PLANNING FOR RETIREMENT

Today, although life expectancy has increased dramatically, there is a move away feom the idea that everyone should retire at a predetermined age. There are people still working full-time at 80+, but others in their 50s, who are still fit and well, are faced with redundancy or are forced into early retirement. Unless they can find other suitably remunerative jobs, this reduces their ability to provide for their later years.

Ideally, of course, planning for your retirement should start well before the age of 50+, but the increase in life expectancy means that many pension plans that were originated 10 or 20 years earlier are now likely to prove inadequate. Many of those who are fortunate enough to still be employed should therefore seek to pay more into their pension fund abd delay drawing on it. This is particularly important for many of the baby-boomer generation who have live through relatively prosperous times and who do not wish to have to change their lifestyles. But others may feel the time has come to live more simply and economically.

Money is important, but so is the need to avoid becoming 'old' too early. An increasing number of people are saying 'never retire'. This, of course, does not mean that you should continue with the daily grind of commuting to an unfulfilling job when there is no financial need to do so. Retirement may be an opportunity for a total change of direction. This can include working part-time, doing voluntary work, taking up a half-forgotten educational challenge or fulfilling ambitions that have been set aside in the face of commitments to work, financial stresses, parenting or coping with the problems of divorce.

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Find a way to use your skills: as an older person you have much skill and experience to offer. You may choose to apply these in a formal position, such as a part-time consultancy or voluntary work. Traditional craft skills, such as sewing, knitting, woodwork or gardening, can be put to good use in many ways.

Learn new skills: you may have missed out college education, or simply studied the wrong subjects. Now could be a good time to fulfil those educational ambitions that had to be set aside. Learning does not have to be academic; try:

• Becoming computer-literate, keeping in touch with your grand-children by e-mail.
• Attend cooking classes or financial management classes.
• Learning self-defence.
• Taking up a craft or hobby, such as book binding, painting or needlework, or learning to play a musical instrument etc.