WEBVTT 00:00:00.270 --> 00:00:04.370 Working past the age of 60 is a different experience 00:00:04.370 --> 00:00:07.429 compared to what you imagined when you were in 00:00:07.429 --> 00:00:11.310 your 40s or your 50s. It's not because you can't 00:00:11.310 --> 00:00:13.490 do the job. You've got decades of experience 00:00:13.490 --> 00:00:17.390 on your side. You're likely to be really efficient 00:00:17.390 --> 00:00:20.350 at your role. No, it's because it feels different. 00:00:20.829 --> 00:00:25.149 Hi, I'm Eric from timesretire .co .uk and today 00:00:25.149 --> 00:00:29.019 I'm walking through Seven essential changes you 00:00:29.019 --> 00:00:31.300 need to know about when considering retirement. 00:00:32.200 --> 00:00:35.859 Now, a Monday morning is experienced differently 00:00:35.859 --> 00:00:41.320 at age 61 than it is at age 41. And that is the 00:00:41.320 --> 00:00:44.079 part that is really discussed in the financial 00:00:44.079 --> 00:00:47.539 media. Conversations frequently focus on state 00:00:47.539 --> 00:00:51.600 pension age rising to 67, pension drawdown rates, 00:00:51.899 --> 00:00:55.100 building up your retirement fund. The psychological 00:00:55.100 --> 00:00:58.619 effects of trading your limited time for a salary 00:00:58.619 --> 00:01:01.179 when you're on the final stages of your career 00:01:01.179 --> 00:01:04.659 is often overlooked. Now, if you're in your late 00:01:04.659 --> 00:01:08.299 50s, early 60s in the UK, you'll likely encounter 00:01:08.299 --> 00:01:11.980 these realities. So let's walk through the seven 00:01:11.980 --> 00:01:20.819 areas. You've likely heard of individuals becoming 00:01:20.819 --> 00:01:24.379 less patient as they age. This is not necessarily 00:01:24.379 --> 00:01:28.180 irritability. It's clarity of purpose. Your patience 00:01:28.180 --> 00:01:33.939 for this corporate nonsense decreases. Pointless 00:01:33.939 --> 00:01:37.400 meetings, admin tasks, micromanagement from managers 00:01:37.400 --> 00:01:40.599 who are 20 years younger than you. You start 00:01:40.599 --> 00:01:43.060 to question why you're enduring this at your 00:01:43.060 --> 00:01:46.540 age. Your time has become your most valuable 00:01:46.540 --> 00:01:49.810 resource and you're watching it. be used in pointless 00:01:49.810 --> 00:01:53.689 ways. And this can be frustrating. If you find 00:01:53.689 --> 00:01:56.689 yourself rolling your eyes every time management 00:01:56.689 --> 00:02:00.090 announces a new game -changing strategy, then 00:02:00.090 --> 00:02:09.490 you're definitely in this camp. Well, the modern 00:02:09.490 --> 00:02:12.810 workplace has changed. You're surrounded by younger 00:02:12.810 --> 00:02:16.229 colleagues who are focused on career advancements 00:02:16.229 --> 00:02:20.280 and promotions. You once shared that focus, but 00:02:20.280 --> 00:02:22.460 your priorities have changed. And additionally, 00:02:22.759 --> 00:02:25.819 the constant introduction of new technology, 00:02:26.259 --> 00:02:29.919 artificial intelligence, etc. requires continuous 00:02:29.919 --> 00:02:33.500 relearning simply to maintain your position. 00:02:33.780 --> 00:02:37.120 You can begin to feel out of sync with the environments 00:02:37.120 --> 00:02:41.199 around you and you're not incapable. You're simply 00:02:41.199 --> 00:02:44.900 in a different stage of life and that system 00:02:44.900 --> 00:02:47.560 maybe wasn't designed for you. So while you're 00:02:47.560 --> 00:02:50.520 looking forward to the day, AI actually takes 00:02:50.520 --> 00:02:53.000 your job so that you can get on with sorting 00:02:53.000 --> 00:03:03.060 the garden out. By the age of 16, you understand 00:03:03.060 --> 00:03:07.360 how organizations operate. You recognize workplace 00:03:07.360 --> 00:03:11.780 politics, control dynamics, and targets that 00:03:11.780 --> 00:03:14.900 change frequently. Because you see these mechanisms 00:03:14.900 --> 00:03:19.199 clearly, participating in them loses its appeal. 00:03:19.780 --> 00:03:22.379 You're not approaching the end of your working 00:03:22.379 --> 00:03:25.139 life yet. You're still participating in this 00:03:25.139 --> 00:03:29.180 daily routine and that contradiction causes entailed 00:03:29.180 --> 00:03:32.500 friction with yourself every day. Have you been 00:03:32.500 --> 00:03:35.680 round the loop of policies getting changed every 00:03:35.680 --> 00:03:38.479 year, noticing that every third or fourth year 00:03:38.479 --> 00:03:40.520 they're back to exactly where they were when 00:03:40.520 --> 00:03:48.250 they started? And when you're younger, you can 00:03:48.250 --> 00:03:51.409 work a 50, 60 hour week and recover over the 00:03:51.409 --> 00:03:56.030 weekend. After the age of 60, you can still complete 00:03:56.030 --> 00:03:59.550 the hours, but they require a significant physical 00:03:59.550 --> 00:04:03.110 mental effort. A standard eight hour day begins 00:04:03.110 --> 00:04:06.590 to feel demanding by midday, not five o 'clock. 00:04:06.949 --> 00:04:09.889 You don't recover overnight. And at this stage 00:04:09.889 --> 00:04:13.090 of life, it's no longer about managing your calendar. 