60 and beyond – Discovery of retirement

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Article originally posted on CFFC.

Haven’t heard of Erica Whyte before? She’s the retiree who not only won the 2015 Commission for Financial Capability’s contest to come up with three stages of retirement, but is keeping active in the Lower Hutt community and thoroughly enjoying her retirement.

Erica’s competition winning 3 stages, “Discovery, Endeavour, and Reflection”, mark the years of 60-70, 70-80, and 80 and beyond, respectively.

She dives into the Discovery part of this journey in a chat with the Commission for Financial Capability that highlights her strengths as a capable, bright, warm, and funny woman.

On redefining her life after retirement

“I had to work at deciding for myself who I was becoming. Because I could no longer say that, you know, ‘I’m a business woman’. And all of the things that went with it just suddenly are not there. That was that next step in that discovery stage – how do I label myself?”

For Erica, it meant looking back and thinking about the skills she had and the interests that captured her attention from as far back as primary and high school. She found fun in taking up the sports from this time that she was still capable of participating in, playing the piano, and even a spot of table tennis.

Money matters

Erica’s also had sage advice for her grandchildren when it comes to money management. “When you get a dollar in your pocket money, you put 10 cents of that away. And you don’t touch it, you just forget about it, and let it grow.” She recommends this to at any age – that no amount is too small to save.

It’s wise to remember that even if you’re already thinking about retiring, it’s not too late to save a little extra to put away. Every little bit that you save counts – in her words “mo’ money, mo’ choices”!

Being socially active

As she lives in a little village, it means strong bonds with the community, be it with neighbours, or members of the church. Keeping socially active gives us more joy and support than we often realise. Having those social bonds can keep you mentally healthy and feeling not only appreciated, but involved, and like you “belong”.

We’ll leave you with one last Erica quote that should guide you well, no matter where you are in your life…

“What’s life really about? Am I making a difference? Who am I important to?”