Retirement Scenarios

We've had a cold but gloriously sunny week in my part of the UK and, on my walk this morning, I was admiring the newly-emerging buds on the trees I passed.  Spring is in the air at the Blogging Boomers carnival too, as Laura Lee Carter hosts a special springtime edition over at Midlife Crisis Queen.  Enjoy!

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The use of marijuana amongst retirees is, apparently, growing as we boomers get older.  Some have never stopped using it, but others, who tried it decades ago, are revisiting it now as a way of coping with the aches and pains of aging.  Find out more here.

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In this audio clip, finance expert, Jasmine Birtles, explains the changes to the UK State Pension.  Be aware that the audio starts as soon as the page downloads - don't want to give you a heart attack!

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What if I don't want to have an exciting, adventurous retirement?  I don't want to be off having adventures - jumping out of planes and trekking through the Himalayas.  I just want a traditional, 'pottering about' sort of retirement like my parents had.  Is that bad?

CW, Exeter, UK

LOL…  Absolutely not!  That's great!  I would never dream of telling you what type of retirement you should be having.  I'm in firm agreement with Christopher Darlington Morley, who said that: 'There is only one success - to be able to spend your life in your own way.' 

I firmly believe that you deserve to have EXACTLY the kind of retirement you want to have.  And if 'traditional' and 'pottering about' sounds like heaven to you, then you have identified your ideal retirement, which is all that anyone can ask for, isn't it?  (And you can always change your mind later, if, after a few months of pottering, you start to get bored.)  Happy pottering!

If you have a question for me for our 'Ask the Retirement Coach' section, just send them along to ann@annharrisonlifecoaching.com.

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The Blogging Boomers wheel comes full circle again, back to co-founders, LifeTwo.  As usual, there's something there for everyone, so here's the link you need.  Enjoy!

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What’s your retirement style?  I've identified four different types of retiree - Activists, Individualists, Specialists and Traditionalists. 

Traditionalists want a traditional 'rest and relaxation', 'pottering about' type of retirement.  They don't want to change the world, or even themselves.  They don't particularly want to work part-time or get a retirement career or start a retirement business…  They worked all their lives and they're done with work.  They just want to enjoy their retirement, have a few extra holidays or vacations and maybe get a caravan or boat to make the most of their new-found leisure time. 

I would include caregivers under this category – those who are retiring to look after an elderly or sick relative or those who are helping out by spending considerable amounts of their time looking after their grandchildren. 

So, those are my four retirement types…

Which of the four do you naturally lean towards?

Which of the four do you aspire to be?

Do you feel that you don't really fit into any of the above categories?  No problem… make your own!   What type of retiree will you be?  What will you call your new category?  Leave a comment below and let me know…

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What’s your retirement style?  I've identified four different types of retiree - Activists, Individualists, Specialists and Traditionalists. 

Specialists are the enthusiasts, the devotees, the people who have a continuing (often lifelong) passion for their work - they love what they do so much that they'll never retire and they'll just keep on working until they drop. A great example would be someone like British actress and national treasure, Liz Smith*, who famously played the role of Nana in ‘The Royle Family’ and who, at the age of 86, appeared in ‘Lark Rise to Candleford’. 

Other examples of Specialists include Michelangelo who designed St Peter's cupola at the age of 83, or Picasso who continued to produce prodigious numbers of paintings and copperplate etchings until the end of his life in 1973. 

Less famous examples include Dolly Saville, a UK woman who, at 95, is the oldest barmaid in the world, Jim Webber, who worked as a gardener until the age of 104 and 103 year old Buster Martin who works as a van cleaner for a plumbing firm in London. 

Still not recognised your own retirement type (or the type of retiree you aspire to be)?  Come back tomorrow when we'll take a look at Traditionalists…

*Sadly, Liz Smith has recently announced her enforced retirement from acting following a stroke.

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What’s your retirement style?  I've identified four different types of retiree - Activists, Individualists, Specialists and Traditionalists. 

I think of Individualists as the self-actualisers of the second half of life - they have the need to fulfil their potential and be all that they can be, and their ideal retirement would be a portfolio of activities which combines:

• meaningful work,
• learning,
• personal development, and
• community and/or voluntary activity. 

Examples of Individualists would be Sylvia Hopwood from Ribchester near Preston in the UK, who, at 76, runs The Recycle Works and its accompanying website/online store offering recycling and composting equipment, bulbs and seeds and eco-friendly products.  Another example would be my friend, Beryl, who, in her late 60’s, is a well-respected NLP trainer, co-owns a coffee shop on Anglesey and prepares all the food for the coffee shop each morning. 

The Individualists may have downsized their lives earlier in life.  They are the ones who are most likely to start a small business in retirement, open a B&B, take off in a motorhome for a couple of years or go off on adventures – maybe trekking through the Himalayas or doing VSO (Voluntary Service Overseas) work.

Does being an Individualist in retirement float your boat?  If not, call back tomorrow when we take a look at the Specialist.

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In their mid-forties Bill and Jean (not their real names, of course) had no savings.

Wanting a fresh start, Bill went back to school. At 50 he graduated and there they were; no savings, no assets and $50k of credit card debt.

Today they are retired, in their late 60’s. They have over $400k in retirement accounts and savings.

How did they do it? They said they became diligent about earning more money and saving more of what they earned. They also each sought jobs that offered pensions, creating a nice floor of guaranteed income. They use their personal savings to supplement the guaranteed income from social security and pensions.

They sought my assistance because in addition to their savings above they had just inherited a bit of money and wanted to know if they should pay off their mortgage. He wanted to pay it off; she didn’t.

After looking over their situation, the answer was yes - pay it off.

In addition, they had accumulated quite a bit of gold and silver coins over the last few years. She wanted to sell some; he didn’t.

After looking over their allocation, the answer was to take profits now - definitely sell some.

They agreed it made a nice compromise - he got peace of mind with the house paid off and she got peace of mind with holding less gold and silver as an investment.

All in all, this was a case of solid financial planning and a couple whom I found quite inspiring.

One Couple’s Triumph On A Late Start On Retirement originally appeared on About.com Money Over 55 on Monday, March 8th, 2010 at 22:05:27.

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