Planning for Retirement – Is it Ever Too Early?

I’m turning 54 this month and my husband just turned 52. While I’ve been thinking of and planning for retirement for years, he still lives in the here and now and hasn’t put any thought into retirement. Part of that is his work mentality – he couldn’t imagine working anywhere else, and can’t see past the next 15 or so years til he retires.

I’ve always been a forward thinker, and an organiser and planner. I like everything organised down to a “t” and I’m not really good at winging it. I think in the big picture and like to consider things from every angle. I don’t always get it right but more often than not my plans are successful. When it comes to retirement, thinking ahead is essential if you don’t want it to take you by surprise. From what I’m reading from people who have retired, the ones that didn’t plan it before-hand found themselves lost and didn’t cope so well when the worker role was at an end.

Are Women more Prepared Than Men for Retirement?

This may affect men more than women perhaps, because mens’ identity is so tied in with their role as a worker, but I suspect that women are catching up now that most of us work compared to past generations. Women have an advantage in that they have strong connections with other women and because a large percentage of us work part-time we have time outside work to express ourselves through other means. This starts from when we took our newborn babies to mother and baby groups, then play group, tuckshop duties and so on. We were able to make connections outside of work with other women in the same stage of life as us.

Part of the difficulty with retiring before you are emotionally ready, is that you are left with time on your hands and feel lost without some purpose to your day. There probably aren’t as many structured social gatherings for people in that age group, like there are for younger women. We need to seek groups where we can find purpose in our lives and develop relationships with other women in our age group.

Looking ahead to retirement in your 50’s is not too early in my opinion. Not only do you need to set yourself up financially, you also need to start creating a life outside of work so that your identity is not solely tied with your employment. This is especially important for men who often don’t belong to clubs, and spend most of their hours at work or home.

Where Can Retirees Find Social Connection?

Some suggestions for places that may help you to connect with other people after retirement are:

  • Mens’ sheds where men can build things and donate them to charity while creating connection with other men
  • Charity groups such as Lions, Meals on Wheels
  • Volunteering, e.g. Red Cross, hospitals, RSPCA
  • Sports clubs e.g. bowls, golf, tennis, swimming
  • Traveling especially organised tours, cruises
  • Retreats and meditation or yoga classes
  • Church groups
  • Craft or other hobby groups
  • Car clubs
  • Clubs such as the RSL, surf clubs, bridge clubs
  • Bingo
  • University of the third age
  • Council-run free programs
  • Library resources and courses
  • Mentoring younger people
  • Meetup which has groups for every type of interest and if there isn’t one you can create one
  • Online – Facebook groups
  • Landcare – caring for the environment
  • Book clubs
  • Local historical society or family history centre
  • Dancing e.g zumba, ballroom
  • Arts, music or museum e.g. Friends of the Museum
  • If you have a chronic illness there are often recovery and support groups e.g. walking groups for heart disease

Isolation and Its Impact on Retirees

Isolation can be particularly distressing for people who have not formed connection with others. It may take time to create these connections but many of the places I have named can give people a sense of purpose to their lives where they can use skills they developed over their lifetime of work. It is important to reach out if isolation and lack of direction is causing emotional issues like depression.

According to this article by VicHealth, loneliness is particularly prevalent amongst elderly people. Loneliness in our society is a growing concern that should not be ignored. We can avoid this by preparing ourselves ahead of time – create connections before you retire. If you are transitioning into retirement by reducing your work hours, use that time wisely. Join groups and find some purpose in your life so that when you eventually stop working you have already begun to structure your time to incorporate time elsewhere.

Planning Ahead for Retirement

As you begin to think of retirement, picture how you want to live. Do you want to live in a retirement village or independently. Start looking at facilities they offer so that when the time comes you already have a plan in place. Do you want to be a grey nomad or a world traveler or would you be happy to spend most of your time at home? Do you want to live close to your family and friends?

I have already started planning ahead for retirement by picturing the life I want to have. I don’t want to live in the rat-race we live in now, and I want a slower, quieter life. However, being close to services such as hospitals will be crucial. We will be downsizing to a smaller house in the next few years, and the place we retire to will be much smaller again. Having less upkeep than we have here will be necessary as we both experience physical problems like chronic back pain and joint issues.

Preparing Financially for Retirement.

