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Baby Boomers: Living Longer -Spending More (as referred to in the Daily Telegraph, 22/ 3/2010)
- June - Expectations
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April - Body/Mind Connection
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May - True stories about the Body-Mind Connection
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Aging is inevitable. From the day we are born to the day we leave this earth, we are gradually aging. So why do we dread it so much and why do we deny the inevitable?
With millions of baby boomers retiring or contemplating retirement, the whole concept of aging is taking on new meaning.
Life expectancy 100 years ago was 46 years. Today it is over 80 years. Fifty years ago life expectancy after retirement was 2-3 years. Today it is 20-30 years. How is this affecting the faces of aging?
1.Decline – Until recent times, a commonly held belief was that after 60years you were over the hill, slowing down, becoming senile, seeing out your last few years in a rocking chair, deteriorating physically & mentally.
2.Denial – In today’s age, baby boomers and even those younger, are becoming obsessed with avoiding the reality of aging, especially physical aging. The media and also the beauty industry is constantly promoting the image of looking forever young.
This constant fear and denial of aging can lead to depression and actually hasten the aging process.
3. Development – An important key to positive aging and active longevity, is to be realistic with one’s own aging, rather than being resigned to the stereotype of being ‘old’ or being in denial of the changes that come with aging.
Studies are showing that we can discover our full human potential in the new years of life beyond our youth. Mental functioning can improve rather than decline with age by using your mind to develop new knowledge, concepts and skills.
What face of aging do you want to wear? Our mind-set, what we believe as true, will influence whether we choose decline, denial or discovery & development.
The big challenge facing the 4 million baby boomers in Australia, as they head into retirement over the next 15yrs, is how to make their hard-earned money last for the rest of their lives. Our generation is living 20-30yrs longer than people 100yrs ago, when 50 was considered old and few people lived past 65yrs. It’s easy to make short-term plans for the initial ‘honeymoon’ period when you first retire, but many retirees haven’t really thought about their long-term plans, how they are going to fill the daily & weekly routine of everyday life, in between the trips away and how to budget for all that, for possibly another 20-30yrs.
Rather than constantly worrying about money, which can easily lead to stress and ill-health, let’s look at some ways to make our money last the length of our life, how to balance saving & spending, so that we can enjoy the freedom that life after full-time work brings.
*Start a MONEY DIET to maintain a sense of control over your life and spending habits. Look at how you can save $$$ on a daily/weekly basis. In retirement, what you do have, is more time to shop around for the best deals, whether it’s food shopping or larger items. From the age of 50, you can get a National Seniors card that offers all kinds of discounts. At 60, you are eligible for a State Govt Seniors card which entitles you to great discounts on public transport, cinemas, etc. I have met a number of people who are not aware of these cards and are missing out on some great savings. How often have I heard stories of people who spend up big on motor homes, sailing boats, 4-wheel drives early in retirement & then regret it. Hire or rent, before you commit to big expenses, especially if it is a new venture – try before you buy. You don’t want to chew up your assets and then suffer the consequences of living on less. Our life can be rich in different ways without spending money all the time. Simple things like less eating out less and having more picnics and home entertaining, with everyone contributing, can be fun and you are still socialising, while saving money. Walking, cycling, swimming, are some activities that keep us fit, get us out into nature, mixing with others and cost very little.
*Prioritise your NEEDS v WANTS. As people tighten their belts after the global crisis, we have to weigh up whether we can really afford, in the long-term, some of the things we want , but perhaps don’t really need. Unless you are going to use your caravan or sailing boat or 4-wheel drive regularly, would it be more cost effective to hire on the few occasions you want to use it? Those people making a sea or tree change, how big a place do you need if 80% of the time it may only be you, living there and the rest of the time the extra rooms are empty? As we get older, it becomes a time in our lives to let go of accumulating more & more material things, de-cluttering and enjoying a simpler lifestyle. I read in the paper recently that a millionaire in Vienna, Austria, is giving away his fortune of $5 million to charities and also his personal possessions because his wealth “never made me happy”. How many times do we hear that money doesn’t buy happiness? I firmly believe that valuing our health and relationships will give us a better quality of life than worrying constantly about money, which can lead to ill-health. Research is showing that some of the happiest places in the world are where people enjoy a strong community spirit & feel needed & valued.
“Hope represents our ability to look ahead and not dwell on the problems of the present.”
Remember how we learnt the 3 R’s at school – reading, writing & arithmetic. And now, as we get closer to the other end of our life cycle, we have the 3 R’s again!
Reflection–As we get closer to the end of our working life, which may have spanned 40yrs, it is a good time to start reflecting on what we have achieved in both our personal & work lives; what obstacles we have overcome; what interests we have developed; how we get on with the people around us. Also, the dreams or goals we still want to realise, now that we’ll have more time to do the things we put on the ‘back-burner’ while we were busy working full-time, bringing up a family & whatever else demanded our time & attention. Rather than looking with regret at what we may not have done, we can now look at the new opportunities that are possible. In this reflection process, we can start a ‘bucket list’ of the things we would still like to do in our lives. This gives us something to look forward to, rather than feeling like everything has come to a standstill.
Resilience –After the big changes that retirement brings, resilience helps us to ‘bounce back’. No matter how well -prepared you think you are for this new stage of life after work, many people find that it can be a shock to the system, when the reality kicks in, that you are not going back to your workplace. A fear can take hold, of not knowing how to live life, now that the routines & structures of work life are gone. If not dealt with, it can lead to depression, particularly for men. Staying positive, seeking help & believing that you can move through this transition period, is all part of being resilient. Research is finding that people who maintain an optimistic outlook , can live up to 12yrs longer & in better health, than someone who has a pessimistic outlook.
Renewal – The time spent on reflection keeps our outlook more hopeful & positive, our mental & physical health balanced, makes us more resilient & helps us to renew ourselves in this new stage of our lives. When we see that retirement can be an exciting new beginning, we aren’t caught up in dwelling on the past. We bounce back with renewed energy, re-inventing ourselves, regaining the feeling of self-worth we had in our other life. We explore the opportunities that are available in our community, to use our skills & talents to help others & to learn new skills. Life takes on new meaning, we make new friends, we maintain our health & we enjoy life!
