Once you’re over 50 the phrase “pre-retirement planning” may start to figure increasingly in your consciousness. Perhaps your employer offers a course, or maybe your local council.
In many cases, if the programme is employer-provided, participation will be restricted to those who are within a certain range of retirement, usually six months to a couple of years.
These courses are all well and good and often provide you with a considerable amount of practical information which may be of use (wills, taxation, etc), and also reminders of some things you already know but possibly haven’t thought about very much (spending more time with your partner, health issues, etc).
At the end of the very best of these, a common comment from delegates is, “I wish I’d had this course ten or twenty years ago”. That’s usually because if you want to make any profound changes in your life such as serious financial planning, or a change of career direction, the period immediately prior to retirement really isn’t the optimum time to be thinking about it.
Too late or too early?So there are problems with the timing of these courses. There are also inadequacies with the content.
Some organisations also offer mid-life planning courses which take a broader perspective but generally these are not so well taken up. That’s probably because when we’re younger we feel that older age is a long time away. We also tend to feel that we know the options open to us and we can sort them out for ourselves thank you very much.
So, although evidence shows that in fact people’s knowledge about such areas as basic financial planning is generally fairly poor, it’s also the case that the prospect of hearing more about pensions, insurance or will-writing from those who ultimately may have a vested interest or a product to sell possibly isn’t too inviting.
Where there is a real lack of support for the over 50s is in the area of dealing with the choices, changes and challenges that are unique to those who are no longer young… but by no means old either.
Looking forward to the futureAt in my prime we have many people contacting us for advice. Their individual circumstances are wide-ranging but their concerns tend to be similar. They are struggling to find a meaningful way forward for the rest of their life.
They don’t feel old yet they know the opportunities open to them (particularly in work terms) are becoming restricted. They want to make significant changes (to work, lifestyle, relationships, health) yet they’re often unsure about what they’re really hoping to achieve and at a loss as to where to start. They are seeking motivation, support, inspiration, reassurance, and clarity.
The over 50s are a hugely resourceful, creative, innovative and energetic generation. We have it in our power to change what it means to be “older” in the twenty first century, and to change perceptions about what older people can and should do.
Sometimes however, we all just need a little kick start. What we’re looking for is an opportunity to reflect upon and discuss individual choices, changes and challenges associated with being over 50 – the sort of opportunity that you probably won’t get from a pre-retirement planning course.
Click here for more information about “Choices, Changes and Challenges over 50” from in my prime.
