Could you achieve financial independence and retire early?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 10 November 2017

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Have you ever dreamed of retiring early, or at least choosing to work on your own terms? There is a niche but growing movement that’s all about financial independence - it’s not necessarily about stopping work completely, but it is about having the choice to do so. So, could you achieve financial independence, how hard would it be and how long would it take? And why would you even want to retire early? On this week’s This is Money podcast, Simon Lambert, Laura Whitcombe and Georgie Frost stick it to The Man and dive into financial independence. They look at a reader’s question on whether he could reinvest profits from his business and property to retire by 50. They also discuss just how much of your income you might need to save to get there and whether that sacrifice is worth it. Also on the show: • How to invest your pension in retirement • We ask NatWest about its dreadful savings rate • The good news on savings rates that are rising And finally, as the UK’s worst places for using a mobile have been revealed, how can you avoid becoming someone who has to lean out the window to call people? Enjoy.

Transcript

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0:00.0	Welcome to This Is Money podcast in partnership with NS&I, your weekly roundup of the top personal finance, consumer and business stories that editor Simon Lambert and his team have been covering on their reward-winning website.
0:12.0	I'm your host, Georgie Frost, and alongside Simon Nye today is knowledge and product editor, Laura Wickham.
0:17.6	And this week, it's the dream. Downing tools, hanging up your suit and jetting off
0:22.4	into the sunset. But can you really retire at 50? We focus today on financial freedom and what it
0:28.9	takes to achieve it. And well, whatever age you manage it, how do you invest your money in retirement?
0:35.3	Also today, decide if it's right for you. What? Is NatWest's new
0:41.2	offering a 0.01% savings account right for anyone? Surely this was some sort of oversight. Simon
0:48.3	went looking for answers. And while banks have been slow to pass on the interest rate to savers,
0:54.2	it's time to take a bow in SNI.
0:56.5	We also look at whether debt could be holding you back from getting that dream job
1:00.1	and why people in Bristol have cause for frustration.
1:03.2	All that and plenty more coming up and don't forget, you can stay up to date
1:05.8	with all the latest breaking money news.
1:08.0	Just go to this ismoney.co.uk or download the app.
1:12.6	This is money brought to you in partnership with NS and I, giving you 100% security for your savings,
1:19.8	backed by HM Treasury.
1:21.8	But first, do you dream of an early retirement, waltzing out of the office safe in the knowledge
1:27.1	that you have the next 30 to 40 years to do whatever you want.
1:31.4	I don't necessarily mean giving up work altogether, but this is about choice.
1:35.7	And if that is you, well, the state pension is unlikely to be your route to financial freedom and waiting for the lottery win is possibly a bit of a gamble.
1:44.5	So it's time to take matters into your own hands.
1:47.0	And yet we know only half of us are saving enough for retirement.
	...

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