Thanks to the media’s dislike of ageing, we haven’t got enough mature, dynamic role models, so we have to use our imaginations to think about the physicality we hope our bodies will have, the financial security we want, and the sense of purpose and belonging we will enjoy.
Then, we have to take responsibility. Stop telling yourself that the medical system, health insurers, superannuation, and retirement companies will look after you. You have to look after yourself in a world where we live longer than ever before!
They’re just the service providers you’ll pay along the way. I hate to say it, but it’s your responsibility to learn about how to do longer life well.
Take compound investing and superannuation much more seriously
The government created the compulsory superannuation system 32 years ago, but it’s up to each individual to really reap its power or even to turbocharge it. It’s designed to encourage you (and force you) to save money for your future and allow it to grow over a lifetime if invested well.
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And, if you really grasp and embrace the power of compound investing via superannuation early, or even in midlife, while you can still work, save and invest actively, I can almost guarantee you that you won’t have to worry about money later in life, even if you live to 100 or 120.
To achieve that, you need to open your superannuation dashboard, learn how it works and make sure you use its powers. Be selfish about your own financial future.
Recognise the changing role of work in the second half of your life
The end game is not ‘retirement’ any more. It’s reaching the point of choice. Think about getting yourself to the critical tipping point of financial freedom that allows you to choose what types of “work” or leisure you do.
Once you reach financial certainty and “choice”, relearn how you can use your skills on things you are really passionate about if you aren’t already doing work you love, even if they don’t offer substantial financial rewards.
The longest study on human happiness points out that the people who are happiest in their 80s are those with good relationships in their 50s.
Then do enough of the work you enjoy to keep you stimulated and generate the income you might need to support yourself. Then, combine that with life’s other pleasures in the second half.
Tackle ageism in the workplace so it doesn’t stop your career in its tracks
Ageism is discrimination against older people. We won’t be able to work on things we enjoy if today’s leaders don’t do something about ageism in the workplace. It’s shortening our careers, and it’s going to affect all of our abilities to contribute meaningfully in the future.
There are three types of ageism we have to tackle: institutional, which will limit our training, job opportunities and involvement; interpersonal, which will limit our social and integration opportunities; and self-driven, where we tell ourselves we’re too old to try when we aren’t.
Build a better relationship with your body and mind
The body and mind you develop in your midlife will be the one you get in your 70s, 80s and 90s. It’s a fact. The things we can do to age better are, fortunately, pretty simple.
Doing cardiovascular exercise regularly, improving our muscle mass, maintaining our balance, stimulating our brains, eating a more nutritionally sound diet, managing our gut health, drinking less and acting if our hearing or sight deteriorates are just a few.
Learning about and monitoring your biometrics is becoming pretty important too, as is getting your checkups to catch ugly diseases before they catch you.
Be more aware of your real relationships and communities
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Loneliness is the biggest epidemic in later life. It kills you, but it also stifles your sense of meaning and purpose. The best way to avoid loneliness is to be more conscious of the importance of your family and to build communities around you of people that you like and like to spend time with.
The longest study on human happiness points out that the people who are happiest in their 80s are those with good relationships in their 50s. If yours aren’t good now, please be more proactive.
Bec Wilson is the author of the bestseller, How to Have an Epic Retirement. She writes a weekly newsletter at www.epicretirement.net and is the host of the Prime Time podcast.
- Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
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