I thought, this week, I would take a break from my average life story and get back to thinking - what the hell am I going to do when I eventually do retire?
There are three things to start with, I think.
1. You Must Check Your financials
Perhaps do this sum to plan for saving for your retirement fund?
a). Take the age you are at now and half it and take this a percentage of your wages to put in an investment account, like an ISA or something which could gain some interest and don’t touch it unless you really have to 🙂
e.g. if you are 27 and half it makes 13.5% - aim to save this percentage of your real wages. The older you are the more you will have to save. If you can, do the same with your pension contributions*.
* don’t just rely on the government “lock system” this means the rate would rise annually – at the time of writing and post the COVID 19 pandemic, UK PM Johnson raised the payment of taxes to fund the NHS and brought a 1.25% social care tax. Currently the state pension is around £700 a month – this would not bring a comfortable retirement plan - but currently around 27M people pay National Insurance contributions to receive this handout.
b). Work out your potential bills at the age you want to retire
You just need the bills for you and your spouse and so work out what the mandatory bills are. Discard any leakages such as, unnecessary subscription services you haven't used for ages -but make sure you have something which you can do with your time. So if its holidays every year then budget for that case. If you are a news junkie, like me, than that subscription to your favourite paper may be a need.
2. Entertainment & Motivation
Be happy with your social life, but try not to over indulge – Health Experts will always tell you that too much junk food will lower your motivational aspirations. Obesity will take over and lead to probable health decline with the chances of diabetes and other debilitating forms of control over your body. Perhaps think about not wanting to be in a Zimmer frame when your joints start to seize up. That might be a motivational thing to say as you mantra every day.
When you do decide to exercise. Do so at your own comfort level. You don’t have to join a gym, but if you do. then "use it". There are though are many things that can get you fit and keep you there – As I say, if you have the funds, then use the gym and personal trainers. Be happy with paying and going there, as this payment can be expensive if it does not get activation from you.
Tip : 20-30 minutes exercise a day burns around 150-200 calories and one glass of beer or wine being 2 units of alcohol (add two noughts for each bevy); makes 200 calories.
Yes enjoy your youth time where you sometimes leak out money for something you rarely use - e.g. Gym membership, but aim to keep fit in your old age as best you can, for example daily walking or invest in a treadmill or cycle to keep fit and keep the cost down. If you like swimming do that, it uses every muscle in the body
Eating can be controlled – check out the NHS website “eat well for less” it will help you cook your own food, shop well, save money and control your weight and fitness*
*I would personally challenge the BMI mathematics, and these days many experts have started to question BMI's accuracy and usefulness. For me, being five feet and eight inches (1.72M) tall and weighing currently 15 stone and four pounds, (97kg) or just say 214Ibs. This means, according to the BMI calculation, that I should ideally way between 8 stone and 10 pounds to 11 stone and 11 pounds. Which means currently, at 62 years old, I have a Body Mass Index of over 30 and am therefore obese 🙁. You may want to check the below links to see how BMI came about and how the NHS result is established.
NHS website
Angela Lemond, RDN
Ok, so I am looking at overcoming obesity but prefer to work with the calculations for which the The World Health Organisation categorises a high medical risk as a ratio above 0.85 for women and more than 0.9 for men and you can calculate your waist-to-hip ratio by taking your waist circumference and dividing it by your hip circumference so if you can get into a size 38-inch trouser or shorts or of course less for you slim people then your health risk is under control.
3. Make a bucket list of things you want to achieve
I drew up a list of things which could be done - I am not into throwing myself out of plane or off of a bungee rope. But some might want to do that! If so, go do it.
My top five thoughts right now are numbered below and may be subject to change as change happens.
#1 If you’d like to get out of the house and meet new people, pick a hobby that allows you to do just that. Mine would be golf (that requires people and money annually); other than that go to the races or cricket regularly or if I can, watch your favourite football team live instead of on the TV.
#2 While some people are very self-motivated, others find it harder to stick to a routine when they just don’t have to anymore, which is why having a part-time job can be really beneficial. As well as earning some extra income, it provides structure to your week. I am thinking about learning how to be a therapist and do some courses perhaps, which might provide me something of a cause to help people and maybe bring in some money too. Alternatively, I have read that one can become a magistrate before the age of 70 - you don't need any specific training but you have to do some time in the courts to ensure its the thing you want to do.
#3 Go to the pub or social club regularly - and not just for the pints! Local pubs often play host to skittles leagues, pub quiz teams and darts leagues – or you could set up your own arrangements to meet up with friends for traditional pub games such as dominoes, backgammon or draughts or even bridge. There might even be good food, music and dance on offer at some social clubs.
#4 For people below a certain age, photography seems to be just about snapping stuff to put on social media. However, there’s a lot more to the true art of photography. Looking at life from behind a camera can help you see the world in a whole new light – and keeping an eye out for a great picture makes every trip out a bit of an adventure. Photography also gives you a way to use and develop the artistic side of your brain, which has to be a good thing. You could also put the photographs you have into some kind of clutter free digital assembly.
#5 Stay in touch with people - whether it’s catching up with your friends on Facebook, setting up a WhatsApp group for ‘ladies who lunch’ or ‘chaps who like to chew the fat over a pint’, Skyping your relatives in Nashville or zooming with an old friend in New York, it’s never been easier to keep in touch. Get up to speed with social media and all the latest online communication platforms and you can chat with friends and family all over the world whenever you like. Perhaps also find old friends on social media and reconnect.
POEM
A person who lived for you and me
Motivation where have you gone?
My education still rolls along.
Fitness, fatness, finesse the soul
Make your bucket, reach your goal.
Wanna leave work and be happy in life
Get down with the financials and include the wife.
Know your limits, grab your chance
Get social son, learn to dance.
Make most of your time, it's short enough
find a niche in all the stuff...
..you liked or loved when you were young and free
free enough, free to be...
...A person who lived for you and me.