Back to school during retirement to maintain mental health

How many of us dread the approach of retirement? Retirement is the milestone that serves as a transition from a working life of routines to a phase that most of us are ill-prepared. Retirement can either turn out to be good or bad in our mental and physical functions, and social, financial or spiritual well-being. This article will briefly discuss the effects of retirement and look into the option of going back to school during retirement to keep mentally healthy.

Dr. Sing Lin, PhD, in his 2002 study on “Optimum Strategies for Creativity and Longevity” highlighted the conclusion from various studies of major American pension funds’ payout to pensioners that for every year one works beyond age 55, one loses 2 years of life span on average. The study also states that a person retiring at 55 years of age can look forward to living another 25 to 30 years after being able to put into place a retirement plan to retire early and live comfortably. However, it is important to note that such a plan would necessarily include elements to maintain physical and mental health.

Whilst we can seek advice on diet and exercises and act on whatever is required to maintain physical health, the issue of maintaining mental health is not one that can be easily addressed.  One of the ways is to be engaged in some form of work done at a non-stressful leisurely pace during retirement. Why work? Assuming we have a measure of financial freedom in retirement, work then will be mainly to continue keeping our mind active and maintain mental health to prevent the onset of dreaded diseases such as Alzheimer’s disease or dementia after having actively exercised the brain for the majority of the past 55 years.

So, what can we do that will not put us in unnecessary stress and yet afford us the opportunity to actively exercise the brain in doing things we like? Well, going back to school will be high on the list of possibilities. Objectives in education in retirement are different from that to gain a certificate for a well-placed position at the start of our careers. Many are ‘forced” by circumstances to undertake courses of studies to get the right jobs to earn a living and not courses of choice. In retirement, we can take a course in whatever subject that takes our fancy, whether they are short courses or challenging doctoral studies and research, to satisfy a burning desire or for self-actualization. Key is the choice to do what we like and when we like without having the need to complete the journey as an option.

In retirement, we can continue to enjoy and do whatever we like such as taking holidays to discover new places or to be with loved ones, move to a new home, or be engaged in charitable work without detriment to our ability to be go back to school as and when we like. The availability of online learning (for those seniors who can master the use of the internet) and ease of communication facilitates our doing so. In addition, most institutions of higher learning encourage seniors to enroll with them with many providing relaxed entry requirements and discounted entry fees, whilst local authorities and other organizations often provide free entries to short courses in various subjects of interest.

In conclusion, going back to school in retirement, as in school days during our formative years, also affords us the opportunity to make new friends and acquaintances and expand our knowledge, worldviews and horizons from peoples all over the world. In doing so, we can continue to make a difference in our lives and the lives of others whilst keeping us mentally healthy. The words of Alvin Toffler sums up the importance of lifelong learning – “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn”.

Personal financial debt crisis solution – the golden rule and guidelines

Lately we have been inundated with news in the media on the financial debt crisis in Europe and also on perhaps the mother of all debt crises in the USA. We do not need an economics guru to tell us why such crises occur as we all know that debt arises when nations need to borrow to spend more than what they can afford.

Zeroing in on a personal level, each of us will also suffer a similar financial debt crisis if we need to borrow to spend on things we cannot afford. So, how do we solve our personal debt crisis? The golden rule is never to get into debt. Easy isn’t it? If I don’t have a debt, I don’t have a debt crisis and can dispense with thoughts of having plans for debt consolidation, debt management, debt relief or similar solutions to debt problems. More importantly, if I am in debt, I will be a servant to the lender and that is not a good position to be in. “Easier said than done” will be the obvious retort from many. Nevertheless, if wisdom, knowledge and discipline are with us, then our spending needs and cash management will be well-guided and will not land us in debt.

Living within our means is a key principle and is even advocated in mainstream religious teachings. The Christian Bible discourages Christians to be in debt and if in debt, to get out of it as quickly as possible. However, how many of us can keep a golden rule and not break it? Life is not so simple and most of us will incur a measure of debt at some points in time. Whilst the use of debt may be unavoidable, especially when there are so many financial institutions tempting us with “easy” money via credit cards and personal loans, we need to carefully evaluate the purpose of such a use.

