How Paul Green’s steady approach to savings and investment created a retirement he could look forward to

Q:While specific things can be complex, are you often surprised at how little people know about money?

Paul Green : I continue to be surprised by how little people know, but I appreciate life is full of diversions from these things. People go to school or university, start a career, have a family, and then spend time with their kids. I think a lot of basic money things just get squeezed out. Money takes on a new meaning as people get older and start to think about their life following retirement.

Q: What is the major issue that worries your clients when it comes to planning for their retirement?

PG: People do not want to retire and do nothing. They want to retire and enjoy those longer years. We’re now all healthier and more active than previous generations, so it is about funding their envisioned lifestyle post-career. I think that is a big conundrum for many people.

Most of us in the UK are fortunate in that we can have a job and throughout our prime working years bring in a reasonable income. There is a good standard of living in this country. However, when you start thinking about not having an income from your work and the implications of this, it can become scary. We’re now living longer and someone planning to retire in their early sixties might need to be able to fund themselves for the next thirty years.

Q: What was the reason behind the launch of Over50sMoney?

PG: Over50sMoney is something that I had thought about for many years. It came out of a realisation that many people reach the age of 50, having been on a treadmill of career and family, and are faced with taking responsibility for themselves as they move into the final phase of their working life. If that crucial time is not navigated carefully, then they could face a less comfortable retirement than the one they had in mind.

Q: Compared to physical fitness, how important do you think it is for over 50s to stay active within a business or a charitable interest?

PG: I believe that being connected to the things most important to you is very healthy. I think that the essential social aspects of work are beneficial for your mental health. Using your brain on business problems is very important too – it keeps the mind fit. Staying mentally, socially, and physically active are all equally important.

My grandfather retired when he was 76. “I don’t know how I ever had the time to go to work,” I remember he said when he turned 80. He went from being full on at work to being full on with other things he was involved in. He lived to the grand age of 100, and I think staying mentally, physically, and socially active was a big part of that. It is all finding the right balance for you. When I am not working at Over50sMoney, you will not find me putting my feet up. I like to stay busy with other things.

Q: Do you use an investment adviser, or do you prefer more of a do-it-yourself approach?

PG: I use an investment adviser. I have worked with him now for 12 years and, because of this, we have a pretty close relationship. He understands where we are in our lives, and what we are trying to achieve in both the short and long term. He also looks at things I probably wouldn’t and is very proactive at finding new opportunities that fit with what we want. I do not think that I would have invested as wisely if I did not have such an amazing adviser.

Q: It seems like you have a very solid and robust plan in place. Is there anything about your future that concerns you?

PG: Not really for my wife and me. I think we are on fairly solid ground now (and should be for the rest of our lives). Like all parents, our biggest concern will always be our children. We have three bright children all in their twenties. I keep thinking about where they are and the choices that they are making. You then have this whole internal debate about how much you should help them, and whether giving them support would benefit them. I don’t think there is an easy answer to that.