Meanwhile, we’ll being to prepare financially by paying down our mortgage and investing in superannuation. Gone are the days when people could leave all their life savings to their children. People are living much longer these days so the money may be gone by the time you pass away. We may need to fund a retirement of 30 or more years! My father retired 30 years before he passed away.

See a financial advisor early on – in your 50’s and start building your nest egg. First pay off any debts, especially ones with high interest rates such as credit cards. Put any extra cash, e.g. tax return, into your superannuation. Interest rates are at an all-time low. Since we bought our house, the interest rates have decreased dramatically but we have deliberately kept our repayments the same. Without changing anything we are paying our mortgage off quicker.

Your Superannuation fund may have information on their website on saving for retirement. My superannuation fund has a tool to calculate how much superannuation I’ll need when I retire. I can also work out how much my nest will grow if I put extra payments in, which is a good incentive. They have an excellent budget planner as well which is another free tool available to anyone online.

In Australia the best source of information is the Money Smart website which is free to use and is not just for people planning their retirement. Good money management should start when you are young. When my sons started their first jobs at age 14, I helped them to set up an automatic deduction of $5 per week into their superannuation. It’s not very much, but compound interest will see it grow, and it gets them into the habit of saving for the future at a young age. Now they’re in their 20s and they don’t own a credit card or have a loan, and are pretty good with their money. They don’t have any assets worth mentioning but they have fantastic memories from their travels across the globe.

Look into what pension you may be eligible for, well in advance of retirement. There are Transition to Retirement packages available in some situations. There may be concessions and rebates available to help with the cost of living. In Australia, each state has its own Seniors Card, and there is information online about what you may be eligible for. (These links are to Australian websites only). I’m not an accountant or financial planner, so for individual advice I recommend seeing a professional trained in that field. This is merely some advice on where to start doing your own research.

Start Planning for Retirement

Is it ever too early to plan for retirement? The earlier you start, the more you will have in place so that your transition out of the workforce is a smooth one. By getting financial advice early, you can start building your nest egg through superannuation and other investments. To avoid loneliness and loss of purpose after you retire, social connections should be built prior to then so that you have prepared for a life outside work. I’d love to hear from my readers – how are you preparing for retirement? If you have retired, what advice would you give to someone like me?

If you enjoyed this article, read How to be Self-Sufficient as a Sustainable Future, about our other plans for retirement.

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The Skills I Learned from my Parents That I Still Use Today

How Old-Fashioned Skills are Helping Me Now

In my previous post, I explained that I am investigating self-sufficiency as a prospect for a sustainable future. We plan to supply most of our own basic needs, including growing our own food. My parents taught me some important skills as I was growing up, most of which I took for granted and have not used in my adult life. As I am heading into my later years, I am realising that those old-fashioned skills are relevant now.

If we are to supply our own food, we will need to be able to preserve food that we have grown ourselves, so that we have a steady supply during the months that our garden isn’t producing. Plants grown in season are more easily grown – you don’t need to provide an artificial environment (such as a green-house or water sprinkling system) to keep them alive. This means you harvest a large quantity at one time. Learning how to preserve some of the crop is essential.

My sister and I in 1977 with our mum – holding a 9 lb trout. Our love of fishing and the outdoors stems from our parents. We always had a boat for fishing on the many lakes around Rotorua, New Zealand

My mother was a down-to-earth, practical and savvy woman. She was a stay-at-home mum of four kids under 5. The skills I learned from her were:

