Recently, I saw the alter-ego of Barry Humphries, Dame Edna Everage, in performance at the Melbourne Arts Centre. It was, as you might expect, a deliciously irreverent, and ‘politically incorrect’ show played to a capacity audience of some two and a half thousand people.

While enjoying the show I was wondering about the fact that here’s an 85 year old, who apparently ‘retired’ from the business 5 years ago, up there on stage for over 2 hours. What was also very evident was the sheer joy that the Dame exuded – you could see that she was enjoying herself immensely, and, I’m assuming, hadn’t returned to the stage because she’d run out of money!

So what does ’retirement’ mean anyway? It’s clearly different to the retirement of earlier generations where it generally meant stopping work altogether and pursuing interests in travel, social activities and more time with family.

As an aside, do you know why the age of 65 was selected as the ‘retirement age’? It dates back to 1880 when the German Chancellor, Otto von Bismarck, introduced a social security system to his country. He selected that age because he knew that most Germans would either not reach age 65 or if they did, wouldn’t live much past it. So the social security system wouldn’t really cost much!

Nowadays, retirement will generally include travel, social activities and family but also, for many people, some form of ‘work’. In conversations we have with our clients we increasingly learn of preferences people have to keep working for a few days a week – but at something that gives them pleasure and for which any income earnt is simply a ‘bonus’.

Clearly, retirement means different things to different people and there’s no right or wrong. Our role as your financial adviser is to help build and structure your wealth such as to provide you with ‘options’ in terms of pursuing whatever retirement may mean for you.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.