Hello Doughnut Dialogue community,
I recently read the book for which this forum is named, and since have had a recurring thought experiment doing the rounds in my head. It’s about wellbeing in old age, so I hope it is the correct forum area
I wanted to share it and see where it leads. All suggestions welcome!
(1) A person is just starting to earn a wage and be able to begin some kind of retirement planning.
(2) Under the present model, this almost always (it seems) entails some kind of pension arrangement. Unfortunately these are linked to continued growth over 40+ years, which may not be feasible for the planet to sustain.
(3) This person wishes to try to reshape and retell the prevailing economic story to be more doughnut-like, including by being conscious and proactive about their financial decisions.
What strategies could this person (or indeed more generally the next generation of economists) do now to act to provide for themselves once they are no longer able to work far into the future?
To put forward an opening thought:
One idea would be to invest into their support community now, and that their community will look after them when they need it (pay it forward). Questions about this are:
(1) How does this fit in the 21st Century where we are increasingly mobile and it is common for individuals to be part of communities all around the world?
(2) Does this necessitate ‘selecting’ a community within which we wish to retire now, multiple decades ahead of time? If so, how might we go about making this decision.
If a doughnut-type world comes to pass, it would seem that we will all be provided for and this kind of thing will not really be necessary, or it will be integrated such that we don’t concern ourselves with it very much. As such, this thought experiment is specifically trying to think about the stepping stones to get there, and the actions that could be taken now.
Thank you for your time and I look forward to reading and considering ideas from the community.
All the best and keep safe!