Retirement affects us all. But how do you do it right. It’s not just about the money.

From a recent podcast interview

?Tony skinner?

I wanted people to smart enough to know that you got to plan ahead and have hobbies before you enter into retirement is that one of the best ways to enjoy retirement?

?Peter?

Well, I think it's essential. Generally, what happens is people do not prepare. But those who do usually start maybe age 50 Plus, and still working is a good time to start. And as they prepare, they've got time to create the habits, which they will need in retirement. Now they're, in a sense different to normal business or lifestyle habits today.

?Peter?

But they may be the same, but they've got time to improve them over that period of time. So anyone who does the preparation correctly, they tend to slide into retirement, and the transition from A to B, whatever that might be, is easy, because they've done the planning. If they don't plan, they go along, and then one day they stop, and they fall into a cliff, into retirement. And so those who plan have got a better chance of having a fabulous experience.

?Tony skinner?

Yeah, and I think it's like anything in life isn't if you just Bumble along, at least have some idea of some plans, and leave everything up to fate and other people, then you're bound to, I'm going to use the word fail.

?Peter?

Well, it's certainly different and not what people imagined it might be like. And it's one thing to have all the dreams. But if we don't do the actual preparation, dreams don't generally come to a any form of reality, the preparation, the thinking, to go chatting with your partner, if you're like whoever it might be, negotiate, work out what you're both going to do.

?Peter?

And away you go. My company name is called redefining retirement. And that's what I think people need to do is redefine their retirement so that it suits them, not the government, not mom and dad, or what the neighbors are doing or what it's saying or anything like that. But to sit there and work out what it is that I want to do in my retirement so that I have a great time. And if you're in a relationship, you get a partner to do that to then you negotiate. After you've both got your dreams in place, then you negotiate.

?Tony skinner?

Yeah, exactly. And you know, you got to think of your dreams and what you want. And part of that confusion is what the industry does. So I remember seeing an ad a few years ago, where it was about having a comfortable so called comfortable retirement. And it was a retired person driving along with a car with the top down and smiling and happy. And the next scene is if you don't save for a comfortable retirement, and some had a crappy car driving next to an oil refinery. thinking, wow, that's so stark and heavy, Even now do they have a car where they can have the top down.

?Peter?

Well, that's, that's true. And, you know, I often talk about the fact that do you actually need to own a car. That's one of the things I talked about because it's better to have a car. But what I'm going to suggest to people is that it's very expensive to own a car.

?Peter?

I don't own a car, I drive about 40,000 kilometers a year. I hire a car, and it works out to be half the cost of running a car. That's one of the big things in retirement. Think about where you're going, what you're doing, how you're doing it, and work out the best possible way.

?Tony skinner?

Okay, so the interesting question, when do you start saving for retirement? Because of course now with superannuation, it's done for you to an extent. Okay, I know you can always put more in. So what are the top things that save? I don't know, let's say 20 years ago, I think most people start thinking about retirement about 20 years out, what are some of the things you've got to have lined up by that stage?

?Peter?

On the money side is one but we live in a society where we're given a a base pension. So you'll never go broke, you might not have what you want, but you'll never go broke. And so superannuation or retirement fund at any description is an add on to that type of thing.

?Peter?

And you might have other investments as well, maybe a rental property, I don't know, could be anything. So money is really important. But the number one issue really has to be to develop the habits that you're going to need in retirement.

?Peter?

For example, I tell people, if you don't keep walking, you won't keep walking. So let's start walking, let's get the exercise going. And developing the physical ability to have a great retirement and not collapsing when you're 79 or 83. So we need to think we've got to get our exercise regime up and running and practice so that it is it is a habit. Now I walk 10 kilometres a day, I'm 78 years of age still walked 10 kilometers a day. It's a habit gotten me a little bit. Yeah.

?Peter?

And we need to think what are the habits that we need to have in place? That's one example. Another one might be having your family arrangements sorted out in a make peace with any of the family that you know, perhaps not bad or friendly with or not going too well, like peace, simply because they're going to be there a lot longer, newer. And so it's good to know that you've got good family relationships.

?Tony skinner?

Yeah, well, that's certainly true. And I think a lot of these things we forget, because the, again, getting back to the good old retirement industry, which says, Our it's money, money, money, money, be comfortable. And I have been reading some articles and SMH with this wonderful lady. I think it's Jessica Irvine, it said, Well, let's take a look at this.

?Tony skinner ?

And you've got the pension. You're right people, the government wants people not to realize the pension will still be there and be available. Yeah. So well, what you'll never have on Well, yes, you will. And she calculated it. And it was like, not as much money as what people realize. So yeah, what do you want to do the time like I paint as well, I haven't done it for a while. But I'll get back into it one day, and having habits like painting and passions like that, that you've got something to get out of bed for rather than just work?

?Peter?

Well, having a purpose is probably the most important thing. Getting out of bed is also very important. But if people know why they're in retirement and what they're going to do in retirement, that's critical. Because then you've got something to aim at every day to get out of bed. You know where you're going, and why you're going and what you're going to do.

?Peter?

Simon Sinek, the great business spokesperson talks about the need to know our why. And the interesting thing about people in retirement, same as in business, people know what they do. A few people know how to do it properly, then very few people know why they are actually doing it. And it's the same with retirement. What is it that's going to drive you to have an absolutely fabulous retirement.

?Tony skinner?

Yeah, exactly. So what do you think, drives most people who enjoy their retirement?

?Peter?

