Money Box Live: When Can You Retire?

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 13 March 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

When do you think you'll be able to retire?

Perhaps you can't wait to pick up your last pay check or maybe you love your job so much you want to work for the rest of your life.

For those who do hope to retire, the latest research suggests we'll all need an an extra £8,000 a year for a so-called moderate retirement according to the Pensions and Lifetime Savings Association.

Meanwhile, the International Longevity Centre reckons we'll need to raise the state pension age to 71 by 2050.

On this Money Box Live we're getting to the bottom of how realistic that is and what it all means.

We'll hear from someone working well into their 70s as well as a super saver hoping to retire in her 40s!

Felicity Hannah is joined by Helen Morrisey, Head of Retirement at financial services company Hargreaves Lansdown and Dr Emily Andrews, Deputy Director for Work at the Centre for Ageing Better charity to answer your questions and comments.

Presenter: Felicity Hannah Reporter: Eimear Devlin Producer: Sarah Rogers Editor: Jess Quayle

(This episode was first broadcast at 3pm on Radio 4 on the 14th of February 2023).

Transcript

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0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio podcasts.
0:43.3	Hello, we're publishing this Moneybox Live podcast more than halfway through the working week.
0:48.5	But where are you in your working life?
0:50.7	And more importantly, where are your pension savings?
0:53.9	Because we will need an extra
0:55.7	£8,000 a year for just a so-called moderate retirement. That's according to the latest research.
1:03.0	And one think tank reckons the state pension age needs to rise to 71. So for this Valentine's Day
1:08.9	podcast, our reporter Emma Devlin has been asking that extremely
1:12.6	romantic question, when will you retire?
1:15.6	75 according to my pension plan.
1:18.1	I want to retire at 60.
1:19.7	What age do you think you might be able to retire?
1:21.5	About 150.
1:24.4	Yeah, I think I'll probably be fucking away till I drop. At what age? 35. And you need to start
1:31.3	thinking about it right now and make your money works for you. I'd love to say 55, but I've got a
	...

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