How to Retire Without Going Broke

Pensions was never a job I would have chosen, but it’s given me a profound wisdom about life and people.

Something seems to happen to people in their mid to late 40s and early 50s. Many have become financially comfortable at this age, and some take the decision to retire. Perhaps members of their own family didn’t survive much past the age of 50, but whatever the reason, with an ever-growing financial burden of an older generation, retirement at 50 is often perilous.

If we assume most people will live into their 80s and beyond, funding 30 years or more without paid employment is not really achievable. Whilst at 50 your income maybe comfortable, the effect of inflation can really blow a hole in your finances.

Fast forward just 10 years down the line, and real problems can emerge. It may be impossible to do a ‘U-turn’. Anyone leaving a career at 50 will find it very difficult, if not impossible, to get back into the same career at 60 years and beyond. I’ve known many people who’ve made this mistake.

If we look at the astrology, around the age of 46–50 years is the ‘Mid-Life Crisis’, which corresponds to the Chiron return. Chiron is an asteroid known as ‘The Wounded Healer’, a centaur who was cursed with a wounded foot, after an encounter with Hercules. When the asteroid Chiron returns to the same place it occupied at the date of your birth, it requires you to bring up your wounds from the past. That part of you that lies deep within, to heal the issues once and for all, then move into the next phase of your life. Without this deep reflection and soul searching, the hurts and mistakes of the past won’t be faced, and you will still be in denial of your full potential.

Then at around the age of 59–60 years, we get hit with the Second Saturn Return. I could never understand why people dreaded this aspect in their horoscope.

Yes, Saturn indicates hard work and obstacles, but the rewards are long lasting. Nothing substantial can be built without Saturn’s help. It also comes together with a Jupiter Return, which is seen as fortunate. So, hard work and good fortune should set you up for a prosperous retirement!

Most people start to plan as they near retirement, everything from their wardrobe to their leisure time. A familiar battle is to stay slim, if they put on weight, they’ll need to buy more work clothes. With ladies its easier, smart office clothes are suitable for wearing on multiple occasions, even in retirement.

I’ve lost count of the number of Pensioners who’ve said to me “I’m glad we did the long-haul travelling when we were able.” Once you get to a certain age, the difficulty of a long-haul flight, or flight changes and long delays at airports when mobility becomes more difficult, is hard work. A few resilient individuals are still keen, or able to embark on these adventures — I admire and envy them.

I used to tell myself that whatever happens, I won’t be like that! My own carefully crafted plan was sabotaged by the Pandemic, the lock-down and ill-health. When Covid happened, I had a bad reaction to the vaccine and now I can hardly walk.

Some people create a whole new business at the start of their retirement, which is great if it works … but what if your plans go ‘pear-shaped’? At retirement it’s often too late for Plan B.

I had a beautiful plan. Before retirement I renovated an old, thatched cottage a few doors down and marketed it on Airbnb as a holiday cottage for several years and made a good profit when I sold it. The bonus came when instead of paying up to 60% in Capital Gains Tax, I paid 10% because I could claim Entrepreneur’s Relief (UK) as a business venture.

It was September 2019.

As an astrologer, I was aware that the world was about to change forever in 2020. I did expect the Pandemic, but what I thought what was more likely, would be a devastating war, with all the pain afterwards — it just goes to show how impossible it is to predict the future!

So, I sat on my hands and did nothing — just waited. Kept myself busy renovating the house and garden.

But then, we did get a pandemic and I fell victim to it. It ruined my health, I can no longer walk without a frame, it’s a struggle to get out of bed and stand up without falling over a few times, and just cobbling together a breakfast is a mammoth task.

Vocal Provides a Small Income

I’m just glad I’ve got Vocal to keep me sane - oh, I don’t expect to earn any real money, but it’s the best therapy I’ve found so far.

Let's face it, anyone at retirement age has a lifetime of stories that are entertaining, thought-provoking and can provide an endless source of inspiration and laughter for articles.

If, as a writer, you’re prepared to put in the work and write every day, an adoring audience can be built and an income stream along with it. (She says with her fingers crossed!)

I Do Have an Amazon Warehouse in my Home

Well, not really, but I do have a lifetime of ‘Essential’ buys that can be sold to bring in extra cash. Let's be honest, are you really going to re-read all those books again? Or watch all those DVD’s again when you probably have a Netflix subscription?

My favorite sites are ‘e-bay’, ‘Vinted’ and ‘Gumtree’. Records and books can be sold on ‘WeBuyBooks’, ‘Ziffit’ and even ‘Amazon’.

Decluttering is a Buzz Word

Buzz word or not, it’s the kindest thing to do for your family who will have the problem if you decide to downsize, go into a care home … or are no longer above ground.

Lifestyle guru Marie Kondo, the Japanese Organizing Consultant, has a cult following and has written several very successful books. She is well known for her Japanese style of minimalism.

Then all your ‘Treasures’ can be sold, streamlining your life and filling your wallet. I keep a spreadsheet of my sales income — which isn’t difficult to spend!

Mystery Shopping

I was a Mystery Shopper for years and loved it, absolutely loved it. It’s not highly paid, but if you’re going shopping anyway, why not get paid to have a delicious lunch somewhere.

I’ve had hotel stays, bit like a mini break; meals in high class restaurants; cups of coffee and a sandwich; pedicures; shoes; books; clothes; perfume and toiletries; pet supplies; DIY goods — my goodness I could go on and on.

Vote Counting at Elections

In the UK you need to register with your local council. It’s well paid and in the UK there’s generally an election every year. It could be for local or national government, or Police Commissioner. A little stream of income and a chance to meet some really great people.

I’m sure with a little bit of thought you can turn your hand to something to bring in some extra funds, like making greeting cards, baking or repairing items.

Hopefully this article has inspired you to have a happy and prosperous retirement — thank you for reading to … THE END