Ideal Age to Retire?

An average day playing bridge, bowls and yelling “bingo” with your life-long pals, a wine and gossip session with the girls, and falling asleep in the arms of your soulmate. This is how most of us envision our perfect retirement. But 'perfect' isn’t easy to obtain.

There are many opinions on what the ideal age to retire is. But it really all depends on what type of person you are. The human condition is made up of a range of personalities, work ethics, personal experiences and history. Some may want to retire early, at 45, others prefer later, around 70 to 80 years of age, and some don’t consider retirement as an option at all. Statistics, sourced from NZ Government, state that the average retirement in New Zealand is age 65.

Examples of late retirement include my late grandfather, George Elvin, who worked on his farms until he passed and couldn’t grumpily say that he needed to tend to his crops. A stubborn old man, but a very hard worker. His attitude and lifestyle could have been highly influenced from growing up in a farming lifestyle, milking the cows and harvesting kumara or potatoes on a rusted blue tractor that is now falling apart; as a soldier for the New Zealand army, and growing up in the 1940s, which was very different to how it is now.

My father reminds me a lot of him, although he’d protest that, and seems to be developing those same attitudes, aiming for a late retirement, despite recently having both of his hips replaced. I am personally surrounded by many people who never stop working. But obviously, there are others that choose early retirement instead. One of our editor-in-chief, Jude, even met a couple who have been on many cruises since they retired in their 50s!

Alternative to personal attributes, there are additional practical elements that must be considered when contemplating retirement. These are the big aspects we don’t particularly like to talk about: money, debt, and savings.

When asked if she plans on retiring, my mother simply says, “I would if I had money,” which explains just how important a factor your finance plays into retirement plans: “If I won lotto or had money to keep me going, I’d retire at the age of 55.” Her partner, aged 54, agrees, exclaiming, “If I won lotto, there’s no way I’d keep working.”

But winning the lotto would be a miracle. That means you must think rationally, starting by getting rid of that nasty, rising student loan debt or mortgage, receive a decent salary that you can make savings from, make sure you have health insurance and consider what you may want to leave for your kin. All of that dull stuff. Some sources claim you need at least $101K by the age of 30, to retire comfortably? Insane, money seems to be everything these days.

Although retirement sounds ideal—maybe spending your days lounging in the sun, getting more time to spend with your children and/or grandchildren, and hopefully a stress-free life—an individual must have emotional readiness to go through with this. Some people thrive and live for work, with the promise of developed relationships and a social life with co-workers, a sense of purpose, or simply just having something to do everyday. Some may find retirement to be a difficult transition.

I have discussed the topic with some retirees, who have described some of their experiences as “lonely”, “boring”, and at times, “challenging". It is important to note that government pension isn’t always much to live on, the average being around a mere $300 - $400 a week per person (and for early retirees, these benefits are even lower), so they express the importance of taking up hobbies, a casual job for extra income, and especially surrounding themselves with friends, family and maybe even a pet for company. Ever heard of the term, “crazy cat lady?” Go hard with this lifestyle, because those cats may very well become your best retirement buddies.

Barbara from Tauranga, aged 71, spends most of her days looking after her little piece of paradise. Green vines and flora twist around the columns of her home, sheltering her vegetable gardens, as she sits in the sun with her crafts, carefully curating harakeke (flax) and seashell ornaments or accessories, and planning out her very own bamboo tiki hut. She keeps herself busy and even manages to get in a glass of wine every once in a while with her friend Jan, and the trusty fox terrier, Jazzy. This is the picture of the ideal New Zealand retirement.

I personally believe that there is no set age one should retire. If done right, retirement living can quite literally free you from many of life’s responsibilities and allow you to claim long-deserved relaxation after a long life of working hard. Invest in that holiday home on Waiheke Island, create a life for yourself in one of Auckland’s many finest retirement villages, start a side-business, or even go on 150 cruises! Retirement living is the ultimate dream of many New Zealanders, ensure you prepare for the best retirement possible.

Words: Rangimarie Elvin