Think you are ready for life after the office? It is the end of the year for pension reporting and those statements will soon be on their way. Capital markets have not been kind, and many will greet their current results with resignation. When investment performance is not up to standard, it helps to review what your long-term plan is for retirement while setting up contingencies until markets recover. This downturn, like every other downturn before it, forces us to redefine what our real priorities are. In many cases, opportunities and lifestyle changes become reality, and the individual may actually end up better off.

Several readers took the 15 question retirement quiz featured last June 28, 2008, and the answers were generous, as well as illuminating. The age groups differed, with the responders closer to retirement or retired, nowhere near as optimistic about quality of the golden years. Whether this is a factor determined by the amount of money saved for retirement is a matter of great debate, but for the most part, those that have more than enough to generate adequate income indexed for inflation each year, seemed less stressed.

No one thought that their retirement would be better than their parents. This was an amazing answer to consider when retirement plans waaay back then were for the most part terribly inadequate, or non-existent. Either we are all now cynics with our expectations are too high, or we are being incredibly realistic.

Calculating how much they thought they would need in retirement was a real challenge, with several saying they did their own estimate rather than consulting with a professional while another stated that they just guessed, because who the heck knows what is going to happen anyway. Yet even though the number calculations were miles apart, they all answered the question the same when it asks how much will you need - anywhere from half a million to a million dollars.

Across the age spectrum, "Do you think you have saved enough for retirement?", was a resounding 'NO.' The other two answers - "my children will take care of me and I don't plan on living long enough to find out" - were ignored."

So much for family responsibility, but I'm being a bit facetious here. Almost no one has the resources in this generation to forgo a paycheque to provide home care for a parent. In a down economy that we are facing today, it is not recommended to walk away from a good job.

The cost of health care fell right in line with what we know factually, between $800 and $1,000 per person per month. A real budget buster. And only one individual indicated that their retirement readiness built in for long-term care.

The most popular sports activities in Bermuda by their estimates, were not the two that provided the maximum health benefit in managing weight and increased well-being. Golf was a good (not great) choice, but costly on a fixed income, while becoming a couch potato is the easiest, but most detrimental to your long-term health.

Whether it is the surf and turf or the continuous sunshine, Bermudians are very long-lived. There was no expectation of receiving an inheritance by any quiz taker. The message clearly indicates that the cost of long-term care is eating into many extended family legacies, leaving little for the next generation.

Every woman had a very good idea of how little she would receive in retirement income in proportion to men of the same age. Yet women live far longer, and if spouses do predecease them, those benefits are cut even further, as much as a 50 percent reduction. For instance, if you are the non-US citizen widowed spouse of a US citizen, that Social Security benefit may be reduced as much as 65 percent, due to the estate reduction and taxation.

Providing support to adult children while heading into your own retirement generated vigorous comments as well. One indicated they were still paying out to Junior (and could afford to), while another stated, "Absolutely not - the gravy train has come to an end and the recipients have been told, get over it."

Everyone guessed the large number of seniors on the island currently, and were openly sceptical that there will be anywhere near enough Old Age Contributory Pension available in the near future. The consensus was that those benefits will be reduced across the board.

Money is still a emotional and control issue for many. No one indicated that even in today's verbose age, that finances were discussed on a regular basis with either their children, their parents, or with each other in relationships. This statement was astounding, given the planning message that is repeated in the media as a mantra, daily it seems.

Individuals still tend to be very, very circumspect about their finances, and will only reluctantly discuss general issues when a crisis is at hand in families.

The fact is that retirement for many is not a welcome prospect. There are so many other elements that determine the decision, including "will I become invisible, how can I continue to be useful, we have enough trouble getting along now, what is it going to be like staring at each other 24 hours a day?"

Multiply those statements by another 20 or 30 years and depression sets it. There is a simple answer - don't retire. Plan your life to live the fullest possible until "somewhere near the end," says 91 years young Diana Athill, a novelist just reviewed by the New York Times for her new book on "Cataloguing the Insults and Joys of Old Age." (New York Times, January 14, 2009, Dwight Garner).

Very realistic, very helpful response from readers who took the time to send their answers in. I thank them.

Martha Harris Myron CPA -NH1929, CFP® -67184 (US licences) TEP - Society of Trust and Estate Practitioners. She is a senior wealth manager at Argus Financial Ltd., specialising in comprehensive financial solutions and investment advisory services for individual private clients and their families, business owners, endowments and trusts. DirectLine: 294-5709 Confidential e-mail can be directed to mmyron@argusfinancial.bm The article expresses the opinion of the author alone. Under no circumstances is the content of this article to be taken as specific individual investment advice, nor as a recommendation to buy/ sell any investment product. The editor of The Royal Gazette has final right of approval over headlines, content, and length/brevity of article.