Fri, 27 May 2016
In this episode of the Informed Choice Podcast, Martin talks about what will happen when you retire.
There is also a roundup of the latest personal finance news and an update from the world of Informed Choice.
What will happen when you retire?
More than half of people expect to continue working during what might have previously been viewed as a traditional retirement.
18% of those who expect to continue working plan to stay in full time employment and one in four plan to work on a part time basis to boost their income in retirement.
Those who can afford to retire might not choose this option.
The average retiree gets bored of not working after only ten months and will then look for other ways in which to fill their time.
Martin talks through the seven things people typically miss about working when they retire.
1 – workplace banter and colleagues
2 – their job title and the feeling of importance that goes with it
3 – the stress and satisfaction of a job well done
4 – the routine of a 9-5, five days a week
5 – time away from the other half
6 – being kept busy and out of the house
7 – salary!
If you’ve already retired, what did you miss most about working and what steps did you take fill those gaps?
Personal finance news update
-The price of oil has reached $50 a barrel for the first time this year, following disruptions to supply and a continued recovery in global demand for the commodity.
-The Financial Conduct Authority is considering plans to introduce a maximum exit charge of 1% on pension pots.
-A vote for the UK to leave the European Union could result in a big fall in house prices.
-Insurance giant AXA has announced it will stop investing in the tobacco industry, selling investments worth more than £1.3bn as a result.
-One in five investors are deferring their investment decisions ahead of the EU Referendum.
Martin and Informed Choice
Martin Bamford is a Chartered Financial Planner, Chartered Wealth Manager and SOLLA Accredited Later Life Adviser. As Managing Director of Informed Choice, the award-winning firm of Chartered Financial Planners in Surrey, he is responsible for nearly £200m of client assets.
Martin is the author of several bestselling personal finance books and produced his first feature-length documentary in 2014, about the post-war Baby Boomer generation in retirement.
“Bamford excels at making even the dullest topics interesting” – Pensions Management