The Financial Harmoney Podcast

The Financial Harmoney Podcast


#13 – What Will Your Retirement Look Like?

March 08, 2021

 
Episode #13 - What Will Your Retirement Look Like?
Have you ever wondered what you retirement will look like? Have you actually pictured what you'd be doing by the time you're old enough to step out of your job and begin a new stage of your life? I hope that when you think about your retirement, you think of lots of exciting stuff you'll be doing. Traveling to a country you've always wanted to visit, starting a new hobby, spending lots of time with your family or maybe learning something completely new, like a language or a new degree. Whatever it is you'd love to do when the time comes, there might be one detail you don't know. And that is whether you'll have enough money for all of those dreams? Do YOU know what the financial picture of your retirement will look like? Or has it always been on your forever list to find out more about retirement, but haven't actually taken any steps to do so.If this is you, then you REALLY have to listen to this podcast in which I go over some of the basics of retirement planning. And remember that the earlier you start, the better!After listening to this episode you'll know:The three different types of retirement savings that existWhy it is important to NOT just rely on a state pension or social securityMy 3 step plan to set up your retirement strategy.


Links mentioned in this episode:Kickstart your dream life in 10 stepsThe full transcript can be found below. 

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Episode 13 - TranscriptHello and welcome to another episode of the Financial Harmoney Podcast. This is episode number 13: What will your retirement look like? So I want to start today asking you to close your eyes for a moment and fast forward to when you are of retirement age. That used to be 65 in many countries, and I think the UK until very recently still had it at an even lower age than that for women, but the official retirement age is now gradually increasing in many different countries around the world. So it might now be 67 or 68 and who knows by the time you reach retirement age, it might well be 70 for all we know. But regardless of the exact age, I’d like you to think about you being retired for a moment and picture what you’d be doing then. Will you be spending lots of time with your children or grandchildren? Will you be travelling the world? Will you be joining a golf club or start a new hobby? Or will you start another degree at university, this time just for fun? Or sip cocktails next to your holiday pool 2 months a year? Learn another language? Write a memoir? Haha there is so much to do really! I’d say these options might make for a fairly nice retirement, providing you are healthy and have your loved ones around you of course.But there is another scenario possible, let’s go and picture that one for a moment. The one where you can’t actually retire because you don’t have enough money to do so. The one where maybe some of your friends get to do all the fun stuff that I described just now, because they did invest in their retirement throughout their life. The one where you don’t get to see much of your grandchildren because you can’t retire as you need to pay for your bills. The one where you feel tired and unmotivated as you’re still working your socks off now you’re well into your 70s! This is a really sad visualization and one that I hope will not become a reality for you at any point, which is why in today’s episode I want to talk about retirement and retirement planning. This is something so super important but, if you’re like me, you might never have learned about any of this in school or at any other point in your life. You will likely need to go and do some research yourself. Well I hope to help you with that research a little and get you started to make sure that you are on track with your retirement plan and goals.