"At what age are you going to die?" Dan Sullivan, President of the Strategic Coach, asked the participants at his workshop. It is a simple but deep question, and happens to be a key question to retirement planning, said Michael Fok, an active member of the Insurance and Financial Practitioners Association of Singapore (IFPAS).
In this article, Michael addresses the 3rd phase of the four phases of psychological age of retirement:
- Age of Preparation
As a student, acquiring fundamental knowledge and skills to prepare for 2nd age;
- Age of Achievement
Making a living to acquire material wants/ needs as a symbol of achievement;
- Age of Fulfilment (will be addressed in this article)
Seeking deeper meaning in life, fulfilling inner life purpose like spiritual growth;
- Age of Completion
Reflecting on the “unfinished business” to complete life at the end-stage
Michael Fok is an active member of the Insurance and Financial Practitioners Association of Singapore (IFPAS).
His article “The Psychological Perspective of Retirement (3rd Age) originally appeared in Tuesday Times, an online publication by IFPAS.
Extracting main points from his article, and moving pass the first two Ages (Age of Preparation and Age of Achievement), this article addresses the psychological perspective of Age of Fulfilment.
Age of fulfilment
At this Age, it is when true meaning and purpose of life is fulfilled, thus discovering the kaleidoscope of Active Retirement, instead of engaging in passive activities such as reading the paper, watching TV and checking WhatsApp. It is the age of seeking a new lifestyle instead of mundane living. For the majority of us, you would be an elder person by this Age.
Experiencing age of fulfilment may not necessary be superfluous spending like travelling around the world, though that may help us to appreciate foreign culture, food and language.
Also, not many are fortunate enough to attain the age of fulfilment before retirement age unless, for instance, they inherit a windfall from an estate. Others may need to prioritise their lifestyle at the 2nd Age of Achievement.
Attaining the 3rd Age of fulfilment, one may choose to work, but for them working for income is an option and they may have means of passive income providing for their current cost of living and being debt free.
When is a good time to start planning?
By the time one acknowledges the significance of early planning, is it somewhat a little too late.
When one is young, their response would be to fulfil as many (“YOLO”) exciting life-style experiences. For the career-established individuals, they’re too involved in making a living to meet current family bills and big-ticket items. For those entering 3rd Age of fulfilment, their funds may be depleted by children’s education or highly- geared mortgage commitments when they upgrade their home.
Thus, managing wealth at 2nd Age of Achievement will ideally generate surplus to pursue one’s own life purpose when transiting to 3rd Age. Although, if one has not started planning, then NOW is always the best time.
Common personal risks at 3rd Age as an elderly person
Health and Longevity issues are inevitable as one ages. If one is living longer, one would need to factor in the ever rising cost of living. Money would also run out faster than life expectancy.
When an elderly’s health deteriorates, he may interact less with others. Coupled with high medical bills, he may end up poor, sick, and lonely. Loneliness is a silent killer which may lead to multiple psychological and, eventually, physical health complications.
To minimise these risks, here are 6 re-evaluation steps in order to lead a purpose-driven life:
Roles: Adopt new and additional roles and responsibilities like being a parent-in-law or grandparent;
Enjoy: Fellowship and friendship, within kinship and community; make new friends of common interest;
Lifelong: Learning in arts, music and language may help stimulate the intellectual abilities to avoid dementia;
Inspire: Share one’s life experience, in knowledge and skills; Giving back in terms of time, money and effort;
Values: Appreciate better non-monetary human values such as health, relationship and time;
Enrichment: The freedom with money to spend on others beyond oneself.
Finding meaning and purpose
At the 3rd Age, it is more a time of giving than taking, and the greatest gift is forgiveness which frees oneself from the burden of holding on by letting go. The joy of giving is a way of sharing one’s time, talent and wealth. Spending time with elderly people can be a valuable lesson on humility and healthcare.
Notwithstanding the importance of money to enjoy 3rd Age, a balanced lifestyle means different experience- meeting people of diverse age group, savouring different meals and learning something new. When we look forward each day with great anticipation, 3rd Age will become more meaningful, purposeful and adventurous. Pleasure is satisfied through the senses but short-lived. Happiness is a decision in the mind, and joy is found deep down in the heart which is everlasting.
Seeking freedom, dignity, peace, and love are of paramount significance that satisfy the Age of Fulfilment.
This is an IFPAS X Asia Advisers Network collaboration.
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