Parallels from a Younger You!

I find many parallels between a young adult just starting out in life and an older adult beginning retirement.  Young adults usually have to make the transition from student to employee, then career, then family etc.  Each of these is a very different stage of life, although each overlaps with the other stages.  Retirement is very similar.

It might help to look at retirement as four overlapping stages of life, just as your life changed in your younger years.  Here are four I suggest:

• Working Semi Retirement
• Very Active Traditional Retirement
• Traditional Retirement
• Encourager Retirement

Working Semi Retirement

Working Semi Retirement might be compared to that earlier time in life where you were in transition between a student and a career.  Maybe you have a job, but you are not trying to make a new career.  Or maybe you try different options to see which ones work for you, and you do start a new career or business.

In this stage you are trying new things and exploring to see what sticks.  Possibly you work just enough to pay some basic bills, or you are so excited about a new possibility that you jump in with both feet. Now might be a time to do some of that traveling that you always wanted to do.

Very Active Traditional Retirement

In this stage you possibly work a little less, and play and explore more.  Maybe you travel, explore new hobbies, or keep learning just for the sheer joy of it.

This may be a time when you step up your volunteer work and concentrate on helping others.

Traditional Retirement

I call this stage traditional retirement because it reminds me of what I thought retirement would be like when I was younger.  Maybe this is a more laid back time.  You are still active and busy but life does not move at the frenzied pace of previous years.

Maybe your heath and energy are not the same as in previous times.  You still travel but it is a little less adventurous.

Encourager Retirement

I call this the encourager phase because I think this should be a time when the focus is more on others than yourself.  You have slowed down considerably.  Getting around is a little more difficult and maybe you can no longer drive?

This is a time to pass on some wisdom you have learned over the years.  Maybe you do some writing.  Send greeting cards and thank you notes to everyone.  Find ways to use kind words and encourage the people around you.

The Stages are Different for Everybody!

Not everyone goes through all the stages.  Some people will never stop working, either by necessity or because they love what they do.  Others will stay active well into old age.  Still others will have the stages forced upon them too soon due to health issues.

So why think about and discuss these stages in retirement?  There are two main reasons.  First, I think it is important to think of retirement as a new beginning.  It really is just like that time in your life when you had finished school and were fresh and new and had an exciting life ahead of you!

Second it helps in planning and thinking about what you will due in the different stages.  That way as you find yourself in a new stage it is not a surprise, or something to be concerned about!  It is simply another phase in your retirement adventure.

 

The Retirement Glass is More Than Half Full

This article looks at retirement from the glass half full perspective. There are enough doomsday scenarios out there. Let’s look at some positive developments!

We are Healthier than ever

Many of us are living longer than ever, and we’re staying active. There are sayings out there that 60 is the new 40, or 80 is the new 60, and there is an element of truth there. (Although as I personally approach 60 I don’t feel like I did at 40!)

Modern drugs and medical care, though far from perfect, are having a desired effect. There is a lot of good information out there on how to stay healthy. I’m sure we all have had the experience of meeting someone you think is in their late sixties only to find out they are in their early eighties!

More Opportunities than ever before

No longer are the choices to just keep working or retire to a life of the rocking chair and occasional trips to visit the grandchildren. Today’s retirees can do pretty much anything they want.

Work part time. Start a business. Volunteer or start your own non-profit. Run a marathon, hike through a national forest or go crazy with your favorite hobby. The only thing limiting today’s retiree is their own imagination.

Social Security isn’t going away

Rumors of Social Security’s death are greatly exaggerated. There are all too many articles about Social Security going broke but the bottom line is that although it may change, especially for younger workers, it isn’t going away.

Add to that the fact that many people can afford to take payments at an older age (like 70) in order to increase monthly payments, and Social Security is looking better than ever.

Plenty to do to fill our time

With all the opportunities out there the problem in retirement should not be having enough to do, but instead how to filter all the choices. The trick is to find what you really want to do, be it working, hobbies, activism or whatever.

Lots of opportunities to volunteer

Many volunteer organizations could not exist with retirees. Every type of person is needed from managers to ad-hock helpers. If an organization does not already exist for your particular interest then you can create one! Don’t forget the little things like giving a ride to the neighbor down the street to the doctor or picking up some groceries or just taking a few minutes to chat with a lonely friend.

Lots of Information is available

The sheer volume of information out there is mind boggling. The web is the storehouse for information on everything from retirement finances to hobbies and learning opportunities.

Definition of Retirement is changing

The retirement glass is more than half full mostly because the definition of retirement is changing. It is no longer retire at 65 after working for the same company for 30 years with a gold watch to life in the rocking chair. It can be anything you want.

Retirement is just the transition to a different phase of life. It is potentially the first phase in life where you have a lot of control. And it can be the best phase of life!

 

Let’s Tackle a Big Problem

I read somewhere that we should “Tackle Big Problems.”  Retirement today is one of those big problems.  The reality is that most of us will never reach those lofty net worth numbers that well-meaning financial analysts keep repeating.  We hear people talking about it at work, family gatherings, in the news, and on the Internet.  There is lots of information out there telling us to save more and how we need a million plus dollars in retirement savings.  There is much less about the reality that many of us will never reach that goal, and what to do about it.

If you are one of those people that will never reach 2 million in retirement savings this blog is for you.  I want to expand the conversation beyond “you must save more” to discuss what to do if you can’t, or what to do if you are already there with a much smaller nest egg.  More than that we want to talk about how to thrive in that situation.

Glass Half Empty / Half Full

If you follow the media the whole retirement experience seems to be all doom and gloom.  We read about how no one is saving enough for retirement.  People plan to work into their 80s.  No one over 50 can find a job.  Medicare and Social Security are bankrupt and must surely end.  Like most things we read in the media there is some truth to it and that truth can’t be ignored.  However the old saying that bad news sells may be at work here and there is a lot of good news out there that doesn’t get as much coverage.  People are living longer and many times healthier.  Medicare and Social Security will eventually be modified somewhat but will not go away.  While many employers do discriminate against older workers some do not, and some even prefer them.  The Internet alone is providing opportunities for access to information and business opportunities that are truly game changing.  This blog will look at the good and the bad.  However we hope to present an alternative, useful, and positive viewpoint.

A Different Way of Thinking 

What is needed is a different way of thinking and problem solving.  Retirement without a giant net worth means you have all the non-monetary things to think about, like what are you going to do for the rest of your life?  But is also means you need to think a little outside the box, and not try to live up to the unrealistic ideas sold to us by the retirement industry.

Yes, a Budget is Important, But… 

Money is an important part of the puzzle, but only a part.  Equally important are things like health, meaningful work, helping others and how we occupy our time.  Actually if you take care of some of those other pieces you might find the money part just falls into place.  For example depending on your health your monthly health care expenses might be $100 or $2000+, a big difference indeed.  Occupying your time with a hobby that also makes you a little income can bolster the income side of your budget.  And let’s not forget that all the money in the world is useless if you are miserable.

Challenges 

What will we do with ourselves?

So what will we do with ourselves?  Well for one thing most of us will work in some fashion, either for somebody else or for ourselves.  That’s not a bad thing as it probably means you will live longer and happier.  We can discover hobbies we had never before even thought of.  We can help others in ways that were not possible before.  Travel is a great idea, in new and novel ways.  In general we can reinvent ourselves in ways we never thought possible.

Closing

I thank you for joining me on this adventure.  This blog isn’t meant to replace all the retirement information out there.  It is meant to make you think and open your eyes to alternatives.  We’ll explore those alternatives in the days to come.