I once heard a discussion on the radio about preparation for old age. The focus was on making sure that you had sufficient financial resources and so there was talk of the need for people to start making contributions to pension plans early. One person offered a slightly different approach. While putting money away for the future was not a bad idea, he said, people should think about what they are actually going to do when they retire, furthermore they should avoid getting into the trap of living the whole of their working lives as though its only purpose is to provide for retirement. Why not try to find a way of earning money that you enjoy, he said? Then you will want to work after the age of 65 because you enjoy it and so reduces the amount of money that one needs to save; and makes the time both before and after retirement more enjoyable. As he pointed out, there is danger of being so fearful of being able to support yourself after 65 that the whole of you life prior to it becomes a waiting game in which retirement is a sort of ‘secular afterlife’, a reward for the drudgery of work.
He had a point, I think. Firstly, pension schemes are not guaranteed however prudently one saves. Also, it is good to think about what we can do to enjoy life, before and during retirement, as well as having the money to do it.
Given that my physical capabilities are going to decline with time, shouldn’t I be ready to change what do as I get older so that life is always interesting. I am 52 and so am aware of this happening already. I am reminded of my grandpa here. While he did the same job all of his working life which he enjoyed until he was 65, he always had strong recreational interests as well. He was an nationally known rugby player until he was thirty, when I he gave up rugby and took up tennis and golf. For the next 20 years he played for the local tennis club and got a golf handicap of five. Then at the age of 50 he gave up tennis and golf and took up the even more sedate activity of bee-keeping, which he did until he died at the age of 83 (at the end he was recruiting (Read More)