Bell, Minnie

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L-l007WHY PLAN FOR RETIREMENT?Minnie Bell*More people are entering into retirement thanever before. This trend is expected to last wellpast the year 2000. The present social order seemsto decree that retirement come at 65 years of age.In many instances, the age is reduced to 62, 55 orlower.Some people dread retirement; others look for-ward to it. The famous quote, "The older aperson is the same he is as he always was, onlymore sol" says much about attitude and what youcan expect of yourself in retirement. Going intoretirement with dread may be overcome as planningproceeds. Here are a few things one should knowabout retirement.• Retirement is going to last a long time. Theaverage man 65 years of age can expect to liveto be about 79. The average woman of 65 canplan for at least 16 additional years.• Retiring from your job does not mean retiringfrom life. One should retire to something!• It should be a challenge. It is a new phase orera of life, different from the others, but just asvital.• Retirement must be more than "going fishing"all the time-or any other single activity whichcould become boresome.• It can be a time of opportunity, a period oflearning new ideas and things to do.• Happy retirement doesn't just happen; it requiresplanning!How can you make sure that life will be secureduring retirement? There are no ready-madeanswers. Retirees will have to decide how andwhere to live. A look ahead most certainly willhelp provide a happy retirement.*Extension family life education specialist, Texas A&M University.8.12Retirees should know what to expect in retire-ment. There will be decisions to make about basicand other needs and what can be done to preventproblems. To be effective, per ons should startearly to plan for retirement. The best time toprepare for the later years is childhood. The nextbest time is in the 40's. Decisions must come muchfaster if the planning starts on retirement day.What are some of the problems that olderpersons face?1. Negative attitude toward retirement.2. Failure to understand the natural processof aging.3. Living alone, becoming lonely or bored.4. Poor health: Medical science tells us thatno disease results just from age. A healthyoldster performs the proper care and conductfor good health. It does not just happen!5. Inadequate housing.6. Inadequate income: adjusting to lower in-come.7. Continuing education: failure to have newinterests and wanting to learn.8. Too much time with nothing to do.9. Finding a desirable role in life and adjust-ing to it, losing the prestige connected withprevious position and maintaining independ-ence and acceptance in the community.Planning is a simple job that is done in thecourse of day-t~day living. You plan everythingelse, why not plan retirement! Planning is not acure-all but it does provide an orderly system forconsidering what you want in retirement and beingable to adjust to it.In order to find out how much planning needsto be done, a check list might help you appraiseyour position. Be very honest with yourself!Texas A&M University • Agricultural Extension Service • John E. Hutchison, Director • Colleg StationYes NoDo you look forwardto retirement?Do you know where you wan tto live when you retire?Do you know what yourmonthly income will be?Social Security?Pension?Annuitie ?Investment?Other?Have you put away somemoney for retirement?Do you know how youwill use your free time?Do you need legal help?Checking into these que tions should start theprocess of planning. 0 doubt some of the "yes"answers were based on decisions that were madesometime back. It takes time to an wer some ofthe que tions. What other deci ions must youconsider? Is it a part-time job? What else willyou do? Will you have your own home? Anapartment? Live with someone?Reliable sources list at least five basic needs inretirement.Health-physical and mentalHousing-where and what type, co tIncome-the amount per monthLegal-choosing a lawyer, contracts, buying andselling real estate, leasing land, wills, estateplanning, trusts, records and late marriagesLeisure-knowing what you will do. (10 yearsretirement = 21 years working at 40 hoursa week.)You are on your way when you have madedecisions concerning your basic needs. Perhapsother questions will arise that you will have tofind answers for. Continuous planning may benecessary until complete adjustment and satisfac-tory living has been attained.So, on with your planning! Retirement can bewonderful! It can be the most rewarding timeof your life. Robert Browning knew it when hewrote: "Grow along with mel The best is yetto be."REFERENCESWare, George W., The New Guide to Happy Re-tirement, Crown Publishing Inc., New York,1968. 6.50.Arthur, Julietta K., Retire to Action, AbingdonPress, Nashville, 1969. 5.95.Adult Education Council, Syllabus: LookingAhead, mimeographed, 1314 Acoma St., Denver80204. $3.U.S. Administration on Aging, H.E.W., Are YouPlanning On Living The Rest Of Your Life,U.S. Government Printing Office, Washington,D. C. 30¢.Ehers M.D., Theodore M., The Next Promotion,The Connecticut Mutual Life Insurance Com-pany Hartford.Stem, Edith M., A Full Life After 65, PublicAffairs Pamphlet o. 347, 381 Park AvenueSouth, New York 10016. 25¢.Harvest Years Magazine: Portfolio, Planning YourTomorrow, 104 East 40th Street, New York10016. 3.Cooperative Extension Work in Agriculture and Home Economics, Texas A&M University and the United States Departmentof Agriculture cooperating. Distributed in furtherance of the Acts of Congress of May 8, 1914, as amended, and June 30, 1914.15M-7-71 FLE 3

Why Plan for Retirement?

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Why Plan for Retirement?

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