The penny drops podcast: Everything you need to know about retirement planning


In this episode, our host Andrea Fox joins Sarah Pennells, head of financial capability and guidance at Royal London, to discuss why retirement planning is so important.

What will we be talking about?

What sort of lifestyle do you want in retirement? Are you already taking steps to get there, or do you feel there are more important things to worry about right now? This month we cover:

  • What we need to do to prepare for retirement
  • The options we have when we reach retirement age
  • Preparing to stop work (mentally and financially)
  • How our lifestyle in retirement affects our budgeting and savings plans
  • When to start saving for retirement
  • Retirement saving options for self-employed people
  • Budgeting in retirement to make sure we don’t run out of money
  • Dealing with unplanned costs or shocks when you’re retired
  • Who pays for care if you need it
  • Why it’s so important that younger people think about what they want in retirement

Who is our guest?

Sarah Pennells is the head of financial capability and guidance at Royal London, leading the strategy to help customers and employees make better money decisions. An author, former broadcaster and financial journalist, Sarah is an expert on personal finance and consumer issues with over 20 years' experience. To hear more from Sarah, listen to our episode from December 2019 where we go back to basics on pensions.

All views and opinions expressed in the podcast are those of the guests and not of Royal London.

Where can you listen?

You can download and listen to episodes using the iTunes Podcasts, Google Podcasts, Spotify or Castbox apps – just search for ‘The penny drops’. Make sure to subscribe so you don’t miss any new episodes, and please do leave us a review. We’d love to know what you think of the series.

If you don’t have access to an app, you can listen to the podcast online. We’ll send you reminders about any new episodes in your quarterly member emails.


How can you find more information?

Royal London recommends you seek professional independent financial advice before making financial decisions. You can learn more about the value of financial advice on our website, or visit Unbiased to find a trusted professional in your area.

You can also find lots of helpful information on retirement on the following sites:

Saving for retirement

Retirement planning

Pension options

Budgeting in retirement

Coronavirus support

This episode was recorded in July 2020 during the coronavirus outbreak. For the latest information on financial support and benefits, visit

Please note that all topics discussed in this episode can vary depending on your personal circumstances, and the value of investments can go down as well as up (meaning you could get back less than you pay in). Any figures quoted were accurate at the time of recording.

Listen to more episodes!

Take a look at our podcast page for more information on other episodes and topics we've covered, or search for 'The penny drops' on the app you use to listen to podcasts. 

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