This page contains a Flash digital edition of a book.
CHAPTER 2


Most commentators would say that having choice is a good thing, but what we can often be poor at is actually making choices and understanding the consequences. And as we advance into later life, the impact of the choices we have made becomes evident. For example, most people will have had to make the choice of whether to work hard or not, to live a healthy lifestyle or not, to have saved and built assets or not, to invest in a pension or not, to live within their means or not.


In making these choices, it is often the difficult decision at the time that turns out to be right thing in the long term. For our generation, the tendency has been to take the easy decision and take a ‘we’ll be all right in the future, won’t we?’ approach.


These days, leaving full time work is no longer an event driven by a date in the calendar; now it is a choice


But most of us are products of the choices and habits we formed in the Industrial Age when we had greater certainty of outcomes, such as work hard, get a good job, and stay there until retirement on a defined benefits pension, with a seemingly unlimited welfare state as a safety net funded by never-ending economic growth.


We now find ourselves retiring in the Information Age, where only defined contribution pensions are available, investment returns are weak, a lack of job security and unpredictability abounds, and


governments can’t afford to keep the promises of their predecessors. The rules are all different, but our generation is still driven by the expectations formed in a previous era.


These days, leaving full time work is no longer an event driven by a date in the calendar; now it is a choice. You decide when to do it and what you are going to do next. But with what certainty that you will lead the life you want? This requires you to have a plan for your later life. Even if that plan is only a few ideas in your head, it needs to exist, and the sooner you start the better.


10


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57