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Retiring : Is It An Option?

Will retiring become a thing of the past?

Are those blissful years of being a grey nomad now a thing of the past?

retirement

In Australia the age when people can get a government funded pension is being increased to 70 over the coming years.

But even at 70 will people have enough money for retirement ?

This message is not just for baby boomers like me. It is for everyone because eventually we all age.

Is retiring at any time an option in our new economy?

I found this video on my friend Marion Herbertson ‘s website.

 

The woman shows remarkable courage but this is sad.

My father-in-law died when he was 94, which is a good age but he had been in retirement since his late sixties. I would have hated to see him going out to work at 93!

But the world has changed and for many people they see no hope.

A different option than retiring.

retiring

I think there is hope.

The model of retiring is broken and we need a different way.

I share an attractive alternative  here in my video.

 

Apart from the financial crises and economic crashes there was always going to be too many people retiring for them to be supported by the time when baby boomers started to reach retirement age.

There has to be another way.

And another way means each of us being responsible and building a residual income for ourselves.

Residual Income is income that continues to generate after the initial work has been done.  It is income that continues to be paid to us month after month.

Some ways you can earn residual income include:

  • An author of a book receives ongoing income for sales
  • Positively geared rental properties give you a residual income
  • Investing in shares or other various investments can result in ongoing income
  • Trailing commissions
  • Network Marketing income
  • Building a subscription based business

There are other ways you can do this but you get the idea.

If you build a business for yourself there will come a time where you do not have to put in so many hours and can outsource tasks.

The idea of building a business while having a life makes perfect sense to me.

Life does not have to be about working in a JOB (perhaps that you do not even like) for 40 years and then retiring.

The retirement age in Australia has been 65. That means if someone lives into their nineties that is a lot of life after work.

Having a business that is location free where you can travel and run it from anywhere in the world as long as there is internet is a very attractive option for me.

If you are concerned that you may not have the money to retire check out this option.

The world has changed and we must all change with it.

Worrying  about what has happened will not fix it. Taking action will.

What is your opinion on retiring? Do you think retirement will become a thing of the past? How are you planning for this phase of your life?

If you would like to know more about the business I am in you can check it out here.

Make it a great day.

SuejPrice.com

 

 

 

 

 

Sue Price

Skype: sueprice

PS

Click here to work with me personally

24 thoughts on “Retiring : Is It An Option?

  1. Sylviane Nuccio

    Hi Sue,

    When I think about my mother and aunt who retired at age 60 and never had to worry about working again. I guessed there were luck. It was only 20 years ago, it was in 1993 for my aunt and 1994 for my mother.

    When they used to come visit me in this US they were shocked to see older looking people than they were working in grocery stores. I know that for that alone they never envy the US what so ever. I didn’t blame them.

    Nowadays we can’t count on retirement to keep going financially we have to make our retirement.
    Sylviane Nuccio recently posted..How To Attract The Right Clients For Your BusinessMy Profile

    1. Sue Price Post author

      Hi Sylviane,

      Twenty years ago here in Australia most women were retiring by age 60. When I first started financial planning about 25 years ago the retirement age was officially 55. That seems so young now.

      I can see why your mother and aunt were not drawn the US being so attractive.

      I do not think anywhere in the world is like it was and yes we have to make our retirement.

      Thanks for your comment here Sylviane.

      Sue

  2. Akaahan Terungwa

    Hello Sue,

    At that age (93), work should only be indulged in as a means to make the days pass more smoothly – not to make ends meet! Believe me, I intend to retire (in the new age sense) at 35 but continue working in as much as the passion still pushes me.

    However, you must also admit that the internet lifestyle we live and the choices we have to make daily make such a life are unfavorable for most. Believe me.

    Anyway, if it actually works for her (and she’s happy), great.

    Always,
    Terungwa
    Akaahan Terungwa recently posted..5 BIG IDEAS FOR BLOGGING WHEN NO IDEAS COME TO YOUR HEADMy Profile

    1. Sue Price Post author

      Hi Terungwa

      I agree if someone is working at 93 it should be because they want to, not because they need to. I think that is sad but as you say she seems happy enough.

      I hear what you are saying with most people would not push through making it on the internet. It is not easy in the beginning but I believe it gives us some freedom in the hours we work and also we are not tied to a location. I can see the day where it will be much easier.

      You have a great goal and I am sure you will achieve it Terungwa.

      Thanks for your comment and have a great week.

