My Satisfying Retirement : Aging’s Effect…On Your Budget?



As I age (yes, even me) it is hard not to notice certain body parts aren’t quite the same. Squatting down to pick up something from a bottom shelf is now accompanied by a few groans as my knees protest. Standing back up takes a focus on the goal of becoming vertical again without help. My energy level starts to run out before the day does, even with an afternoon nap. The barber politely doesn’t mention the expanding empty patch on the crown of my head as he uses a brush and hair dryer to fluff things up a bit. The morning stiffness in my fingers goes away quickly enough, but it didn’t even exist a few years ago.

Clearly, I am aging. Of course, all of us do so from the moment of our birth. But, until the later part of the 5th decade of my life, I was able to ignore most of its effects. I used to have a nice career as a management consultant. Then I retired, so aging is what I do now.  What I want to do, is age well.

A blog reader sent me an e-mail with a question that made me think. He was wondering what folks used to do in their 60s that no longer interest them in their 70s and 80s. He wasn’t talking about physical changes or health care issues that prevented certain activities from continuing. Rather, his was really a budgeting question:  what can be cut from the budget as they move through retirement? That struck me as an interesting question that fit with my idea of writing about the goal of most of us: aging well.

That raises the question, aging well how? Does that mean maintaining our physical health as long as possible by paying serious attention to our diet and exercise regimen? Does that mean keeping our complaints to ourselves, which would make most conversations with other older folks much shorter? Does it mean keeping our minds and competitive juices flowing by going back to school, starting a new business, or learning a new language?
In an excellent article on Yoga International’s website several years ago the author, Deborah Willoughby, made a point important enough for me to keep in my files: “In our modern script, the third act—retirement—defines us in terms of what we’ve left behind instead of what lies ahead. Up through our late 50s and into our 60s, our energy has been mainly focused on tangible achievements: earning a degree, building a career, raising children, acquiring property, and perhaps making a name for ourselves. Now, as these familiar identities and activities fall away, we find ourselves without a clear, purposeful direction.”

To me, that is not aging well. That is what this blog, and hopefully my life, are determined to avoid. There is something called the law of use and disuse, which is the basis of the common understanding that if there is something you don’t use, you lose it. That applies to your body, your mind, your spiritual development, your creativity…pretty much everything that makes you who and what you are. In reality, what is a satisfying retirement but a collection of a series of satisfying days, one after another?

Ms. Willoughby went on to say, “Capacities have the potential to expand in the later decades of life. For example, studies show that as we move into life’s third stage [retirement], we use both hemispheres of the brain more efficiently.”  The idea that the last few decades of our life is just a long, slow slide of decline is simply not supported anymore by scientific research.

Just as damaging is the cliché that 60 is the new 40 or 70 the new 50. No, 70 is the new 70. The brain continues to gather experiences and find new ways to process and use that information. Pretending we are looking backward only cements in our mindset the idea that 70 is bad. It isn’t bad, it is just different from 50…on purpose.

So, I will answer the reader’s question this way: what you did in your 60’s may no longer satisfy and stimulate you in your 70s and 80s.  However, to assume one can save money as one ages because his or her universe shrinks and less money is needed is to accept the notion of steady, constant decline.

What turns you on at 75 is probably not exactly what lit your fire at 60. Will be it cheaper? Maybe, maybe not. Maybe by 80, you aren’t physically able to travel the world. But, maybe you have discovered a passion for pottery, woodworking, or photography. Maybe your latent writer has sprung forth.

True, the $9,000 you spent to tour Europe for 3 weeks when you were 67 may not be needed anymore. But, woodworking, a pottery kiln, or a few fancy cameras can easily cost quite a bit. Trust me, painting isn’t cheap.

Yes, some things will cost much less…the amount spent on clothing, vacations, a new car every few years, even the amount of food you buy will probably drop as you age. Of course, the dollar totals on prescriptions, medical care, and modifying your home could eat up those savings.

The point is, that aging shouldn’t be seen as a way to save money. Aging is not a budgeting strategy. It is a time when your money is reallocated to keep you engaged and feeling productive.