“For long, the standard approach within the financial industry was to assume that 60 was the age for everyone to forcefully retire… nothing can be farther from the truth today.”

Something interesting yet puzzling is happening. We are getting worried when US unemployment numbers are falling. Unthinkable if we were told that there would be a day when among the major causes of inflation were rising wages due to a shortage of workers. I was left thinking “Don’t people want to make a living? What are they doing for a living?

Come to think of it post every major crisis something fundamentally changes. Post the 2008 crisis when jobs became scarce there was the rise of the Gig economy as temporary jobs made a grand entry, the Great Resignation post the Pandemic and somewhere in between Ikigai, Mindfulness, Blue zone burst into our daily lexicon.

For long the standard approach within the financial industry was to assume that there was a certain age when all was forced to retire circa 60. One therefore had to save and invest else the perfect storm of rising inflation, rising longevity, and rising medical costs meant that your last “few” years were more anxious than you bargained for. In the light of what has happened and happening do we need to change or finetune our approach. I think there is a case for sure. Let me build on this further.

The generation (Midnight children as one famous novelist called them) born around the time India got independence largely depended on their Pension and the extended family for financial support and wellbeing during their post 60 years. This was by design as there were limited options to make wealth. In fact, the sheer mention of wealth during this era meant that it was attained through dubious means. Quite naturally the prevalent aspiration was the permanent salaried job in a stable company. This generation also was the first to realize that last few years meant a large time equivalent to your working years.

The next generation i.e., Gen X had more resources to make legitimate wealth with sweeping changes in the financial industry from automation to the sheer depth and width of financial instruments. But given the limited hand-me-down generational wealth Gen Xers still coveted the permanent salaried Job. The favourite question during interviews of yore – “What are your hobbies?” implicitly meant that there was something you liked but couldn’t do for a living which compelled you tacitly to applying for this job.

Cut to the present generations Millennials, Z etc. and the outlook is drastically different. There is rising awareness amongst this generation that among the many roles that each of us plays in our day-to-day lives – wife, daughter, parent, worker, employer- the most important role could be of just being ME and therefore doing what you like. Internet – a loose term for the pervasiveness of technology in our lives has ensured that a one can make a living selling cook videos or even prank videos. Good old hobbies are becoming mainstream avenues to make a more than decent living. Geography is indeed history.

Suddenly it is not about living a forced life till 60 and then living a different life post 60. It is about making a living doing what you like. Retirement then becomes a redundant word for when will you really stop doing what you love? Only when your physical abilities give way.

Retirement also has a “tiredness” embedded in it. For when you will forever do what you like one needs a new word. For times as exciting as this we needed a new concept, something fresh, something invigorating. Hence RENEWMENT.

RENEWMENT is a reboot on life, it’s a RENEWMENT of living on your terms, a RENEWMENT of roles where you are centerstage.

Hence the challenge to all of us in the financial industry is not just to ensure that we guide our customers to invest for a comfortable post 60 life. It is way bigger.

It is how do we partner customers in their RENEWMENT journey- every step of the way. How do we as partners guide them in their financial wellbeing as they traverse a path of self-discovery of their true potential. Notice there is no common age or a magical financial number. Renewment is as much about freedom as about realizing one’s true potential.

It involves a healthy blend of discipline and risk taking not just till 60 but much beyond that.

wordpress-824762-2835382.cloudwaysapps.com is our small effort dedicated to these exciting times. Dedicated to Renewment. wordpress-824762-2835382.cloudwaysapps.com aims to demystify some of the common myths on retirement, challenge established notions, showcase real people who can be role models.

Most importantly we don’t want to do it alone. We want to do it in partnership with you. We want to do in dialogue with you. We will in partnership with you seek answers to challenging questions. We will debate on this forum so that all facets are presented in sincerity.

Quite naturally I seek your wholehearted support and enthusiastic participation in this journey.

I look forward to your views and suggestions.