2 weeks Ago
With entire neighborhoods crumbling to ash in Los Angels and an uncertain political landscape taking shape in Washington, planning for the future might feel particularly challenging right now. It seems harder than ever to imagine what the world will look like in 50 years. Climate change and artificial intelligence promise to transform our world in ways that are hard to comprehend.
The choices we collectively make in the coming decades will determine whether future generations inherit a stable planet and a functional, flourishing society. In the face of uncertainty, there are two things we can do to prepare ourselves for whatever the future holds: turning inward to care for ourselves and turning outward to build stronger ties in our community. Often, our ability to help others depends on our ability to first take care of ourselves.
Like putting on an oxygen mask on the airplane, you have to put your own mask on before you can help others. For me, this doesn’t just include taking care of myself in the present. It also means thinking about who I want to be in 10, 30 and 50 years.
What do I need to do now to give that version of me the best possible chance of having what she needs to thrive? When I think of who I want to become at 65, on the brink of retirement, I imagine a person who is healthy and active. I have led a meaningful career driven by a passion for helping people. I live in alignment with the environment and my community.
I also have the financial means to enjoy the fruits of my labor and to support the people and causes I love. When I think of myself at 90, I see a little old lady who shines from within with the wisdom gained from a life well lived. Visualizing this future version of myself, I feel tenderness and compassion.
I imagine extending a loving, helping hand to myself across all the decades yet to come, to make sure that there will be someone there to help her cook, or get dressed, or do whatever she can no longer do alone. I like to call this “envisioning my inner elder.” The exercise makes it easier for me to embrace the steps I need to take now that make it more likely I will have the quality of life I hope to enjoy in retirement and beyond.
Financial planning can be intimidating. If you are young, your later years can seem impossibly distant, and saving can easily be overshadowed by more immediate priorities like paying off debt, supporting young children or paying for a vacation. If you are already close to the age of retirement or past it, putting things off can seem easier than confronting sometimes hard choices.
But whatever stage of life you are at, planning and investing for your future self is a powerful form of self-care, and the sooner you start the better. How much money you actually need will depend on your individual circumstances. Experts generally recommend saving around 15% of each paycheck for retirement.
This can be particularly difficult for young people. But putting aside any amount (even if it’s less than 15%) is better than nothing. There are simple strategies to increase your savings over time.
Take advantage of your employer’s retirement plan match if they have one. Set up automatic monthly transfers from your checking to your investment account. You can also opt for your retirement plan to increase the income you contribute by a set percentage every year.
Keep in mind that even if you are already of retirement age, you could still have 30 years or more ahead of you — a third of a lifetime! Financial decisions you make now about whether to keep working, when to start taking Social Security benefits, the makeup of your investments, and your spending and saving habits will all influence your quality of life over the coming decades. If you are like me and find that delaying gratification today in the name of abstract benefits tomorrow is difficult, try spending some time visualizing who you want to be in your old age. Imagine specific details of the life you want to have led up to that point.
What will you look like? Who do you want to be surrounded by? Where do you want to live? What kind of care might you need? See if doing this helps you develop feelings of compassion and fondness for the elder you will become. As it has for me, the exercise may make you feel more inclined to care for your future self. No matter how old you are, your inner elder is worthy of care and attention.
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