CONSIDER WORKING INTO YOUR 70s … OR BEYOND
Why purpose, passion, and productivity matter more than just wealth.
Most people’s main factor in deciding a suitable retirement age is the wealth they have accumulated over their lives. If they can afford it, they want to retire. Retiring too early can have some unintended consequences.
I want to make a statement and say that living an extended life while participating in an active lifestyle, both physically and commercially (not financially), but productively, ranks higher than abundant wealth and early retirement.
Losing your identity through unemployment and boredom often leads to severe depression in retirement and frequently drags retirees back into the workplace, that is, if they are employable. The global suicide rate among retirees has increased substantially over the past decade, primarily due to depression caused by loneliness, loss of identity, and, in lesser cases, poverty.
Remaining actively involved in commercial activity can address at least two challenges. If the commercial activity involves monetary compensation, all three problem areas can be addressed.
Avoid situations where you cannot answer three simple questions: “Who am I? What am I? (There is a distinct difference between who and what you are.) And, what am I waking up to every day?”
If you cannot answer these three questions, you risk losing your purpose and identity and may question your self-worth. Avoid this at all costs. The earlier you retire, the greater your chance of struggling to answer these three questions successfully.
When I was in my youth, 55-year-olds seemed ancient in my eyes. I don’t know if it is because I am now beyond 55 or if today’s 70-year-olds resemble the historical 55-year-olds. It just seems like retiring at 55 leads to so much wasted time. Perhaps spending time practising one’s passion (career or hobby) more full-time is a better way of approaching “retirement” if you have the funding to carry you at age 55.
If we look around the globe, we notice that many successful people remain actively involved in their careers or businesses, fulfilling an active role in their passions and communities.
Many prominent individuals who do not need the money remain economically active into advanced age. Warren Buffett is 94; his partner, Charlie Munger, passed away at 99 while still working. Cyril Ramaphosa is 72, Johan Rupert is 74, Christo Wiese is 83, Bill Gates is 69, Donald Trump is 78, Vladimir Putin is 72, and the list goes on…
Working until a later age enhances your financial and social circumstances and counteracts and delays cognitive decline. As we know, dementia is one of the greatest challenges that individuals face as they grow older. Placing your brain “on retirement” is a definite cause of accelerated cognitive decline.
Most soon-to-be retirees eagerly anticipate a life of leisure upon retirement. Everyone’s wish list includes Leisurely walks, coffee with loved ones and friends, weekly golf games, and extended holidays. This is wonderful and ought to be enjoyed. Everyone deserves this.
However, what happens when this period (which we refer to as the retirement honeymoon phase) ends?
What happens when you cannot respond to your loved one when they ask, “What are our plans for tomorrow and next week?” Ensure that you have an answer to this question, which becomes increasingly challenging to address the earlier you retire.
I am not saying that everyone must work until their deaths. However, everyone should find a reason to wake up in the morning and do something that makes them believe they have achieved something that day.
It does not mean you have to be the CEO of a listed company, a surgeon or the President of a country. If you do not want to continue working in a high-pressure job, scale down somehow.
It can make a small but important difference in the lives of some less fortunate individuals. Find diversity and different activities that can occupy your time. Find some way to express your creativity, whatever that may be and however insignificant you think it is.
In today’s world, you can spend days learning and exploring many things using technology. AI is not a curse, like so many older people believe. You will be surprised how smart it can make you look…
The important thing is to find diversity and balance. Retirement (fully or partial) should be a time when you can determine your timelines, working hours, and social activities. It is a time to enjoy the fruits of your hard labour over the decades. It should not be a period in which you fall into depression and boredom, and there is no guarantee that money will prevent this.
Nothing stops you from starting a new career, learning a new language, or studying a subject that has always fascinated you. You may even be able to teach someone else your trade or skills. Sitting idly, waiting for the sun to rise and set, is not the way to retire, especially at a young age.
Looking at the math, retiring at age 55 realistically can leave you with 35 years or more of “leisure time” to fill. Even at 70, 20 years of “leisure time” is a challenge. Fact: We are living longer, and surviving retirement is becoming more of a challenge.
By “slowing down” and reducing work hours or finding a less taxing job after the age of 65, one can reduce many challenges, such as social, financial, and cognitive maintenance.
I have seen many professionals changing their work to a consulting basis, reducing work days and receiving remuneration based on hours worked. This allows flexibility and a gradual phasing into retirement over a period that one is comfortable with.
If you intend to retire, what “magic figure” is needed to ensure a successful retirement?
I suggest that to have a high degree of certainty in drawing income for 25 years during retirement and to keep income in line with an inflation rate of 6% per year, one should aim to accumulate capital of at least 20 times one’s annual required retirement income. There are many variables, and this should merely act as a rough guide.
On another note, we often hear references to “grumpy old men”. Consider the following pointers that will hopefully guide you towards a successful and happy (less grumpy?) retirement in your 70s and beyond (this is not a reference to men only):
Stop-
Ignoring your health until it’s urgent
You have only one body left to live in. Take care of it. Go for check-ups and take walks. Pretending nothing’s wrong doesn’t make it true.
Believing it’s ‘too late’
For what? Your time is yours; use it wisely. You are never too old to learn.
Letting fear make decisions
Don’t fear change. There will come a time when you may be alone, so keep your social network alive. Learn a new craft or study a new subject.
Holding onto bitterness
You needn’t forgive everyone for everything, but do forgive yourself to release bitterness. Strive for peace and, if possible, mend old relationships.
Comparing yourself to others
Social media, where people display photos and memories can be depressing and lead to envy. Create your own memories and don’t live on social media and don’t believe everything you read and see. YouTube and Dr Google often get it wrong.
Avoiding new technology
While I said not to live on social media, technology does offer many benefits. Live feeds and chats with family members who live far away can keep you connected. Many older people see AI as sinister, but it will play a larger role in everyone’s lives in the future; embrace it.
However, be very cautious about what you believe. Seeing something does not mean it’s factual. In some scenarios, AI can be pretty devious, and verifying facts will become increasingly important as we progress down this path. Beware of scams; this is one area where scepticism will work to your advantage.
Saying yes when you mean no
In our younger lives and careers, we sometimes had to say yes when we meant no. In retirement, you don’t owe anyone your time. Let your no be your no.
Dwelling on regrets
Use the lessons you learnt in the past to shape your present. You can even use it to teach others…
Holding back how you feel
Express your thoughts clearly. If something troubles you, let it be known. If you feel affection for someone, share it with them. Connections deepen when we are open, and at 70 years of age, such connections are vital.
Clinging onto routines that don’t serve you
Too much routine can become a trap. Try new things occasionally, and you may be surprised by what’s out there.
Your 70s aren’t just a winding-down period. It can be a time of laughter, clarity, new friendships, and deeper meaning. Find a way to keep the sparkle in your life and embrace it.
Ask yourself this question: What are you still holding onto that might be holding you back?
Let it go. Your happiness is waiting on the other side. 70 is the new 55, enjoy it and look after the body that allows you to do so.
