Retirement Rebel by Siobhan Daniels

April 03, 2024 Planning For Financial Freedom Over 60 with Diane Watson

Hello, it's Siobhan Daniels here, your host at the "Retirement Rebel" podcast. In the introduction of our latest episode, I delve into three key subjects that are close to my heart and central to our theme of redefining retirement.

Firstly, I discuss the financial realities and challenges many women face as they approach retirement. It's crucial we acknowledge that for many, there's a significant shift in financial stability when transitioning from a regular income to a pension. I want to bring to light how this can impact the ability to leave undesirable situations, especially for those who may not fully understand their finances or legal rights to assets. With the financial independence of women at its core, the conversation is geared towards equipping our listeners with the knowledge and confidence to take charge of their financial future.

Secondly, we talk about the concept of home ownership and how it's deeply ingrained in the UK psyche as a financial asset. However, owning a home comes with its own set of burdens, like maintenance costs. I want to help our audience think outside the traditional box of financial security, exploring the idea of alternative lifestyles like the one I've chosen—a mobile life on the road—which challenges conventional living and financial arrangements.

Lastly, we cover the broader topic of empowerment through financial education. I truly believe knowledge is power, and it's essential to teach not only our children but also ourselves about managing finances wisely. By sharing relatable and engaging stories instead of dry, numbers-focused lessons, I hope to inspire our listeners to become financially savvy and make informed decisions about their assets and future earnings.

Throughout these conversations, my goal is to stir a rebellion against the usual retirement expectations and encourage listeners, especially women, to embrace life after sixty with independence, joy, and a fair bit of financial nous. Stay tuned as we dive deeper into these subjects and more on the "Retirement Rebel" podcast.

Don’t forget to follow / subscribe to the podcast for FREE on your podcast app of choice, or play it directly from the website: www.retirementrebel.co.uk

Key Points:

Introduction to the Episode

00:00 - 02:00

Host Siobhan Daniels introduces the episode by setting the stage for a discussion with Diane Watson about rethinking traditional financial norms and considering alternative lifestyles in retirement. They provide a brief overview of what to expect from the conversation including stories and insights on financial empowerment and retirement planning.

Rethinking Financial Perceptions in Retirement

02:01 - 06:45

The conversation begins with a look at how retired people often experience a change in their financial situation, leading to more mindfulness about their expenditures, and busts common myths about feeling financially secure solely based on home ownership and traditional retirement plans.

Tackling Gender Inequality in Finance

06:46 - 11:30

The discussion turns to the financial challenges faced by women, particularly those in their fifties and sixties. Diane Watson imparts important information on entitlement and legal rights following divorce, stirring awareness that cohabitation doesn’t offer the same security as marriage.

Financial Literacy and Education

11:31 - 17:15

Siobhan and Diane delve into the importance of financial education for children and adults alike, emphasising the relevance of stories in teaching complicated financial concepts.

Disrupting Traditional Living for Financial Freedom

17:16 - 23:00

Siobhan shares her own story of eschewing conventional residential and financial arrangements for a more mobile and flexible lifestyle. They explore the financial burdens of maintaining a home and discuss how home ownership is not necessarily the financial asset it was once considered to be.

Ageism and the Power of Community

23:01 - 29:00

The episode takes a turn into the social implications of retirement, discussing how ageism affects perceptions and lifestyles. Siobhan and Diane encourage building communities to empower women to live vibrantly at any age, challenging the stereotypes associated with being a 65-year-old woman.

Financial Independence and Empowerment

29:01 - 34:50

Diane emphasises the significance of women having their own financial independence and being proactive in their retirement planning. They uncover the psychological barriers to women's financial understanding and stress the importance of starting retirement savings early.

The Ripple Effect of Financial Attitudes

34:51 - 39:20

The conversation circles back to how parental attitudes toward money shape children's future financial behaviours, stressing the importance of teaching financial responsibility to the next generation.

The Waspi Campaign and Retirement Realities

39:21 - 45:30

Recognizing the financial struggles many women face, Diane discusses the Waspi campaign's insights on state pension changes. They examine the impact of increasing retirement ages and the necessity of making financial provisions for retirement.

Embracing a Retirement Rebel Lifestyle

45:31 - 50:00

The episode concludes with a dive into Siobhan and Diane's personal experiences as retirement rebels, exploring activities like cold water swimming and detailing how these experiences can enhance dopamine levels, promote well-being, and defy the typical narrative of ageing.

Outro and Teaser for the Next Episode

50:01 - 52:00

Siobhan wraps up the episode by summarising the key points discussed and the overarching message of financial empowerment and redefined retirement. A teaser is provided for the next episode, promising more rebellious tales and insights from inspiring guests.

Guest Info

Diana Watson is a dedicated financial advisor with a wealth of experience in providing holistic financial planning services. Since 1993, she has been empowering clients, including business owners, directors, and professional individuals, with financial security through personalised advice on both personal and business financial planning. As the Principal Partner, Diana prides herself on being a trusted adviser to her clients, taking the time to understand their unique backgrounds, current situations, and future goals. Her bespoke planning and personal service are tailored to create financial plans that deliver prosperity and financial security for her clients. Diana Watson's commitment to her clients' financial well-being is the cornerstone of her approach to wealth management.

For more information or to get in touch with Diana Watson, you can visit her website at (https://www.dianewatson.co.uk/my-approach/)

Links and Resources:

She Can Prosper Book
She Can Prosper Events
Facebook Group
https://instagram.com/shecanprosper/

Quotes:

Gender Stereotypes in Financial Literacy: "I think that a lot of girls don't think they're very good at maths, or they maybe get the message at school that they're not as good at maths as boys are. So they have this innate fear that maths equals money equals finance."

Divorce and Legal Rights: "I think that one of the, you know, the most important things is that you get good legal advice because a lot of women are not really aware of what they're entitled to and what their outcomes are going to be."

Pension Struggles and Extended Working Years: "a lot of people retire with an insufficient pension in the first place and then they're trying to eke it out, aren't they, for as long as possible."

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Website: www.retirementrebel.co.uk

Instagram: Siobhan - Host

Instagram: Matt - Producer

Podcast Production: www.kult.media

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