The Retirement Newsletter: Have we got retirement wrong?
Issue Number: -64 — Is retirement a good idea?
Welcome
I have had a little flurry of new subscribers this week — welcome. And I have had a few people buy me a cup of tea — thanks.
This week, I will be looking at if we should retire, and there will also be a visit to nostalgia corner, where I will look at the most recent series of Gone Fishing with Paul Whitehouse and Bob Mortimer.
Should we retire?
For the past few weeks, I have been wondering if we have retirement all wrong.
We plan for our death, and I have done that — see Issue Number: -85 — Planning my funeral.
I have written about planning what to do when I retire:
I have written about my bucket list:
I have wondered about practising at being retired:
I have thought about how to fill my spare time once I am retired:
About my first day of retirement:
And I have pondered starting a business when I retire:
But have we got it all wrong? Should we retire? Why do we retire?
State Pension started in the UK in January 1909. To get your pension, you had to be over 70, and it was means tested. Your income had to be below £21 a year, about £2,000 in 2022 (see the Inflation calculator for how I worked this out).
The Contributory Pensions Act of 1925 set up a State pension scheme for manual workers earning up to £250 a year. But it was not until 1946, with the National Insurance Act, that the State Pension in the UK came about.
My grandparents were all born pre-1909, and my parents were born pre-1946, so I am the first generation to think that getting a pension in old age is normal. My parents and grandparents couldn’t think that until 1946. To my grandparents, the concept of retirement must have been terrifying (‘what will I do for money?’) and exciting (‘the government will give me money!’).
Now we have an expectation that we shouldn’t work into our ‘golden years’. That we can retire. But should we retire?
Retirement makes sense if your job is physically demanding and has taken a toll on your body. But do office workers need to retire?
If you look at Retirement, health and wellbeing, there is a strong argument against retirement. As it says in the article, a “Harvard School of Public Health investigation” showed that “retirees were 40 per cent more likely to have had a heart attack or stroke than those who were still working at the same age”. And this was backed up by a study in the UK. But there is also data, reported in the same article, that shows retirement improves health and well-being. It does raise some interesting questions and has made me wonder about my retirement. Will my health and well-being benefit or not?
Like most things in life, it appears that retirement is different for different people, and it comes down to how you approach it.
When I retire, I don’t think I will be really retiring — at least not in the traditional sense. I can’t see myself doing as many people do, always going on holiday and playing golf. My retirement will be more like a change of career. I won’t give up work, but I will do something new. A change of career. And that will be the subject of next week’s newsletter.
Nostalgia corner and Health
Well, this is not nostalgia, but in a way, it is. But, it is about health.
Way back in issue -122 — The Retirement Newsletter: How is your health? — I did a big bit on health and getting a health check.
The following week, in issue -121 — What am I going to do once I retire? — I wrote about a very interesting TV programme in the UK that sneakily covers men’s health — Mortimer and Whitehouse: Gone Fishing. I have just finished the show’s latest series.
Mortimer and Whitehouse: Gone Fishing — series 5
I can’t believe there have been five series of Mortimer and Whitehouse: Gone Fishing. A total of 32 episodes. Nearly 16 hours of glorious television.
I used to love fishing in the local river when I was a kid. My dad introduced me to the sport, and I spent many evenings sitting on the bank fishing with him. Even now, I think of him when I walk past our favourite fishing spot.
I liked the time spent on the river bank with my dad, seeing what I could catch. I wasn’t a great fisherman, although I did have some success. I caught a very large pike and some decent size chub and perch.
I haven't fished in decades. I can’t remember the last time I held a rod or cast a line. And a friend recently asked me if I would take fishing back up in retirement. I don’t think I will because I currently can’t see myself having the patience to sit on a river bank for an afternoon. I have too much going on. Maybe that will change?
I may no longer fish, but I still enjoy watching TV programmes about fishing. Mortimer and Whitehouse: Gone Fishing ticks plenty of boxes for me — fishing, countryside, nature and wildlife, great photography, great fishing and fun.
Paul Whitehouse and Bob Mortimer do a fantastic job on the show. They are funny, entertaining and visit some great parts of the UK, and in the new series, they visit Ireland. The shots of nature and the music are very relaxing, and the use of ‘special guests’ to discuss men’s health issues is a bonus.
Even if you are not into fishing, it is a programme you should check out, as it is 30 minutes of stress-free telly. It is very relaxing, and you might learn something about cooking and fishing and what to do in your retirement.
Useful links
UK Government Website:
Next week
Next week in issue -63, I continue with my theme of ‘have we got retirement wrong’ and ask, should I treat my retirement like a career?
Thanks
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Until next time,
Nick
PS, If you have something you would like to contribute to the newsletter — a story, advice, anything — please get in touch.