how you’ll fund your retirement when you’re on your own.
Chris: Yes Shirley, I think that’s absolutely true. I think that's true both for retirees who don't have partners and for people who are retiring and don't have children. There's a million people age over 60 that don't have children.
And I think sometimes they get left out of the debate. But not having a partner or a support network can make things more expensive. So people thinking about that might want to think about having a higher rainy day fund than they would otherwise do.
People might also want to think about their insurance and making sure that they have protection there. And finally, maybe thinking about products that provide guarantees, like guarantees of income. So you don't have to worry or rely on anybody else.
Shirley: When people have divorced, their pension situation may also change. It's often the last thing on your mind to sort out. What guidance can you give on navigating this?
Chris: Yeah, look, I mean, divorce is a complex thing and pensions are a complex thing as well. So putting the two together is really doubly difficult.
And I think often pensions are the things that get left to last if you like in a divorce. So as well as getting good kind of legal advice, you might want to get good financial advice at the same time.
I mean, one interesting situation that often happens with divorce is that sort of one person, so often the woman, would end up with the house maybe, and the other person in the divorce has kept to the pension assets and that's all fair and above board and everything else, but it does mean that the one with the house, the woman might need to use the house more to fund retirement than use pension assets.
And you know, it’s a bit more complicated. It's definitely not impossible, but it's definitely worth thinking about and getting some good financial advice on that too.
Shirley: Chris, are there some more practical things people can do to afford the retirement they want? Does Jenny have to choose between the neighbourhood she's always known or having a bit more cash in retirement?
Chris: Well look, downsizing into another property or an age specific property in your neighbourhood might be a really good idea.
And there are, these days, more variety of those kinds of properties available. At Legal In General, we're investing in those things too.
But if you really want to stay in your own home, then a lifetime mortgage, which is a type of equity release, might be a good option too. You're going to stay in that house forever.
And you don't have to worry about that. And the lifetime mortgage can provide you with some cash, either sort of as a lump sum or as a regular payment or some sort of combination of the both.
So it’s quite flexible. So it does reduce the value of the inheritance if you want to leave that to the next generation, but you can also kind of earmark a part of your house to be left to the children or grandchildren.
That's called inheritance protection, which is becoming increasingly popular. So for many people, that's a really good option, but they should definitely talk to a financial advisor.
Shirley: When you die, does the equity release people take all your home or do they only take the portion that you've taken out for equity release?
Chris: No, that's a really good question, and people often worry about that. No, the house gets sold and then you pay back to the equity release company just want you owe them. So it’s the 30, 000 pounds. And yeah, if you've paid the interest, then it's just 30,000 pounds, but you can also not pay the interest, because many people, they can't afford to pay the interest, they don't want to pay the interest.
Shirley: And then that gets taken out.
Chris: Exactly. Yeah, exactly. There used to be, in the old days, those kinds of products, but fortunately those products, they're not out there anymore. It's a much better kind of environment than it used to be, to be honest.
Shirley: Chris is equity release for everyone?
Chris: No, Shirley. It's not for everybody, but we think it would help a lot of people. But the key thing is to get some good financial advice. So, find a good financial advisor and talk to them about it.
Shirley: Thank you. Some truly helpful thoughts on making sure you're ready financially and emotionally for solo retirement. Hopefully you can have some action points and ideas to help you feel comfortable and enjoy the retirement you deserve.
You can find out more about retirement planning at legal&general. Com/ retirement. In our next episode, we'll be talking about how to fund your dream retirement. Whether you want to tour the nation on a narrow boat, start a business or pack off to the sunnier shores.
Subscribe on your podcast listening platform, and you'll get it on your device as soon as it's available. Thanks for listening.
I'm Shirley Ballas and I'll catch up with you next time.
How do you ensure you have enough money to fund the retirement you’d like? What are the options to provide you with an income? This episode tackles these questions and more, making sure you are well informed to make plans.
Shirley Ballas chats to people approaching this exciting stage in life and gets advice from financial experts - Holly MacKay, editor of website Boring Money and Emma Byron who is Managing Director of Retirement Income at Legal & General.
CEO, Legal & General Retail Retirement
Chris’ focus in the Retail Retirement division is helping individuals lead longer, healthier, happier lives. Together with his team they have helped over half a million customers to live their own ‘colour retirements’ with a range of products and services including annuities, lifetime mortgages and care solutions.
Jo is a qualified and registered Behavioural Psychologist, relationship coach, TV and radio personality. She’s the UK's best known and respected celebrity psychologist. She regularly appears on Good Morning Britain as well as many other TV shows. She is also the author of five successful books on psychology and relationships.