      Sue

  3. Ravi Chahar

    Hi Sue,

    It’s a great thing to think up on but you know in this age like mine I don’t think I can think about it.
    But the concept you have brought into light is really wonderful.
    In my opinion we shouldn’t retire from our work till we like to work.

    There is no age for retirement. Our mind is an amazing creativity of God and we can use it for long time.
    We should use it for making our life interesting even at the old age.

    Great Post.;)

    Hope you are enjoying this weekend.:)

    ~Ravi
    Ravi Chahar recently posted..10 Things To Do Before Changing Your WordPress ThemeMy Profile

    1. Sue Price Post author

      Hi Ravi

      Thanks for sharing your thoughts here on this topic. I agree with you we should do whatever to make our life interesting even in our older years.

      You have a great week ahead.

      Sue

  4. Kumar Gauraw

    Hi Sue,

    First of all I must tell you, I enjoyed watching your video and looking at you, I can feel the cold in Australia right now 🙂 it must be very cold there!

    Well, I do IT consulting and I have had full-time jobs, part-time jobs, short-term and long term IT project gigs. I enjoy doing my work. But, I treat my job as my business. Every project I take, my goal is to deliver on my promise way to get job and do a little more so the company which hired me, feel lucky that they had me on board with them before that project.

    When I leave a project (when it ends), I want to leave opposed to experience behind for me and for them. I am able to do that because I treat my job as my business because I know that I am selling my skills at an hourly rate to those people. I am in business!

    But, most people who are approaching the retirement age, probably never got a chance to think like that since the atmosphere during their days of work was different, economy was way more stable and environment was not this dynamic. They feeling have to catch up with these things and I don’t think that age matters.

    As long as people are willing to learn, willing to give up their ego of age and willing to change their way of thinking, this still have a solid chance to live a splendid lifestyle beyond the retirement age.

    Owning a business is definitely one of the best ways to start living a life of passion, a life of enthusiasm and giving your self a chance to make a difference in the world, a positive one.

    Thank you for sharing some awesome nuggets of wisdom and have a wonderful new week.

    Regards,
    Kumar
    Kumar Gauraw recently posted..Things To Do Before You Launch A Brand New WebsiteMy Profile

    1. Sue Price Post author

      Hi Kumar

      Thanks for your comment on my video. By winter standards in the world it is not so cold here but I feel it terribly. Currently it is about 66 Fahrenheit ( I just had to do the calculation from Cecilius) and it gets up to early 70’s through the day. It is just most of the year it is hot here. We have a very short winter similar to Florida. Further south in Australia is much colder.

      I know you live a very busy life and ready your list now I think it is busier than I thought. Having just read your post on rising early and spending time on your business you will go a long way Kumar.

      You are correct in saying that most people approaching traditional retirement age never did think like you do, or like people who are building a business. Most people my age that were employees feel like they are “owed” what they were promised. As you say they can learn and yes they need to drop the ego and think differently. I truly believe that is the biggest obstacle for these people not learning new skills but being willing to do this.

      I think that moving forward more and more younger people will view the world differently and know they must look after their own future.

      Thanks for your awesome comment here Kumar. You too have a great week.

      Sue

  5. Brenda Lee

    Hi Sue.

    I think it is becoming harder and harder for people to retire now days. A lot of companies are even offering a pension so social security is being solely dependant upon. I don’t even know if Social Security will be around when I’m eligible (72). However I do have a pension plan through my employer which definitely helps. It’s sad to think we have to work our entire life, even up until our death. Those who can retire should really enjoy it. It’s not an option that’s available for all.

    This post really makes you think. Thanks for sharing Sue.
    Brenda Lee recently posted..MGP’s Top 10 Summertime Pet PeevesMy Profile

    1. Sue Price Post author

      Hi Brenda

      It is questionable if social security will be around in the future. I do not think anyone should depend on it. Great that you have a pension plan through your employer and it is also good that you are building a business online.

      I have some friends who are retired at early ages and are very wealthy but you know they still worry about where to keep their money safe. 🙂

      Thanks for your comment here and you have a great week.

      Sue

  6. Adrienne

    Hey Sue,

    My Dad retired in his mid 60’s I believe but after only about three years he was going nuts so he started his own business and worked a few more years until his health just didn’t allow him to go at the pace he use to. My Mom only worked to put each of us three kids through college so she stopped working when that was all done.

    I’m blessed that my Mom was just a planner and they ended up being very financially well off. She invested well and really watched their money.

    But I’ve seen people who invested all their money into a particular plan only to lose it all and then like you said here, had to go back to work and at that late of an age that’s just not a pleasant thing to have happen.

