Do you worry about your retirement?

Summary

The article reflects on the uncertainties of retirement, questioning the adequacy of future financial security and the societal expectations of aging and work.

Abstract

The author of the article, who has a present-focused outlook and a penchant for shorter-term investing, ponders the concept of retirement after hearing friends discuss their pension plans and concerns about governmental support. The piece explores the author's personal vision of a future where work is reduced rather than ceased, and questions whether the projected monthly pension of 715EUR would suffice. It also touches on societal perceptions of aging, the fear of becoming obsolete in the job market, and the importance of maintaining physical and mental health to enjoy retirement. The author contemplates the evolution of personal interests and social activities, and the emotional impact of potential changes in one's living environment and the loss of peers.

Opinions

The author is not overly concerned with long-term financial planning for retirement, preferring to focus on the present and near future.
There is a sense of unease about the future, especially regarding financial security and the reliability of government pension schemes.
The author challenges the idea of a fixed retirement age, suggesting that continued work in later life may be both necessary and fulfilling.
The article expresses that individuals over a certain age may face employment challenges due to societal perceptions of their value in the workforce.
It is noted that retired life requires more than just financial stability; it necessitates engaging activities and a strong social network to replace the structure provided by work.
The author acknowledges the reality of losing friends and loved ones as one ages, which can significantly alter one's retirement experience.
The importance of maintaining health is emphasized as a crucial factor in enjoying retirement years.
The piece conveys a personal belief that adaptation and flexibility are key to a fulfilling life as one grows older.

Imagine being 70.

I’m a very much a live for the moment kind of person. I don’t mean this second, I think that would be tiring, but this month or year in life. I don’t tend to dwell on the distant future, but a few comments recently have been made around me which got me thinking a little bit more.

A secure future

As someone who is fairly into investing, you’d think I’d be thinking about that secure future through bonds, stocks or whatnot. Well it didn’t really cross my mind, since most of my investments are shorter term with the idea of paying for experiences or travels within the next five years.

But now I hear certain friends talking about their pension plans. Paying more in here and there. Discussing how the government has screwed them over, repeatedly. An air of insecurity not knowing when or how they are going to retire.

Eight years ago I moved to the place I call home now, which means I am slowly accruing a pension pot. However I never actually imagined I would stop working, merely reduce it and maximise income with those engagements. As things stand, I should get the equivalent of 715EUR a month when I hit 65, would that be enough? Most have to make do.

So with this quiet murmur around me, I tried to picture myself in that future. It didn’t feel comfortable, something wasn’t fitting but I couldn’t quite feel what.

Sell by date, use by date

Imagine I don’t ever really retire, my parents are yet to in their 70s after all, and so there I am in my late 60s looking around for work.

It’s obvious that we’ve been educated to think that we as humans have a certain sell by date. After all each country has a retirement age, and is that for our benefit or someone else’s?

This has rippled through society where I come across people over 30 who are already worried about their employability. They may have had a career break or simply wanted to break their career after realising their employers aren’t the best, but fill they won’t be able to find a way back in — most not having a problem after all.

But this is a time when we know how to work, we have the experience and the calmness (hopefully), and actually we should be maximising our hourly rate so that we can relax later on. Surely I’ll be able to do that.

Outside work

The biggest worry though is how to fill that time. What to do with those extra 37 hours a week, at the very least. Have you got that social circle already or will you have to get out there and create something new?

Some people have been craving to put their feet up, sit back and indulge in TV as much as possible after a lifetime of physical work. There are also those that can’t switch off, and the TV turning on won’t dull their need for mental stimulation.

At that age, it’s the beginning of friends leaving you. Permanent goodbyes not of going abroad sorts. Some younger than others which is the way of life. Those rituals I have now, of coffee, cake and stronger stuff may be forced to discontinue.

Will I still be running or playing football? Or would I have substituted those with something else that would somehow fill that adrenalin void.

One thing that strikes me now is how places change. Will I want to be in the place where I live now where I have created many of those time filling activities. Cycles along the coast, walks to the beach, hikes up the mountain?

Ultimately, all I can hope now is that I stay healthy in both body and mind to be able to worry about that at 70, because that in itself seems an achievement.