Thus, under what circumstances would it be alright for one to engage in the use of debt? There really are no right answers applicable to each and every individual and every particular situation. Perhaps the following could serve as useful guidelines in the use of debt :

(a)    Do not buy something because it is on sale unless that item is really needed.

(b)   In acquiring an asset, purchase one that is really needed (like a dwelling place), capable of appreciation in value, and can also be easily disposed when needed to do so.

(c)    If there is really a “sure winner” investment, then ensure that the item can be disposed at a value greater than its purchase price when required to do so.

(d)   A caveat to the above will be to ensure that there is always sufficient cash to pay the instalments or repayments without detriment to cash required for daily essentials.

In summary, this short article is not intended to prescribe solutions to manage and get out of debt but to encourage us to refrain from getting into debt, and if the use of debt is inevitable, then to do so following certain guidelines. A parting sharing will be this - whilst it is good for us to strive to do better to have a better future, we should nevertheless be content with what we are and have without the use of debt.

Leaving a financial legacy

One of my earlier articles touched on living a meaningful life and making a difference with an exhortation to consider the legacy we will leave behind. Well, what exactly do I mean by “legacy”? The American Heritage Dictionary defines “legacy” as “money or property bequeathed to someone by will” or “something handed down from an ancestor or predecessor”. The latter definition is more applicable generally and the lives we lead and notable achievements (or lack of them) will determine how we will be remembered. This article is intended to briefly discuss the issue of legacy and how to leave a lasting financial legacy.

Looking at prominent people of the past, each of us will have our favourite people who have left their indelible marks and lasting legacies. Mahatma Gandhi sought peace and change through passive resistance and was therefore a burning torch for others like Martin Luther King and Nelson Mendela who fought against oppression. In government, President John F Kennedy left a lasting legacy of many achievements that have helped transformed not only the USA but also  the world to be a better place including the establishment of the US Peace Corps and successful handling of the Cuban missile crisis that averted a nuclear war. Elvis Presley can be considered a musical legend with fans still having annual gatherings to remember the man and his music. Similarly idolized is Bruce Lee, who is considered the most influential martial artist in life and on the silver screen.  History remembers not only men of peace but also men of war and Adolf Hitler is one such man and deemed to be responsible for the millions of deaths during the Second World War and the Holocaust.  In helping humanity, we remember Nobel prize recipient Mother Teresa who dedicated her life to helping (especially in India) the poor and down-trodden, the sick, and the dying. Lately, we have also been made aware of billionaires like Bill Gates and Warren Buffet who have intentionally decided that a substantial part of their wealth will be given to charitable causes to help society at large.

The aforementioned are famous people and their legacies but what of mere mortals like most of us? Rich or poor, famous or insignificant, each of us will leave behind our respective individual legacies. Whilst it may not be possible to plan and live our lives such that history will record the good that we would want to do, we can however take control of the way we would like to write our financial legacy.

Leaving a financial legacy that is lasting and beneficial entails the ability to amass wealth (tangible and non-tangible assets) and structuring a plan that would ensure the wealth continues to grow to benefit those we love (whether individuals or organizations like charitable foundations ) from the legacy. Recognizing this objective, we need to note the adage “easy come easy go” and prevent wealth being squandered and in this respect we would do well to note the Chinese saying regarding wealth not being able to pass beyond three generations.

Generally, a will is the instrument we use to pass down inheritance to our loved ones or charitable organisations. The high net worth may set up a trust to effect the legacy they may wish to leave behind. Writing a will or setting up a trust will not be discussed in this article (maybe in a future article) but one can always consult a lawyer or financial advisor if help is needed.

In summary, the important thing to remember is that we leave behind sufficient funds and tangible assets in a structured plan that will continue to grow to benefit those intended in leaving a lasting financial legacy. Perhaps the focus on financial legacy may not be as important as being able to leave a legacy of having spent our time wisely and making a difference in the lives of others. Billy Graham, the well-known and respected evangelist, sums it all when he was quoted as saying “The legacy we leave is not just in our possessions, but in the quality 
of our lives.”