Discussion Topic: How to continue to work and not retire
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This topic is often being discussed in many Financial blogs, while many of us might be away from the specific age, it would be nice to have a thought on this.
I have seen lot of people crumble badly after their retirement ? and they were pretty healthy before that. If one is planning to prolong their work beyond the normal retirement age, he should look for the following at the least (my perspective).
1. Health (very important one), be active, average weight, flexible.
2. Sticking or upgrading skill appropriate with age / experience that wouldn't disqualify you as you age. eg., could be challenge to remain a mechanic beyond 60 normally.
After all, healthy family relationship, lasting friendship, intensified social service would add up ...
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
This is a very important topic. Currently in India they are getting rid of persons with poor health as the company cannot afford the Health Insurance Premiums. In many companies across Canada the two things you'll find being slashed are Health Insurance(Dental, Vision and other perquisites) and also Pension. These two are the biggest hitters on the companies profitability.With more US companies taking over the Canadian companies you'll find both going down the tube.
The way it is happening and inadvertantly it is getting into a catch 22 situation. If you have NOT saved enough for your pension then you cannot retire as you need to keep the pay cheques coming to maintain the same quality of life. While you need a pension to retire early and that is being eliminated. While you need to keep good health to continue working as age impacts your health starting mid 40's where your Cholestrol, Diabetes and Blood Pressure start acting harsh. In the mid 50's many end up with heart problems, arthiritis and other pains. In mid 60's your eye site fails, your patience wears down and you start to be slower.
Hence the catch 22 situation is that you need good pension to retire early, while removing the pension you cannot retire early and hence without good health insurance you cannot support your medical expense and your health goes down as you progress in age.
I find lots of person above 65 volunteering in hospitals, library, schools and road crossings. May be that is the way to keep ourselves engaged and active.
If you can cut down on your NEEDS(not to think about Wants) beyond 40 everything will be alright.
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Sunny Leone a true Canadian DESI now back in India !.
We should watch this Superstars tamil song from Baasha where he stresses how to divide our lives in parts of 8 and plan accordingly.
Brilliant Message !.
http://www.youtube.com/watch?v=K0eN_hhGg6w
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Sunny Leone a true Canadian DESI now back in India !.
Location: God's own country
Posted on: 23-03-12 06:18:46
VM,
That was neither Rajini's own idea or Vairamuthu's own idea.
It was the Siddhar's concept, But Rajini shared it with Vairamuthu to pen it down.
Peace
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I am a Gents and not a Ladies.
Quote:
Originally posted by JRF
This topic is often being discussed in many Financial blogs, while many of us might be away from the specific age, it would be nice to have a thought on this.
I have seen lot of people crumble badly after their retirement ? and they were pretty healthy before that. If one is planning to prolong their work beyond the normal retirement age, he should look for the following at the least (my perspective).
1. Health (very important one), be active, average weight, flexible.
2. Sticking or upgrading skill appropriate with age / experience that wouldn't disqualify you as you age. eg., could be challenge to remain a mechanic beyond 60 normally.
After all, healthy family relationship, lasting friendship, intensified social service would add up ...
One should retire financially as early as possible. This does not mean to become idle but engage yourself in different activities. Early retirement depends upon no. of factors. Personally I think if we are less materialistic and have less liabilities then chances of early retirement are more.
For me health is the top priority. No matter what your age is, spend at least one hour daily in physical activities to keep yourself fit and fine. What we do in young and middle age that reflect in old age. Simple living and less eating always work on the long run. Stay away from fast foods. Indian restaurants give you too much saturated and trans fats.
Correct.
- Downsize the life as you grow.
- Stabilize yourself financially (get out of debt and have what you need to feed yourself / wife).
- Health.. Health.. Health.. can't emphasize more on this.
- Be able to helpful to the kids when they expand their family and vice-versa but within bounds though.
- Keep engaged, its very tricky. You can't keep playing Golf, can't keep only working out / walking / playing. Even social service full time would hit the rock bottom of your morale. This is something that we is still looking grey now. One or other way, there needs to be some motivation to earn your living.. It is justfied though when you aren't physically capable to work.
I think the last part is still open. I have seen numerous cases going bad for not having run their thoughts around it.. May be we could spend bit more time comprehending / discussing it..
Quote:
Originally posted by web2000
One should retire financially as early as possible. This does not mean to become idle but engage yourself in different activities. Early retirement depends upon no. of factors. Personally I think if we are less materialistic and have less liabilities then chances of early retirement are more.
For me health is the top priority. No matter what your age is, spend at least one hour daily in physical activities to keep yourself fit and fine. What we do in young and middle age that reflect in old age. Simple living and less eating always work on the long run. Stay away from fast foods. Indian restaurants give you too much saturated and trans fats.
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
It depends where you are living post retirement, You can afford to retire early in India for the reason that
a. Even if you have not saved enough, there are still children who can accommodate you as you are taking care of your grand children. (Some may argue that times have changed but largely we still see old parents taken care of by children)
b. you have more number of friends & children to pass time in India, so it makes sense to retire early.
c. you may join some ashram etc. to keep yourself busy post retirement, if not there is plenty of social work to do.
In foreign land it is bit tricky as financial support remains the main concern and there may not be much to do in absence of extended family as a retired person. If enough money then one can travel but in that age it may not be possible. So till one can do, with ease, continue working. When old, taking longer vacations or working 50-75% is better option to spend more relaxed life.
I will join some chess club to spend my time out. ;-)
