Summary
Money Box Live listener Anne from Dorset got in touch to tell us she feels "practically paralysed" when it comes to making decisions about spending money. She is 65 years old, retired and has an income of £20,000 a year through a combination of pensions and ad hoc work. She also has savings. But she has no idea if this will be enough to live comfortably in her retirement. She sees friends going on cruises and splashing out on luxuries which she'd love to do, but she is frightened of running out of money so ends up doing nothing. Anne says she knows she is fortunate to have a steady income, but she's not really enjoying retirement because she's too scared about her finances.
Does this strike a chord with you? Get in touch with Money Box Live at moneybox@bbc.co.uk
Louise Cooper will be joined by: Michelle Cracknell, Chief Executive, Pensions Advisory Service. Debora Price, Professor of Social Gerontology at the University of Manchester. Jenni Allen from consumer group Which?
Transcript
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| 0:00.0 | You're about to listen to a BBC podcast, but this is about something else you might enjoy. |
| 0:05.4 | My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds. |
| 0:10.8 | The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that. |
| 0:17.5 | With music on sounds, we offer collections and mixes for everything, from workouts to |
| 0:22.4 | helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put |
| 0:28.3 | together by people who know their stuff. So if you want some expertly curated music in your life, |
| 0:35.0 | check out BBC Sounds. This is the BBC. Welcome to the download of Moneybox |
| 0:43.5 | Live, the programme about your money. And today is all about managing your money in retirement. |
| 0:50.6 | I hope you enjoyed that download of Moneybox Live. The program is broadcast every week, 3 o'clock on Wednesday afternoons. |
| 0:57.5 | There's more information and details of how to contact us on our BBC Moneybox website. |
| 1:02.1 | We tweet at Moneybox, and if you want us to look into something, then email us. |
| 1:06.7 | Moneybox at BBC.co.uk. |
| 1:09.7 | Good afternoon. |
| 1:10.4 | Today is all about managing your money in retirement. |
| 1:15.5 | Moneybox listener Anne from Dorset emailed us to say she's not really enjoying retirement because |
| 1:21.4 | despite having a healthy pension and savings, she feels practically paralysed when it comes to making decisions about spending money. |
| 1:30.3 | It'd be great to, you know, I only have £20 in the bank when I die, |
| 1:33.4 | but I don't want to be under Waterloo Bridge in a cardboard box when I actually do it. |
| 1:38.3 | At 65, Anne has saved into pensions and ices over a lifetime of working. |
| 1:43.7 | Now that sum saved may have to last |
| 1:46.6 | 20 or 30 years or maybe only 5 or 10. It all depends brutally on when she dies. Harsh but true. |
| 1:56.1 | Now, of course, she doesn't want to run out of cash, but at the same time, she wants to enjoy her retirement and do all the things she's dreamed of doing, mostly travelling. |
... |
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