Retirement - no longer a viable option?

 

Picture this: you've been lucky and enjoyed your chosen career then one more major change in the way you need to optimise your skills comes along and you think, "No, I've had enough. What's the point of having years' of experience just to struggle to keep up with new trends?" There are younger people whose brains are not cluttered with all this historical data who are way ahead of your curve, so you decide to retire. 

But... half your clients ask you to keep working for them and you agree - after all, part time is a gentle step towards retirement. The other half of your time, you ponder the state of your income. Used to a good living, will your pension make up for the shortfall of retirement? No, not if it's just the government pension! 

'Boomers' were mostly lucky with their pension plans - one almost-octogenarian told me recently that his retirement income is higher than if he was working. Probably not so if you're younger.

Most will have been paying into a private pension during the years of bounty or as employees of a company scheme. Due to government policy tweaks, some will have suffered heavy losses in the early part of the century, virtually wiping out their investment. Also, life expectancy is longer therefore pay-outs are often lower. 

Many people downsize their homes or move where property is better value for money, putting aside the spare cash for an unknown future. At 0.1% interest, this doesn't come close to inflation. So how does an Ordinary Joe (or Jo) enjoy their retirement? 

One solution is to keep on working as long as you can, for as long as you enjoy it. Long may it last!