  • Budgeting – she took full advantage of using discount coupons, bought in bulk, never racked up a debt, and seemed to be able to stretch her money so that we never went without;
  • Sewing – mum made all her own clothes. She taught my sister and I to sew and knit. Mum also had a spinning wheel and made her own wool out of sheeps’ fleece;
  • Gardening – my parents were avid gardeners and grew most of our vegetables. They researched alternative growing methods and put them to use through having a greenhouse and hydroponic set-up which could produce out-of-season food in a cold climate. We also learned composting from them. Their green thumb has passed on to the rest of the family and we all enjoy growing our own produce;
  • Cooking – we rarely ate out, and mum cooked all our food. She baked cakes and biscuits, made icecream and other desserts. My dad cooked every Sunday for a house full of guests – he loved to experiment with food and entertain our guests. We all love cooking, and especially love to experiment with new flavours and techniques.
  • Preserving food – My mum used to make chutneys, jam, and preserved fruit. Dad made brawn – preserved meat. These skills are ones I now want to learn as a skill that will be needed for self-sufficiency. I have made pickles and chutneys, but only in small quantities. I am going to learn about bottling food so that it can be stored safely for future use;
  • Smoking food – we have a smoker so we can make smoked fish and meat. I know this has been used successfully to preserve food so we will learn how to do this as well;
  • Fishing – my husband and I both grew up in families that loved fishing. My parents owned a boat and we used to go trout fishing on one of the many fresh water lakes around our city. My husband’s father took him sea fishing and they still enjoy that now on their boat.
  • Health promotion- my mum was into natural therapies throughout her life. She knew every natural remedy known to man! She preferred to promote health by having a healthy diet and supplements. She practiced yoga and meditation as part of her philosophy of self-care.
  • Housekeeping and house maintenance – my parents did all their own cleaning, yard work and maintenance. I learned many skills from them and still struggle to hand those tasks over to anyone else. I prefer to do all my own cleaning, and my husband does everything he can in the garden and around the house. We are only able to hire someone else when we acknowledge that the skill required is outside our limits, or would take us too long to finish. As we get older we are realising our bodies aren’t up to doing hard work and sometimes it’s better to hire someone to do it;
  • Researching – my parents passed on their love of reading. They used to research all different things, and that love has passed on to me. My other hobby was genealogy which I learned from my mother – I was able to use her research as a basis for my own. I have another blog, This Is Who We Are about our family history
My father and his tomatoes – grown in New Zealand during the winter in a greenhouse.

I guess I was like any other teenager and did not really appreciate my parents until I left home and had my own family. My mum passed away when I was 24. I really missed her presence in my life – it was very hard bringing up my sons without my mother to advise and help me. I was lucky that she was such a wonderful parent and I learned so many skills from her as I was growing up. I was able to draw on that knowledge throughout my life. I certainly don’t take it for granted – I really appreciate everything my parents taught me.

My sister working in the hydroponic greenhouse my father set up in the mid-80s. It was the first hydroponic garden in New Zealand and used to attract tourists from all over the world

Many of the skills I learned like preserving food will be necessary as we aim towards self-sufficiency. In the next few years I will be researching different skills in order to be able to live a self-sufficient lifestyle.

10 Skills my Parents Taught Me that I Still Use Today
10 Skills I Learned from my Parents that I still use Today
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How to be Self-Sufficient as a Sustainable Future

Investigating Self-sufficiency as a Retirement Goal

My husband and I are in our early 50s so we’re not at the official retirement age and won’t be for over 10 years (67yrs in Australia for those of us born in the mid 60’s). The prospect of working for the next 13 years is daunting for me. I have chronic back pain caused by several back injuries and general wear and tear from over 30 years as a nurse. I’ve already reduced my work hours but the writing is on the wall – I know I won’t be able to work as a nurse for much longer.

I have been looking towards retirement for the last few years. Our current situation is that we have a large mortgage on a big property in a very busy city. It’s a rat-race and we feel like we are just rats in a wheel, chasing our tails – working long hours in jobs that aren’t easy, often not seeing each other for days at a time. Quality time together is limited. Our overheads and cost of living are huge. Living here is not sustainable in the long term, either financially or practically. So we must look at alternatives to our current lifestyle.

We have been considering downsizing as the first obvious choice. Once my older son leaves home and there’s just the two of us, continuing to live in our large house would be silly. It’s not designed so that we could create a self-contained unit to rent out so that’s not an option. So our first step would be to sell it and buy a smaller house on a smaller block – one that is easier to maintain.

We would still have a mortgage, however. To be able to buy a house mortgage-free we will have to sell up and move to a regional area where the cost of housing is much lower. The drawback is that we would probably be too far from medical services to be able to do it. That is why we are looking into becoming self-sufficient.

Being self-sufficient to us would mean being able to provide for most of our needs ourselves. It would mean that we would have to set up a property with energy, water and food supplies so that we didn’t have to rely on outside sources.

How to meet our basic needs

Basic needs for self sufficiency – water, food, energy, shelter.

Here is what we’re considering as our options:

Shelter – a small house on a small block. If we can afford it, a separate dwelling to rent out for income.

