Double dipping. It used to be quite a joke, as well as fodder for lots of cynical remarks. Question: where do employees go when they retire? Answer: why to their new career, of course, working for a state and then into politics. The state(s) shall remain nameless, but the double dipping was real. Sometimes, certain individuals could actually plan for triple dipping.

And, it worked like this. The individual was employed for 30 years in the public sector, while building up a defined benefit pension plan at the end of the sojourn for when he/she officially retired from the job. He was, after a number of vesting years, also eligible for a government social insurance pension at the official age of retirement. If he or she had served honorably in the armed forces, then worked in the public sector, retired, then moved to the state or federal government sector, one could conceivably receive three pensions.

Second stage career. A state legislature is full of politicians, and civil servants who provide the real nuts and bolts of operations. As is the way of politicians everywhere (or any organisation for that matter), some politicians did nothing, but had a great time posturing at the proverbial podium. Some politicians, tried ineffectively, and did something some of the time, coming off a nap or foreign trip to help pass a crucial piece of legislation. Some politicians accomplished extraordinary goals, both legislatively and individually, becoming what they were always meant to be: experts in political powerhousing for public service, champions of causes, and revered for their wisdom and dedication.

State representatives, generally, earned de minimis salaries (not like here) because it is deemed to be public service. On the surface, it appeared to be a large personal effort expended for little remuneration. Cynically, I used to regard the scene as beyond comprehension; much politicking and dickering over budgets.

As we've gone through life stages, looking closer at how the democratic process evolves, I've realised that my observations were very skewed – apologies are in order. Yes, there were lightweights, generally inactive (aren't there always) but what we were really witnessing was the fully deployment of experienced human capital. These individuals were not appointed. They had to launch political campaigns for change and progress, face the beneficence and wrath of constituents while managing to collaborate with political parties to build balanced budgets and pass good legislation. Those who made the commitment to serve, instead of opting for retirement, deserved the additional compensation.

In our history as a people, those who attained age and wisdom were revered. They should be. Whether formally schooled, or survivor smart, most mature individuals have accumulated knowledge and experience that cannot be easily duplicated.

Should you retire? Maybe not. The point of this narrative is that if you want to continue to work into and through retirement, you should; nor do you have to become a politician. You, personally, have also accumulated a lifetime of experiences and knowledge that can continue to be shared.

Individuals close to retirement often express concerns that they don't know if they will be able to manage the change, either financially and socially. Certainly, this poor economy has made a lot of people rethink their priorities and how to frame their lifestyle choices for the future. Don't give up your job if that provides a purpose in life and a steady income.

According to www.entrepreneur.com, 12 Benefits of Hiring Older Employees are top of mind. "They're the one thing that businesses everywhere have a need for. And not just employees, but employees who are honest, responsible, dependable, loyal, focused, organised and mature.

Employers spends millions of man hours each year placing ads, prescreening and interviewing candidates, and hiring and training workers, only to find that many of the employees they hire work for them for just a few months only to decide they don't want to "just be a clerk any more" or feel "something better's come along" as they work their way up the corporate ladder.

If you are still employed, keep working, work as long as you can. Steady income coming in is always better than watching it go out. Retired men, particularly, have mentioned that they are uncomfortable not receiving that "monthly paycheque". Once you are on a fixed income, it is more stressful to manage concerns about your investments holding their value, or your tenant breaking the lease, or your pension not increasing with inflation. The longer you can cover your monthly minimal living expenses without having to drawdown savings, the better the chance of a more comfortable old age.

Keep learning, you can't bank on keeping your position if you don't embark on a continued learning curve. Make that investment in yourself an education learning course, or another degree. You can't sell that jewellery when times are hard, but you may have the skills to procure an even better job. Individuals have said to me, "why should I keep working, I have earned by right to just do what I want!" Of course, you have, and if that's your decision, so be it. However, let me tell you the stories of those who wish they were still working - the golf routine got boring, and the sense of removal from mainstream is growing.

Why shouldn't you work? It's an acknowledged fact that Bermuda needs far many more skilled Bermudian employees than we have. And here is another observation, younger generations coming along have a large segment who are functionally challenged to come up to speed. Oldies are goodies – in everyone's book. Refuse to accept labels, we are needed like never before . . . the biggest talent pool that our island has is the cumulative experiences of those over 50. Why would any employer want to lose 25% of his human capital investment by having the best workers retire off?

Cross Border Caution: nations are changing their requirements and amounts paid to citizens living outside their borders, if they are eligible for a pension from another foreign country.

Martha Myron is an international Certified Financial Planner™ practitioner. She specialises in independent fee-only cross border investment, tax, estate, and strategic retirement planning services for Bermuda residents with cross-border and multi-national connections, and US citizens living abroad. She is a Masters of Science in Law candidate in International Tax and Finance. For more information, contact martha.myron@gmail.com">martha.myron@gmail.com or 296 3528 at Patterson Partners Ltd.