3 In 4 People Are NOT Ready To Retire - Here's Why - video Dailymotion

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00:00I've been helping my clients prepare for and enter retirement for 25 years.

00:06They get excited about retiring.

00:08They're ready to hit the beach, do more gardening, play more golf, whatever.

00:12But when they get there, I reckon three quarters of retirees find themselves much less prepared

00:18for retirement than they thought they were.

00:20In fact, they are surprised by how much being retired affects them.

00:24But here's the kicker, that unpreparedness has nothing to do with their finances.

00:35Hi and welcome back to the channel.

00:36My name is Pete Matthew and I'm a chartered financial planner based here in the UK.

00:40Now if my clients were entering retirement financially unprepared, then clearly I'm not very good

00:46at my job.

00:47But I become aware that something happens in retirement which is a much bigger factor than

00:52whether the money is set up right and whether they have enough.

00:56And that factor is their changing identity.

00:59So let's look at this in more detail, but first a reminder that this video is brought

01:02to you by Meaningful Academy Retirement Planning.

01:06More on that in a little bit.

01:07If you think about it, so much of our identity is tied up in what we do for a living.

01:12It's usually one of the first questions you ask a new acquaintance at a party.

01:15Hi, what's your name?

01:17What do you do?

01:18If you go on a TV game show, you'll be all, my name is Pete and I'm a

01:22financial advisor from Cornwall.

01:24For older contestants on those shows, they'll be introduced as, this is Sandra, she's a

01:28retired head teacher from Tamworth.

01:31Why not just say that she's retired?

01:33Or is a grandmother or a keen gardener?

01:36Why the reference to what she used to do for a living?

01:38The answer is because so much of our identity is tied up with our profession.

01:42And when we stop doing that, when we retire fully, we lose a great deal of who we are.

01:48And I've seen this really stress people out much more often than you would think.

01:52So is there anything we can do to ease the transition into retirement?

01:56Well, yes.

01:57Yes, there is.

01:58The thing about retirement is that it is a transition.

02:00That word is based on the word transit, which means to move through.

02:04Arguably, retirement is the biggest transition we make in our lives, except maybe dying, but

02:11it's impossible to get data on how people feel after that one.

02:14But any fast transition can be jarring.

02:17In a movie or a TV show, there's a difference between a cut from one scene to another and

02:22a fade.

02:23One happens instantly and the other over time.

02:26Increasingly, people are looking to slow down and phase into retirement rather than come

02:31to a hard stop.

02:33My colleague Roger, who many of you know from the Meaningful Money podcast, went from five

02:37days a week to four and then three days a week over the last 18 months or so that he

02:41worked here.

02:42I would say that definitely helped him get used to the idea of retiring.

02:45More and more employers are providing flexible working arrangements as the laws are changing,

02:50and that's good.

02:51Maybe this is something that you could take advantage of.

02:53If so, then definitely think about what you might do with the time that you gain.

02:58How might you use that time to carve a new identity?

03:01Another option is not to stop working or even reduce your hours, but to change roles entirely.

03:07So maybe you go from a busy, stressful executive role to driving a van or stacking supermarket

03:14shelves.

03:15That's pretty extreme, but I've known people who have done it and loved it.

03:18You could even change roles within the same company or employer.

03:21Perhaps you move to a consultancy or mentoring role, helping those coming up through the ranks.

03:27Obviously that's got challenges attached to it, because it can be really hard to let go and

03:31see younger, more energetic people come and fill your shoes.

03:34Changing roles can help ease the transition though.

03:37Rather than working flat out until close of play one Friday and then the next Monday you're

03:42retired and done, you get to ease into retirement over time.

03:46If this is thought provoking, useful, interesting, please do hit the like button for the YouTube

03:51algorithm.

03:52It really does help.

03:53And subscribe to the channel if you're not already.

03:55Thank you in advance.

03:56I think saving the best to last, retiring earlier rather than later is an option that most of

04:02us might aspire to.

04:03All we're doing then, of course, is bringing the transition forward.

04:06It doesn't necessarily change the challenge of retirement itself, except of course, that we

04:11are younger, potentially better able to handle it.

04:14We've got more time, more energy on the other side to build a new identity too.

04:19And that's not just because we've retired earlier, there are studies actually which

04:22show that retiring earlier improves life expectancy, so we may live longer overall.

04:28Tell me, are you planning to retire early, reduce your hours, or change your role completely

04:34as you come to retirement?

04:35Let me know in the comments and ask any questions, I'll do my very best to answer them.

04:39Planning the financial side of this is a challenge, of course, and that's where today's sponsor,

04:43meaningful academy retirement planning can really help.

04:46This is my course, which distills everything that I teach about retirement planning in one

04:51place.

04:52It's everything that I've learned and learned to apply in 25 years of doing my job.

04:56There are tons of video lessons, calculators, workbooks, and lots more to help you get these

05:00big decisions right.

05:01And I provide access to the most powerful yet easy to use financial planning software in

05:07the world, Voyant Go.

05:09And there's a brilliant community of members who are all in very similar situations and

05:13ready and willing to share knowledge and encouragement.

05:15Head over to meaningfulacademy.com slash retirement planning or click the link in the description

05:20to find out more.

05:21And if you decide it's for you, use the coupon code YouTube to get a good discount.

05:25So the things that we've talked about today can obviously be combined.

05:29Maybe we reduce our hours and change to a lower stress role, for example.

05:35Most importantly, though, we need to be prepared by thinking ahead about these things.

05:39So ask yourself, what does retirement look like for you?

05:43How will you fill your time?

05:44How will you define your existence once your day job no longer exists?

05:49The best book I've read on this subject is Changing Gear by Jan Hall and John Stokes.

05:53It's full of examples and stories of individuals who have had successful careers and the challenges

06:00that they faced transitioning to retirement and how they dealt with or didn't deal with

06:04those challenges.

06:05I'll link to that in the description.

06:07It's highly recommended.

06:08There's obviously lots more to this than I can possibly address in a short video, but

06:12I just wanted to trigger some thinking about it today.

06:15Definitely read the Changing Gear book if this has prompted anything in you.

06:19Leave a comment if I can help.

06:20While you're there, of course, hit the like button and subscribe to the channel if you're

06:23not already.

06:24It really does help.

06:25So thank you and thank you for watching this video and I'll see you in the next one.

3 In 4 People Are NOT Ready To Retire - Here's Why

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