Don't wait for tomorrow: Duncan GarnerPosted to Financial Capability on 20-11-2015
One of the joys of stopping work or reducing your hours as you get older is the time it gives you to indulge in the things you love.
But hobbies and travel usually come with a cost and some people find themselves spending more money in their early retirement years than they did when they were working.
If you hope that will be you, then you need to plan ahead so you’ve saved and invested enough to give you the freedom to have some fun.
The Commission asked some high profile New Zealanders how they view life after work.
Broadcaster Duncan Garner’s dad died when he was 63, so he appreciates the need to live every day to the full. But he’s also got his eye on the future.
Here are some ways he’d like to spend his retirement:
1. Boat. Buy a cheap but safe dinghy with lifejackets, oars and a small motor. Add flares and two forms of communications.
2. Rod. Get a good fishing rod. Catch fish and you will feed yourself for the rest of your retirement.
3. Move. Walk, swim, cycle, jog, kayak, aqua-jog. Move every day. Don’t stop.
4. Beaches. Discover a new beach every week. NZ is surrounded by them.
5. Mind. Keep reading. Keep educating yourself. Courses. Books. Online. Don’t stop. An active mind is healthy.
6. Grandchildren. They’re a gift. Pass on your lessons. Get involved. Teach them stuff. Help them. I have no grandparents left and lost them early in life. This is a two-way thing.
7. Friends. Never stop meeting new people and having new experiences.
8. Travel. If your finances allow – travel. Find new places. You’re a long time dead.
9. Markets. Visit as many markets as you can – they’re a wonderful celebration of NZ produce, products and people.
10. Don’t wait. Don’t wait for tomorrow. My Dad died at age 63 of cancer after working hard to set himself up for retirement. Life is no dress-rehearsal. Don’t put things off. Do it today.
It’s worth thinking about your own future and research by the Commission and the Financial Markets Authority found that people who make a plan are more likely to achieve their goals.
www.sorted.org.nz can help you with that: it’s got plenty of information and tools to guide you, including a goals worksheet, money planner and retirement planner to get you on the right track.
Next: A train ride conversation about wills