RETIREES cite staying active as the key to achieving a fulfilled life post-retirement and advise against mediocre, traditional routines which may contribute to early ageing and unnecessary ailments.

This phase should involve activities that stimulate the mind and the body, encompassing learning new skills, tapping into one’s creative side, seeking new adventures and travelling and delving into volunteering or community work. This must be done taking into account physical limitations that some retirees may encounter.

For some, the retirement stage may trigger recognition that one’s life has an expiration date. Gary Whiteford, a renowned canoeist and retired CEO, refutes this line of thinking, “When I retired from the corporate world a few years ago, I started spending more time with my foundation work, where I support economically vulnerable folk in our community. I can’t say I stopped working when I reached retirement age, I kept working at my pace, following my passions. This also became a time when I got to spend more precious time with family and friends. I keep fit and exercise more. I’m constantly smelling the roses, taking all in.”

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Peter Kinzler, of Trinity College, concurs. “Early in life, one probably believed that they had endless time to realise their dreams, that there were many next chapters. At some point, usually around 60, most people realise that the next chapter of their life will be the last one, that life is now finite.
“For me, the trigger was not so much reaching my mid-60s, but realising that the next roof we put on the house would be the last one we would ever need. A 50th high school reunion with a bunch of old people didn’t help any either.”

Financial experts advise a 4% rule, “The rule is intended to make sure you have a safe retirement money withdrawal rate and don’t outlive your savings in your final years. By pulling out only 4% of your total funds and allowing the rest of your investments to continue to grow, you can budget a safe withdrawal rate for 30 years or more.”

Financial advisors, Wealthtender added, “If, for example, your take-home pay is R25, 000 a month in your final year of working, that would mean an annual salary of R300 000. To maintain your lifestyle after retirement, you’ll need around 15 times your annual salary, so 15 x R300 000, which is a lump sum of roughly R4.5m.”

The retirement phase is about adjusting to and embracing change while building one’s physical and mental resilience.

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