    I don’t really look down the road at retirement because to me that means you’re just living the life of not doing anything or having the choice of doing what you want without working. I think I would be like my Dad, go nuts if I didn’t have something to do so although I hope to never really fully retire I understand that it has more to do with your financial stability so that if you did want to completely stop working you could. With the way things are transpiring in this world today I know that more and more people are eager to find a way to make that happen and even sooner.

    Great share and I feel for Marion. Wow, in her 90’s and going back to work.

    Have a great week Sue.

    ~Adrienne
    Adrienne recently posted..The Seven Deadly Sins Of A Selfish WebsiteMy Profile

    1. Sue Price Post author

      Hi Adrienne

      I think you would be like your Dad too and go nuts if you were fully retired. Me too. I have some friends who sold a business a few years back and are totally retired. They travel a lot and stay very active and I think as long as people like to do things like that they can be happy. I also think people need to keep mentally active and also need to have a sense of purpose.

      Your Mom sounds like she is/was a great money manager. That sure is a good thing.

      In your case also Adrienne you so love helping people I can never imaging you not doing that.

      Thanks for your comment here and you too have a great week.

      Sue

  7. donna merrill

    Hi Sue,

    I really believe that retirement is not an option in today’s financial world. This is why we all need a back up plan. I do know many people who have retired and live on a pretty good pension, but it doesn’t really meet their needs as the economic situation goes sky high.

    Planning is everything. And I don’t intend to ever “retire” unless I fall ill or leave this planet. Heck, what would I do? I would go nuts!

    I commend this 93 year old woman for her “attitude” because that’s what it all comes down to. If we have a good attitude toward life, we can always learn and earn. And this is where the internet business comes in. We don’t have to leave home, it can be done very easily and yes, there can be residual income that is well needed in this world today.

    Even my 84 year old mom learned her way around the computer. Facebook is her new addiction, but she is now writing her memoirs on a word doc. When it’s done, I’ll help her transfer it into a blog. It keeps her mind up to snuff!

    -Donna
    donna merrill recently posted..Why Is Google Like My Ex?My Profile

    1. Sue Price Post author

      Hi Donna

      I too know people who are retired and finding it increasingly difficult to live on their pension or money they have accumulated. Many of them now are looking at part time work options.

      I smile at you saying you will work unless you fall ill or leave the planet as it reminds me of Dave Wood. He was recently asked his exit strategy for Empower. His answer was “death”. Let’s hope he is not going anywhere too soon. Seriously though I can see you working for a long time to come and hey you incorporate a great lifestyle with it.

      Yes the 93 year old does have a great attitude and as you say that is everything. But yes working from home and building some residual income is the best way to go for me anyway.

      Good on your Mom Donna. I so wish mine had been open. She is now 86 and in such a sad position with no interest in anything.

      Thanks for your awesome comment here Donna. Have a great week.

      Sue

  8. mark

    You raise several excellent points Sue!

    questions that sadly, far too many will never even attempt to answer and or consider until life forces them to confront these very important questions!

    And by then, typically their sweet bird of youth has all but flown and been squandered on simply enjoying this incredible gift and opportunity called life!!

    Sooner or later (probably) the sooner, the citizens of the good old USA will be forced to retire later in life as well!

    As a nation, they/we just haven’t or refuse to come to grips with the fact that borrowed money has to be repaid!LOL! They seem to believe they can simply run up the bill and not worry about it!

    At some point, those bills will start to come due and sadly (literally) millions of citizens are going to experience a dramatic downsizing of their life styles! perhaps that’s what it’s going to take, before any type of practical fiscal restraints can and will be restored!!

    Thanks for sharing!
    mark recently posted..So Why Do Some Call It Economic Recession While Others Call It Opportunity!My Profile

    1. Sue Price Post author

      Hi Mark

      I can see you have a good understanding of the facts. Too many people are living in denial and wanting someone to fix it. The amount of debt around the world is frightening and most people just have their heads in the sand.

      I am sure this type of living on credit only started with the baby boomer generation. My parents were very frugal as were most of their friends. We (baby boomers) had a blessed life really but I am sure we must take some responsibility for the mess.

      Downsizing lifestyles will happen and that is the reality. Most people have lived a life beyond their means so maybe it is about finding a balance.

      Thanks for your great comment here Mark, I appreciate it.

      Have a great week.

      Sue

      1. Mark

        Yes indeed Sue!

        I just had to add a follow comment, after your excellent insight. Typically what happens is, one or two generations work extremely hard and they pass all their hard work and hopes onto another generation.

