I need you to help me help someone. Please.
If you’re over 50 – that someone is you. If you’re a sprightly youngster (younger than 50, that is) then the someone(s) will be every person you know that is over 50.
In 1889, exactly 120 years ago, Otto von Bismark introduced the worlds first real retirement scheme. He was a politician, so one must read between the lines a little. “If you’re unable to work past 70”, he said, “the German state will support you.” (It sounds better in German. In 1916 this was changed to 65.)
At the time he was facing a Marxist onslaught and communism must have seemed pretty attractive to a group of people working themselves to death. Bismark was offering a wonderful gift to all the oldies in Germany. (But, the average life expectancy was just 40!) It was a display of genius that our own dear leaders wish they had.
Not only did Otto halt the commies, but less than one quarter of people back then actually survived past 70! I understand that Otto von Zuma has his eyes on retirement reform, as well? It’s going to be interesting.
(In Bismarks time 78% of men older than 65 were still working. Back then, that’s what real men did until they died. In the USA, in 1920, 60% of folk well past their best-buy date were still working after 65. In 1980, one quarter of people over 65 were still working.
And somehow, we were sold on the BS that we could retire at 55! Here’s the thing: I do not know a single person over 65 who has successfully retired, comfortably well off, who did not work for the government or a very big firm!
So I started a survey yesterday, as part of my research into this. (That’s where I need your help.) So far, just 3% of the respondents have said that they think they’re OK for retirement.
In all the research I have done (a lot) the writers quote that “studies have shown that just 6% of South Africans can afford to retire”. Yet I cannot seem to get to the source of those stats. And my stats so far show the figure to be a lot worse.
As I said in October, I am in much the same boat. Two divorces and a bunch of kids with the last arriving unexpectedly a few months after my 49th birthday, and I am worth just enough to buy next months nappies. Nonetheless I am having lots of fun in a broke kind of way, thank you for asking.
Now, I know that this retirement subject doesn’t much interest anyone born after we landed on the moon, so I am setting up a new weekly email to focus on just this issue. I think I have some answers that will work for anyone.
(Nope, I will not be selling any financial instruments. Besides, I am unlicensed, unregistered, and unattractive. But, I don’t know of a single person who has invested in such beasts, and has retired at 55, or 65, with the promised yacht moored at his cabana in Mauritius – so I have some doubts about their success. Especially recently, with the world taking that toxic dump on bankers.)
So, if you are interested in the subject, please take the survey I have set up. It’s quick. There is just one question: What are your BIGGEST concerns/issues/worries/fears about retiring? This will lead to the new list on the subject. The ongoing discussion is free.
That’s not the hard bit. I need your help to reach as many folk as I can – to get their input into this survey. I’m using some really neat software to analyse the results. I will share those results as soon as they’re in. And I will address those issues.