Well, certainly people, there is no question about the fact that meeting people is a critical part of retirement. And having a good circle of friends is a critical part. Now as we get older, we've got fewer and fewer friends, they move they go into facilities or go to retirement houses or whatever the case may be. Some people die, some people cognitive decline in the life.

?Peter?

So our circle of friends is getting smaller and smaller and smaller, the older we live, so wouldn't it be a real good idea to replace those people so that we've always got people to talk to no matter how old we are. So meeting people and I and having relationships and friendships, that is the thing that will firstly give people a satisfying retirement do that properly. And you're on your way.

?Tony skinner?

Yeah, and I think that's like any stage in life isn't I know, younger people, I've got friends that are a lot younger than me, but lots of friends that are younger than me. Know, because I've constantly done that necessarily. But you're right, you've got to keep topping up. Friends keep popping up people that you want to spend time with, and what have you, and the hobbies, so go out and learn how to paint go out. And maybe golf is less likely. But it's always the possibility.

?Peter?

Well, it is and one of the great things that people can do is to pass on to other people all in knowledge and experience. Now, whether we do that as mentoring, which is just helping people or whether we do it as coaching and earn a few dollars on the side, doesn't matter. As long as we're out passing on our information to people who need what we know, we, we take everything for granted as far as our knowledge is concerned. But younger people like our our children and grandchildren, they struggling with all of this, Hey, get out there and help them that's one of the things that a person can do.

?Tony skinner?

Yeah, exactly. You know, you got so much to offer. At any stage of life, once you start working with, especially when you're retired, you can go out and run clubs and run things are live where people can learn from you get to know and get to understand you and your story of life, because everyone has a story.

?Peter?

Yeah, that's another thing, communication and having the ability to actually tell our story. We all know a lot. And we've all had fabulous experiences over the years. The ones who are the happiest are the ones who learn to transfer that information to other people. Now, whether they do it in a formal sense, or an informal sense, it doesn't matter.

?Peter?

Get together with the grandchildren, tell them that what it was like to be a child of their age, when you were back there in the in the 50s and 60s, or whatever it might be. They're amazed and they love it. They absolutely love it. So that's one of the things we can also do.

?Tony skinner?

Yeah, and I'm looking at your website here and getting back to 6840 waking hours per year. And if on average, you're awake and doing things actively, that's a lot of time. That's a huge amount of time.

?Peter?

It's about 11,000 days. And what are you going to do for 11,000 days people are going to play golf? No, you're not, you're not going to play 11,000 games of golf. What else are you going to do? Oh, I don't know, I'll work it out when it gets there. They're the people that have a problem. People don't know where they're going have a much better time.

?Peter?

But what's even more frightening, Tony, is that an individual could live for 30% of their adult life in this thing called retirement. So it's important to get that right. Yeah. All right.

?Tony skinner?

So if you had some quick tips for and we'll use that 20 year benchmark because again, it's I think it's what most of us start thinking about. If you're 20 years out, or between, say 20 years and then 10 years, what things do you think people should be doing to prepare for retirement.

?Peter?

Okay, the first thing that we must do, of course, is to make certain that we understand the financial implications, and have we got enough now, those who want to travel around the world every year and drive a Mercedes, they need a lot more than the person who says hey, I'm not interested in that.

?Peter?

So we've got to one understand the financial implication. So that's the first thing.

?Peter?

The second thing is we've got to develop the habits, so that we can successfully fill in 11,000 days. And the problem is this tony too many people in retirement. In fact, the average in Australia is watching screen time. That's telephone, tablets, computers, TV, and the big screen, nine hours a day, nine hours a day, they're watching television.

?Peter?

Now, I do not believe that it is reasonable or even sensible to spend all your life preparing for this time called retirement, saving money, getting ready, so that you can watch nine hours of television, I got to be joking. So that's a big one as well.

?Peter?

The third thing is to be Physically fit. We must be physically fit. We know that there's these things like dementia and Alzheimer's and those types of things that are just around the corner for many, hey, but they're not. If you prepare well, in other words, anyone who is physically fit low on alcohol, plenty of exercise, good diet, and so on and so forth.

?Peter?

They do they attract dementia and Alzheimer's less than most people. Now, I'm not saying that you can avoid it, you can't avoid it. But you can delay it. So there are a couple of things that are really critical. Right. All right. Thank

?Tony skinner?

you very much. All right, anything else you'd like to add?

?Peter?

Well, I believe it's very important when you're strong enough and well enough to go for it. And I mean, really get deeply involved in this thing called retirement. I was at a meeting a few hours ago with a guy, and he's been retired for 20 years. And he's just so fit and excited. And he's doing this and this and this, and this, and this, all the things that he's got lined up, he's going for it in a big way.

?Peter?

Because one of the things that will happen to pretty well, everyone, there will be a surprise somewhere down the line that will cause a person to do well slow down or stop. Now, it could be an illness to the individual. It might be something happening to their partner, or one of their children. It could be anything, it'll be an economic crisis, it could be anything. So making certain people live to the fullest and prepare for it. Well, is a great way to have a fabulous retirement.

?Tony skinner?

Yeah, and it is that that thing about preparation, you got to prepare and plan ahead.

?Peter?

That's right. Yeah, I think it's that type of thing that people need to do. Because if they don't do it, they're gonna learn one thing. No one, but no one is going to come and rescue them. Retirement is a personal responsibility.

?Tony skinner?

Exactly. Right. Okay. Well, thanks for that, Peter. And that's redefining retirement.com.au. If you get in touch with Peter, there's a quite a lot of information on his website that will help you and forms that you can fill out to get more information as well.