How a conversation with an OAP got me thinking

TUNDE OYEDOYIN  

Tunde Oyedoyin is a London-based personal finance coach and founder of Money Intelligence Coaching Academy, a specialist academy of personal finance. He can be reached as follows: +447846089587 (WhatsApp only); E-mail: tu5oyed@gmail.com

While heading to work the morning of the Wednesday after Easter, yours truly found himself sitting side by side again with an Old Age Pensioner – OAP – at his usual McDonald’s restaurant.

Since we’re both regulars there between 6 am and 7am and had exchanged only pleasantries prior to then. I decided to take our familiarity further by asking just this question: “where do you normally go when you leave here?” Not only did her response generate this piece, as already noted in the title, it got one thinking about the ‘R’ word — Retirement.

With a shrug of the shoulder, she said, “I go shopping.” Boy oh boy! If only wishes were horses, yours truly would have, rather than continue with his journey to work, been hopping from one shop to another as well, every time he left that West London facility. Not surprisingly, this petite English woman went further, telling me that she started work at 20 and had planned to retire at 60. However, the change in legislation that increased the retirement age of women to 62 had come into force then and thus, she had to put in two more years for her employer.

Tell you what? Women can no longer retire at that age in England and Wales, as there has been another change in legislation. They must therefore work a couple of years more in order to receive full State pension. As we sipped our drinks and carried on chatting, my fellow McDonald’s regular said she felt for women still needing to carry on working till the current retirement age. Of course, men’s retirement age is more than that of women. That can cause misery and serious thinking if you haven’t made provisions for your next step in retirement. Perhaps, your employer doesn’t even have a provision for a golden goodbye or defined benefit contribution. That too is worth considering.

As an action point, take a look at any two or three retirees you know and ask yourself, do I want to be like them when I grow up?

Among the thoughts that the conversation with the OAP also generated was a reminder that we must actively plan for that phase of our working career. That could mean forcing yourself to develop another skill or asking the payroll department who your pension provider is. A few days ago, I saw a headline that Brazilian legend Romario wants to make a comeback at 58. One hopes it’s either fake news or that it’s for the love of the round leather game. As in the day of the Old Testament, “would to God” that it’s not because he’s run out of cash in retirement.

Go at your own pace

I was on a routine exercise in the street jogging from Notting Hill Gate towards Holland Park last week, when another jogger on the other side of the road went past.

His pace was faster and he was gradually increasing the gap. But I wasn’t bothered. I was following my own goal and he too, his.

As you pursue your financial goals for the year, go at your own pace and step things up if you have to. In other words, if going on holiday to Abuja in the summer or a romantic weekend at a choice hotel is among your goals, stick with it. But don’t feel compelled to copy the person going to Dubai for their birthday.

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