00:04:13.110 --> 00:04:15.969 It's about managing your physical energy. do 00:04:15.969 --> 00:04:18.550 you find yourself staring at the box in the evenings 00:04:18.550 --> 00:04:25.949 not really taking in what you're watching now 00:04:25.949 --> 00:04:28.709 even if you've prepared financially maybe you've 00:04:28.709 --> 00:04:31.990 got good workplace pension or a sip you may still 00:04:31.990 --> 00:04:36.370 feel hesitant to leave now some people are often 00:04:36.370 --> 00:04:39.189 held back by caution you wonder what will happen 00:04:39.189 --> 00:04:43.389 if say inflation rises or if the financial markets 00:04:43.389 --> 00:04:46.279 decline and you question if you can manage without 00:04:46.279 --> 00:04:49.980 a regular monthly salary, therefore you remain 00:04:49.980 --> 00:04:54.160 employed. You stay not out of desire, but because 00:04:54.160 --> 00:04:57.579 you're uncertain about transitioning from working 00:04:57.579 --> 00:05:00.860 hours to retirement hours. However, the studies 00:05:00.860 --> 00:05:04.420 regarding regrets of individuals at the end of 00:05:04.420 --> 00:05:06.920 their lives, a prominent theme that comes out 00:05:06.920 --> 00:05:10.139 is that people wish they'd spent less time working 00:05:10.139 --> 00:05:13.800 or retired earlier. Are you stuck in that loop? 00:05:14.480 --> 00:05:22.240 of one last year and then I'll retire. Now when 00:05:22.240 --> 00:05:26.100 you're 30, you plan in terms of decades. Time 00:05:26.100 --> 00:05:28.899 appears abundant. After the age of 60 though, 00:05:29.019 --> 00:05:31.579 you start thinking in terms of months or perhaps 00:05:31.579 --> 00:05:35.019 one or two years. You look back and you realise 00:05:35.019 --> 00:05:37.600 a significant proportion of your life is actually 00:05:37.600 --> 00:05:41.160 behind you. More importantly, you must consider 00:05:41.160 --> 00:05:45.019 how many healthy Active years you realistically 00:05:45.019 --> 00:05:49.240 have remaining to travel, pursue hobbies or spend 00:05:49.240 --> 00:05:52.800 time with family. Every day you spend at work 00:05:52.800 --> 00:05:57.459 is a direct trade of those limited healthy days. 00:05:57.939 --> 00:06:01.720 You must ask yourself if the financial return 00:06:01.720 --> 00:06:06.139 is worth it. Do you have an age when you'll draw 00:06:06.139 --> 00:06:17.250 the line no matter what? Last but not least, 00:06:17.329 --> 00:06:20.430 we come to number seven. You begin to look back 00:06:20.430 --> 00:06:23.149 and question your choices. You wonder if the 00:06:23.149 --> 00:06:27.230 stress of your career was necessary and if those 00:06:27.230 --> 00:06:30.930 extended hours truly mattered in the long term. 00:06:31.110 --> 00:06:34.509 Then you look forward and question if this is 00:06:34.509 --> 00:06:37.930 how you wish to spend the remaining time you 00:06:37.930 --> 00:06:41.129 have. At once, your perspective shifts in this 00:06:41.129 --> 00:06:46.240 manner. Difficult to ignore. is the final reality. 00:06:46.680 --> 00:06:51.579 A kind of wave of clarity occurs. You see your 00:06:51.579 --> 00:06:56.279 life, your health, and your energy exactly as 00:06:56.279 --> 00:06:59.399 they are. And for some individuals working past 00:06:59.399 --> 00:07:02.860 60, well, it's a financial necessity due to the 00:07:02.860 --> 00:07:06.600 cost of living. But for others, it's a choice 00:07:06.600 --> 00:07:12.199 driven by fear of boredom. Either way, it changes 00:07:12.199 --> 00:07:17.649 how. You view your daily existence. If you woke 00:07:17.649 --> 00:07:20.350 up tomorrow morning and discovered you did not 00:07:20.350 --> 00:07:23.029 have to work another day in your life, how would 00:07:23.029 --> 00:07:26.589 you feel? Would you feel a sense of relief or 00:07:26.589 --> 00:07:29.629 would you feel anxious and without a purpose? 00:07:30.129 --> 00:07:33.050 Your immediate reaction to that question indicates 00:07:33.050 --> 00:07:35.910 exactly where you stand on your retirement journey. 00:07:40.910 --> 00:07:44.649 So here are them seven questions again. Please 00:07:44.649 --> 00:07:48.350 mark yourself and tell me your number below. 00:07:48.610 --> 00:07:52.589 So question one, do you find yourself rolling 00:07:52.589 --> 00:07:56.129 your eyes more often than at work? Question two, 00:07:56.370 --> 00:08:00.990 are you looking forward to the day that AI actually 00:08:00.990 --> 00:08:04.670 takes your job so you can go get on with sorting 00:08:04.670 --> 00:08:09.810 the garden out? Question three, do you find yourself... 00:08:09.980 --> 00:08:13.720 stare at the box in the evening, not really taking 00:08:13.720 --> 00:08:17.639 in what you're watching. Question four, are you 00:08:17.639 --> 00:08:21.240 stuck in the one last year till you retire loop? 00:08:21.620 --> 00:08:27.319 Question five, do you have an age which you will 00:08:27.319 --> 00:08:31.579 draw the line no matter what? Question six, if 00:08:31.579 --> 00:08:33.879 you woke tomorrow morning and discovered you 00:08:33.879 --> 00:08:36.039 did not have to work another day in your life, 00:08:36.240 --> 00:08:39.600 would you feel a sense of relief? Finally, question 00:08:39.600 --> 00:08:46.419 seven. Is it time for you to retire? AmericanTimesRetire 00:08:46.419 --> 00:08:49.600 .co .uk See you on the next one.