When you hit retirement age ....

r4nd0m said:
Honest question to those who cannot retire at the usual age, how come?

Not close to any form of retirement age myself, but interesting thread zero.
Click to expand...
Because of rampant inflation.. Or in other words, currency devaluation.
 
  • Like
Reactions: air
garp said:
Do people still believe in this concept of "retirement", i.e. some day when you just stop working and do nothing? I think that's very old fashioned, TBH. I will always be doing something. From my observation of older relatives, the day they retire is the day they start dying - long term inactivity is the biggest killer of the elderly, physically and mentally, and surely not what otherwise mobile humans were designed to do. Sure, I can understand changing your lifestyle and choosing something less demanding, time consuming or more pleasurable to do if it's something that won't pay as much and you have the luxury of not requiring a full income, but the concept of doing nothing? Nope not for me.
Click to expand...
I think you have a warped idea of retirement. My dad is retired but living his best life. Remarried a couple of years ago and they're away traveling more than they're at home. This month they're on a 3 week trip through KZN - mountains, Midlands then St Lucia.
 
garp said:
Do people still believe in this concept of "retirement", i.e. some day when you just stop working and do nothing?
Click to expand...

Definitely not what retirement means.

It's less about slowing down and more about doing what you couldn't do before when you had to work. Granted, you shouldn't put life on hold until you're no longer required to work, but the time and financial freedom is something you don't have as much of before retirement.
 
Shaun108 said:
To retire at 60 nowadays for the majority of people here in ZA is quite difficult. I have seen of late loads of ou toppies and ooms working well into their 70's.
Click to expand...
Or perhaps for the majority of people, anywhere. In many countries regular retirement age is several years beyond 60, to start with. Those who are now aged 75 and older may have retired before things began to be eroded signficantly.

I can think of retirees over 60, younger than 75, in NZ, the UK, France, Switzerland and Germany who all have to continue working, generating income one way or another, as they age, so as to postpone the day when they will need to have used up all their savings and rely on support from the State (if they are eligible for any, where they live) and from their children.
 
I'll just download myself onto a cyberpunk robot...

More seriously...haven't looked into it but not worried about making the numbers work at all. More concerned about whether the numbers will mean anything in 40 years time. A spot of global war, financial crash or a light drizzle of climate change could really take a dump on that plan
 
Keep in mind that medical advances and improved quality of life are allowing people to live longer.


That 55/60 yo retirement age needs refining from time to time (sickness and dire circumstances withstanding).
 
Forced retirement is a problem.

Yes some folks can do consulting etc but I bet majority of the workforce are SOL.
 
I've been retired now for longer than I worked and I have no regrets.
 
saturnz said:
I've been retired now for longer than I worked and I have no regrets.
Click to expand...
no-ragrets-temporary-tattoo-thumb.jpg
 
Well Retirement plan A nearly went to school with no pants on, while Retirement plan B came back from school with someone else's socks and shoes on. And the shoes were the wrong way round. So right now I'm thinking maybe these plans aren't working out.
 
Some thoughts of mine for financial freedom post-retirement...

There's alot of merit for those that don't require a significant (lump-sum) withdrawal on retirement and who intend to purchase a living annuity (rather than some form of guaranteed annuity) to not follow a "life-stage" retirement plan. (A life-stage plan switches you over from equity to lower risk asset classes the closer you get to retirement). You would still need to keep your living annuity in higher risk/return asset classes for this to work

Following this will keep you invested in equities for longer and assuming a modest draw-down rate will reduce the risk of ever running out of money.
 
the eskimo said:
Some thoughts of mine for financial freedom post-retirement...

There's alot of merit for those that don't require a significant (lump-sum) withdrawal on retirement and who intend to purchase a living annuity (rather than some form of guaranteed annuity) to not follow a "life-stage" retirement plan. (A life-stage plan switches you over from equity to lower risk asset classes the closer you get to retirement). You would still need to keep your living annuity in higher risk/return asset classes for this to work

Following this will keep you invested in equities for longer and assuming a modest draw-down rate will reduce the risk of ever running out of money.
Click to expand...
Could you please translate this? For newbies, in sentences of not more than one concept at a time? Thank you.
 
Gozado said:
Could you please translate this? For newbies, in sentences of not more than one concept at a time? Thank you.
Click to expand...

I'll try to translate:

It's best if you don't have to take out any of your allowed 33% lumpsum when your retire, to pay your vehicle or home loan off for example (ideally those should be paid off already) if you are planning on getting a Living Annuity (which pays out a % of what your have invested in the market each month, you carry the risk. Compared to a Life Annuity with an insurer where they take your retirement money and then pay you out according to the contract, and they take the risk on the performance of the invested money).

Doing that allows you to stay in higher risk asset classes (shares and property, compared to lower risk, and thus lower growth, bonds and cash) that theoretically might give you better returns over time and reduces the risk of you running out of money in retirement.
 
Thanks for all the comments guys! Really appreciate it. Thinking back the last 10 years, I saved alot, grew my portfolio with property enormously... but something I am very scared off... hitting an age to say I am calling it a day...

Looked what I did, and regretting pumping money into a RA ... or not thinking out of the box longterm (being savvy and learning from others)

One thing I do believe, we all try and do the best we can. Passive income is for sure my main drive forward.

As gents said, things are also out of our control, look at 2007/2008. Look at 2020 so far.

One thing that breaks my heart. Parking to go do shopping... see car guards of any race and just think (what went were wrong for them). One of my biggest fears in life... ending up like that. Scary thing to think about.

Thanks again for the comments
 
zerocool2009 said:
Looked what I did, and regretting pumping money into a RA ... or not thinking out of the box longterm (being savvy and learning from others)
Click to expand...

lol, for years I've been talking about the scam of pension and RAs and yet almost everyday on this forum there are long exchanges about how to use these things for one's own benefit
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X