Monday, July 4, 2011

Retirement??

A couple of financial institutions have contacted me recently. They wanted me to take part in a "survey" - a thinly disguised attempt to sell superannuation funds. Both surveys were (in theory) gathering people's understanding about retirement and how much money is required to maintain your lifestyle afterward.
But I found that I could not answer the questions honestly since they made an implicit assumption which is simply not true. That assumption is that one day I will finish working and will suddenly be 'retired'. I very doubt that the transition will be that sudden. I have no plans to ever actually retire. I imagine that I will continue with income producing activities as long as I am capable; probably tapering off as I get older and as my expenses reduce.
In other words, I never expect my superannuation (or the pension) to be my sole means of support. My understanding of the way the workforce is changing suggests that this approach is becoming more and more common with GenX and GenY (although it is difficult to say what will happen as they age). So all the survey is indicating to me is that the financial institutes in question are way out of touch with reality - so what else is new.
In fact, even my parents - mainstream baby-boomers both - have been doing some paid work despite being formally retired for years. Most of this work is gained through their network of friends and old collegues who know their skills and interests. Most of it is things that they would volunteer for even if there was no pay involved.
I only hope that I can say the same in 20-30 years time when I am supposedly "retired".

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