        That sort road on the backs of a previous generation.

        Then the newer generation gets accustomed to a certain lifestyle. Even if they have to use plastic money and or Government borrowing to do so! So they get strung out on wild spending and virtually no fiscal restraints!

        And sadly overly ambitious and power hungry politicians, irresponsibly promise a carefree life in exchange for votes!

        And sadly as more and more citizens buy into the “entitlement” mentality! They start to demand certain things!

        And slowly any voiced opposition is purposely drowned out or demonized as mean spirited or X!LOL!

        And as the national credit card is continuously maxed out! Eventually, the citizens will have to pay an extremely heavy price, by a dramatic decrease in their lifestyle and massive inflation!

        So whether they intent to or not! At some point they are going to get a financial MBA from the University of economic reality! And it’s not going to be pretty! As you already know and realize!

        But you know the old saying, “those ignorant to history are bound to repeat it!”
        Mark recently posted..Incentives And Rewards: Why This Isn’t Just About Laundry Detergent?My Profile

        1. Sue Price Post author

          Hey Mark

          Such words of wisdom. I agree with everything you have said here.

          On the topic of politicians chasing votes we had a new government here in Australia just prior to the GFC. So when the crash happened the new government decided to give every Australian $900. It was not asset tested but anyone who had a taxable income less than $100K the year before got it! Now I have some very wealthy friends who minimize their taxes and they got this pay out. Of course this increased the “I am entitled” mentality here.

          I love that saying “those ignorant of history are bound to repeat it”. it is so very true.

          I also get you have a sense of humor with the comment “get a financial MBA from the university of economic reality” – yes this will happen.

          Thanks for coming back here Mark and adding your insights.

          Have a great week ahead.

          Sue

  9. Sam Adeyinka

    Hey Sue, – it’s nice to be here on your blog, it’s my first time actually and trust me your name reminds of my friend Sue Neal. She actually brought me up in the ways of strong, quality and engaging writings.

    So speaking of your post, “Retirement”. Well, it’s good to retire at an early age and just focus on continually earning through some of the means you rightly mentioned.

    I don’t like and I’m not working for anybody but myself, that is my blog, which happens to be my own online business.

    It’s before when you retire that the government continues to pay you but now, that doesn’t happen no more and you need to see the people from my side of the world(Nigeria) queuing just to get their retirement gratitude.

    Some gets it while some don’t and even those that gets it, gets it just once and it always just a peanut, almost like they ain’t giving you anything. Is that how it is over there, too?

    Well, you got a really great post here and that woman…..hmmm, I comment my reserve. 🙂

    Sam
    Sam Adeyinka recently posted..5 Ways To Write Like Seth GodinMy Profile

    1. Sue Price Post author

      Hi Sam

      Thanks for finding my blog and for your awesome comment here. Nice to meet you. I do not not Sue Neal very well but of course I know who she is though the blogging community.

      There is still payments being made here to people in retirement but it is becoming more difficult to get it. In the future I can see it will become more like you are describing. Australia has a stronger economy than much of the world but we still have our problems.

      The fact you are building your own business through your blog is excellent and puts you so far ahead of most people in the world. I love that we have so many more opportunities now because of the internet.

      Thanks again for your comment Sam and you have a great week.

      Sue

  10. Dr. Diana

    People should save money for their retirement time. Old age is also a part of our life. So we should keep in mind our retirement time. Because at 60-70 age period human body can not do a hard work.

    Thanks for a great info.

    ~Dr. Diana
    Dr. Diana recently posted..Creative Spring CleaningMy Profile

    1. Sue Price Post author

      Hi Dr Diana

      Thanks for finding my blog and for your comment here.

      Have a good rest of your week.

      Sue

  11. Di

    Hi Sue,

    I also loved maroons Video and thought it very appropriate for all ages, not just for us baby boomers.
    I had a friend ask me ” what is residual income” today.
    This friend has just turned 60 and is a very young and fit 60. I was shocked as I think she is still in the mindset that government will take care of her for another, could be, 30 years.
    Great post Sue
    Thankyou
    Di
    Di recently posted..How to eat rawMy Profile

    1. Sue Price Post author

      Hi Di

      Yes it is not just baby boomers that need to be concerned but I think we are the next in line. I somehow think some of the younger generations will not have the expectations that the government will fix it all and take care of them.

      You friend who asked you what residual income is is not alone. I have had that heaps. I have blogged about it in the past and I know someone people do no always “get it”.

      Thanks for your comment Di and have a great week.

      Sue