Energy – solar power, with a generator for back-up.

Water – rain tanks, with town supply as a back-up

Food – gardens with a variety of food such as vegetables and fruit. Chickens for eggs. A beehive for honey. Any surplus can be sold, or swapped with other gardeners. Any food that we can’t grow ourselves would be bought in bulk from bulk food supplies, or from local producers to inject money back into the economy. We love fishing so we could catch our own fish. I’ll be learning how to make my own preserves, bread, etc. – going back to skills my mother had like bottling fruit, making jam and sauces and cooking everything from scratch. It’ll be healthier as well as cheaper.

Other Considerations

Waste – Recycling and reusing everything we can. Septic tank for waste. Compost and worm farm to use our garden and food waste up and improve the growing conditions for the soil in our garden. We already have those in our current property.

Community – You need to have a network of people who are willing to share their expertise when you are starting on this type of venture, especially if you’re moving to a new area to set up your self sufficient household. Our future plans include being close to my brother so that we have support and can help each other. Getting involved with the local community is also important – being self-sufficient doesn’t mean isolating yourself behind a wall. Just the opposite – you need to be connected to the community in which you live. We’re no doomsday preppers!

Suitable property – My brother has been researching self-sufficiency for over 30 years and much of his knowledge stems from our parents. They researched much of this in their life-time, incorporating vast knowledge of using your property to provide most of the food you will need. They were avid gardeners and often experimented with alternative growing techniques – the first hydroponic system in New Zealand was set up by my father. I’m lucky to have this knowledge base to assist me.

He has stressed the importance of choosing land that is rich and fertile and slopes or faces North. We currently live in an area where the soil is very sandy and doesn’t hold water or nutrients which poses a huge problem for growing plants. We’ve dealt with this by having raised garden beds and containers, and choosing the right type of plants for our climate.

Our raised garden beds

Town planning / Council Restrictions – we would have to ensure that the property we buy is in a Council area that allows us to use tank water, keep chickens etc. Most Councils have restrictions on keeping animals, dwelling size and use of the dwelling for commercial purposes, for example.

The Benefits of Becoming Self-sufficient

Self-sufficiency makes a lot of sense to me, both financially and as a way of being more environmentally friendly and reducing our footprint globally. It comes as no surprise that it’s a cheaper lifestyle and it appeals to me to not have to pay large energy bills and rely on the government to supply our every need.

The initial costs will be the house and land, solar system, water tank, gardens, and septic tank. If we purchase a dwelling that has the basics, we can supply the rest initially or over time.

Comparing ourselves to our parents, my husband and I will probably have at least 30 years of retirement because most of our predecessors lived to at least 80. Our superannuation will not stretch that far and the Government pension will not be enough to live comfortably on, so reducing our cost of living is essential. Providing most of our own needs will save money in the long run, even if the initial set-up costs are high.

I’d love to hear other ideas that my readers may have for self-sufficiency or reducing their living costs. Please feel free to comment.

Our goals for retirement include being as self-sufficient as possible in order to create a sustainable lifestyle
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Midlife or Prime of our Lives?

Midlife or prime of our lives?

Post updated 24 June 2020

At our age (40’s and 50’s), we have friends who are having their first baby, as well as friends who have grandchildren. We can be in different stages of life – you may have chosen career first, or just not found the right person to settle down with earlier, so are just starting off married life together. Fertility problems may have delayed that first child too. On the other hand your kids might be off your hands and you’re experiencing freedom from school fees and weekend sports for the first time, also have more cash to spend on travel, yourself and your home.

Midlife is an exciting time and one which brings challenges too. Some of us may have to care for aging parents, or even have some health problems ourselves. We’re looking at retirement in the no-too-distant future and funding that so that our finances support a lifestyle that lasts 20 or more years.

The Midlifestylist blog covers some of the challenges and joys of this period in our lives. I have experienced many of them – health issues, divorce and remarriage, work-life balance, loss and grief, traveling, creating a home, and many more. I hope this resonates with my readers and would love to hear of some of the challenges and joys they experience in their lives.

You may enjoy these articles on Midlife:

For a comprehensive list of all midlife articles, click this link.

Please feel free to comment if you are facing different issues to the ones mentioned, and you may see an article about it in the future!

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