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nelson mandela bay's family lifestyle
author:
john osmond
you're only as old as you think
issue:
6, winter 2008
you are
Being the Winter edition of People Talk Magazine I felt it was appropriate to write about people who may be retired or nearing retirement, as this is the time in our lives which is often referred to as the Winter years. How old would you be if you didn't know how old you are? Or how old do you feel? Most people will immediately give an age that is often 15 to 20 years less than the one in their ID book. OK, some days we may feel OLD! How old is old? What exactly do we mean when we say someone is old? Are we referring to the person's years on the planet or the person's state of being, or both? By old, do we mean that a person is in a state of decline? Is there a predictable age when this decline commences for all people? Is “old” a man made border? Henry Ford said that when a person stops learning, he is old, whether he is 29 or 65. Now there is not much we can do about ageing, but we can do a lot about growing old.When retirement was invented, most people could only expect to live a few months to a couple of years past their retirement age. Did you know? Retirement as a concept was only introduced in America by the Social Security Act of 1935. In 1880, more than 75% of men over the age of 64 were working; in 1900, 65%; in 1950, 47%; and today less than 20% over the age of 64 are still working. However, retirement was introduced in the late 1800s in Europe to cater for the few people who lived past the age of 55. They would be paid some money to see out the last few years of their lives without having to work. In 1900, the average person only lived to 47. While in 1850, the average life expectancy was 38! Today, if you retire as a 65 year old, you can expect to live another 20 years. This is an average life expectancy which means that 50% die before this age & 50% after. Now here is the problem, we don't know which 50% we will fall into! Therefore the question is, is 65 still the bench mark for retirement age? There are some first world countries who are already adjusting their legislated normal retirement age upwards. The problem that many people face is that they have not been able to prepare sufficiently for this length of time in retirement. A further problem is that many large corporate companies are looking to offload their older employees even earlier. Many people are taking early retirement from age 55 so their years in retirement may be in excess of 30 years. Some people may spend more time in retirement than the time they spent working! It is interesting when you read biographies of people with enduring qualities it seems that their success relates to their attitude. There are certain personality traits that are often present which I would sum up as a certain tenacity or stubbornness of not giving in to social norms & expectations. Other characteristics which are often apparent are a ready wit & lively sense of humour – especially regarding themselves. Those that experience longevity seem to share a self-depreciating approach to life which tells me that such an approach is crucial to reducing stress. Some people may see retirement as a drop off the edge of a cliff experience; we suggest that it should be approached as a transition period. Today, retirement should not just be seen as a time just to stay busy, but rather as a time to engage in meaningful activities that mark a new beginning and not the commencement of a gradual decline. Having a full schedule is no longer enough. It is having a fulfilled life that matters. A life of total ease precedes a life of disease. Here are some key areas to successful ageing: Stay as active as you can – not just physically but also mentally & socially. Be a saver. Live within your means. Keep the connections to family, friends, and community alive & strong. When people are preparing to go on retirement it is vitally important that the preparation for this transition covers both quantitative (numbers) as well as qualitative aspects (lifestyle) of Financial Planning. Unfortunately too many people get engrossed in the numbers and loose sight of what's important to them.
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