Retirement is changing. The old model of study, work, retire no longer applies. We’re talking a third age not old age.
Better health. Flexible working. In many cases, more money. Put it all together and we have more options than ever before.
Jeremy and Lloyd are taking full advantage of the new freedoms. They live here in Twickenham. But in January and February you won’t find them here. This year’s trip: Colombia.
Let’s take a look at how they’ve made retirement work for them.
Dan: Hi Jeremy. Hi Lloyd. Do I call you retirees? You don’t really look like pensioners.
Lloyd: To be honest Dan, I don’t feel like a pensioner but I guess that’s an accurate description of what I am. I took early retirement from British Airways about three years ago and since then we’ve been able to indulge our passion for travelling.
Dan: Fantastic and a lot of people will want to be doing what you’re doing, how have you made it work?
Lloyd: Well obviously I’ve had to think carefully about finances when I stopped working but I discovered that the British Airways final salary scheme gives us the basics of what we need and then additional income through Fidelity Investments and a drawdown pension means we’ve got a flexible income stream that we can vary depending on what we want.
Dan: And is this the same for both of you? Are you both full-time retired now?
Jeremy: Well Dan I’m still very much working, I have a part-time gardening business but my clients know that I take a sabbatical for a couple of months in the winter and they’re perfectly happy with that and then I have a part-time job with the specialist tour operator Oku Japan but I can do that with my laptop from anywhere in the world. It’s not only youngsters who can be digital nomads.
Dan: And so you’re really making this flexibility work for you, was this always the plan or have plans changed over time with regards to your retirement?
Lloyd: To be honest I don’t think we’d really thought too much about what we could do but we realised that we can combine working and travelling as Jeremy described and so this really works for us.
Jeremy: I agree, I think our plans are evolving and particularly with my gardening work I will continue gardening for as long as I’m fit and healthy and still enjoying it as much as I do.
Dan: Do you know many other people doing this or do you feel quite alone in that respect?
Lloyd: Right at the moment I don’t actually know anybody else who’s doing this but I really hope we can inspire other people to give it a go.
Dan: So a lot of people will be watching this and be very attracted to your way of life, do you have any advice for them?
Lloyd: First of all I’d say planning is key, we’d always been thinking ahead a little while saving where we could to make this sort of lifestyle possible.
Jeremy: I think it’s important to be creative in your planning and I think you can combine continuing to work with having a pension or investments. I think modern technology gives us a huge amount of flexibility and that delivers tremendous opportunities.
Dan: Thank you both very much.
Jeremy and Lloyd: Bye Dan
Even if we’re not planning on spending our winters in South America chances are we’re looking for more flexibility than our parents enjoyed. The good news is that with a bit of forward planning, the only limit to our Third Age is our sense of adventure.