Retirment

This page is not a guide on how to retire, but hopefully something far more interesting and though provoking.

 

Consider Retirement Very Carefully

Serious thought needs to be put into the types of retirement and whether retirement is really as good or interesting as it seems. Many many people retire full time only to find that they are incredibly bored, un stimulated and wanting for more social contact.

Whether you admit it or not humans have an innate desire to feel wanted, needed, included and valued. We aspire to contribute in some way as it gives our life meaning and purpose.

When people say they want to retire most people subconsciously mean they wan to be financially free. I suggest you read our page on Financial Freedom when finished here.

 

With that in mind lets now consider three types of retirement and their implications on our life and finances.

 

The three types to consider are:

1. Full Time Retirement
2. Part Time Retirement
3. Mini Retirements

 

Full time retirement as attractive as it may seem will be a shock for most people in that they lack the finances to do the things they aspire to do in retirement. For self funded retirees or those with enough assets or income to supplement pensions and retirement funds sure it may be many wonderful years. The reality however is that 75+% of the population 50 years and over is not in that position.

The funds required to fund a full time permanent retirement are significant and the investment returns required are not available to man at present. Thus the other two retirement options become far more realistic and attractive.

Part time retirement may be a better option for many people as they will still be contributing and feel valued, they will still have lots of social contact through work and the funds flowing in have a massive effect on the money required to live this lifestyle. Clearly you can not work part time forever so during this time it s important that you not only accumulate enough income to get away with working part time, but you must also put away enough money to fund your full time retirement in the future.

 

Mini Retirements are when you work part or full time with interspersed periods of non employment or vacations. For many people without significant retirement savings this can be a massive boost to your lifestyle and will let you continue working so that when you eventually do retire you have significantly more funds. Not only are you not drawing on your retirement savings, but in many cases you are still contributing to them.

Mini Retirements are also a tool that can be used by younger and middle age people and is a concept that backpackers have used for many years. Work to accumulate money to live on and take vacations regularly, returning to work as the money runs out..

Retirement is a highly specific topic with very different individual circumstances, tax laws, retirement fund rules. Please seek expert independent advice before making any decisions or acting on any advice.

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Disclaimer - this information is general in nature and does not take into account your individual circumstance. You should always seek professional independent advice prior to acting on this information or making any decisions based on this information.