November 21, 2014

How to retire without retiring

Older Businessman

Image courtesy of photostock at FreeDigitalPhotos.net

If you have read this blog for a while you would get a sense that we have dismissed the “traditional” view of retirement. No sitting around in rocking chairs here (well maybe once in a while!) We have pretty much said that only you can define retirement. With that in mind I would like to propose the somewhat radical idea that you can retire without retiring!

Retirement is a different state of mind and a new stage of life

The closest we have come to a definition of retirement is that it is a time of change. It is a different state of mind and the beginning of a new stage in life. We have also said that many of us will keep working, and some at the same company or business. However we have mostly implied that the actual job we do will change, perhaps with fewer hours.

I propose that you might be able to “retire” without changing your actual job or profession, but maybe just by changing your focus.

Our career focus can change

Much of our focus during our career is on job aspects that don’t really mean much in your retirement years. Career advancement may be less important. Office politics really don’t matter as much. Even salary increases are not as important if it means working long hours that could be spent on things that we care more about.

So, during our working retirement what things can we eliminate or at least drastically change:

Doing everything with an idea toward career advancement.
Playing office politics to assure that next promotion.
Working ridiculous hours to try and get that bigger salary increase.
And you can think of others.

And what can we start emphasizing:

Spending more time helping people, including your boss!
Focus on people you care about.
Focus on your hobbies and causes, rather than that next career advancement.

We’re not talking about short changing our employer

Some might be thinking that we are short changing our employers by taking such an approach. That is not true. When you start eliminating the time spent on such unproductive endeavors as office politics it allows more time for real work. And let’s face it, a lot of the extra hours that people put in are meant to impress the boss more than anything else. There are numerous studies that show that productivity drops considerably after a certain point and there may even be more mistakes.

The new focus is good for employer and employee

Enlightened companies might even encourage “retirement without retiring.” We are talking here about their most senior and seasoned employees. These employees have much to teach and many tips to pass on to the younger coworkers. Because they are not involved in office politics they can act a “bridge” between groups and help improve morale and productivity.

For the employee “Retirement without retiring” has many advantages. Obviously keeping a full time income allows you to save more funds in your nest egg and keep from having to access that nest egg for income. It keeps you mentally sharp and socially connected. You can still enjoy your hobbies and causes and may find you have more time for them than you expected. Less overtime hours and a mind that doesn’t spend after work hours plotting your next career move will do that!

I realize that this plan will not work for everyone. However I thing it may for many and is worth exploring.

Until next time…

Filed Under: Money Stuff, Personal Development, Work Leave a Comment
April 9, 2014

What I learned so far about retirement

Seniors Going To Church

Image courtesy of debspoons / FreeDigitalPhotos.net

Inevitably you get to that point in life where you start thinking about retirement. How can’t you? The financial services media bombards you with scary ads. Maybe you have a bad day at work and you start thinking about how things might change. Maybe it just sneaks up on you and you find yourself a little older than you imagined!

Well, my “moment” came a couple years ago and since that time I’ve been doing a lot of reading and research and this blog is the culmination. So what have I learned?

Retirement is different than I thought

First, retirement is a lot different than I thought. I always thought of retirement as an “end.” It was the end of working and the end of getting up early. It was the end of deadlines and pressure. All those things I didn’’t like about life would “end.”

My thinking now has completely changed. I think of retirement as the beginning of all kinds of things rather than an “end”.

Retirement is not as hard as they make it

The financial media creats a sense of fear around retirement. Mostly this is the fear of not having enough money. Fear sells, and some fear is warranted I guess because having enough money for retirement is certainly important.

However, what I have learned is that many people seem to have successful retirements in all kinds of financial circumstances. Money is just one part of the puzzle.

Traditional retirement definition is wrong

My definition of retirement as an “end” was wrong. The traditional definition of retirement as a period of sitting back and relaxing in a rocking chair is wrong. Retirement is a change. It is just another phase of life. It can be anything you want it to be.

You need more money than you think

Even though money is only a piece of the retirement puzzle I have learned that you need more money than I thought in some areas of your retirement life. Think health care as the biggest example.

You need less Money than you think

In some areas of retirement you may need less money than I thought. This is mostly because of the flexibility that retirement may provide. Think housing alternatives, transportation alternatives, travel options, and many others.

Retirement presents many different possibilities

Retirement is about possibilities – many more than I originally imagined.

Work or Retirement Sign

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

We’ll still work

Work is another area where retirement is not an “end” for most of us. Some of us will work because we have to and some because we want to, but either way it is good for us!

You need a money plan in retirement. But…

We need to make and stick to a money plan in retirement, but money doesn’t need to dominate our retirement. Other plans may be as important or more important.

It is more important to plan for what?

It is more important to plan around what is important to you. What do you want to do with yourself? What do you enjoy? You will still have goals, they are just different.

I don’t really want to retire

So, what have I personally learned so far? My plan is still evolving but right now I’d have to say I don’t really want to retire, at least not in the traditional sense. I definitely want to do different things and have different goals. But the key is I want to ““do” and I do still have goals. That doesn’t change.

So what have you learned so far?

Until next time…

Filed Under: General, Personal Development Leave a Comment
March 29, 2014

My Limits

Image courtesy of olovedog / FreeDigitalPhotos.net

Image courtesy of olovedog / FreeDigitalPhotos.net

I’m retired – know my limits

What are your limits in retirement? Surely you can’t expect to do all the things you did at twenty when you are looking at three times that age or more! On the other hand reading all the literature about retirement might lead you to believe you can do anything, and maybe you can! Let’s explore limits.

Do I really want to do it?

Step one to looking at your limits is to ask yourself what is being limited and do you even care. We all approach retirement with ideas of what we want to do and things we want to accomplish. In some cases those ideas formed many years ago. Maybe twenty years ago you decided you would climb Everest as soon as you were retired and had time. Add to that what the media and advertisers say retirement should be. Everyone needs to take a round the world cruise as soon as they retire, right?

Well what happens if you now could care less about climbing Everest? Or what if being cooped up on a cruise ship for weeks on end gives you hives just thinking about it? The point is that what is important now to you is your decision, and advertising or baggage from your past should not enter into the picture.

Am I really limited?

Once you really know what you want to do the next step is to take a first pass at deciding if there is any limitation that would stop you. Let’s say you really do want to climb Everest and decide that is simply impossible due to your age. Do some research. You would find that the oldest person to climb Mt Everest was Yuichiro Miura, at the age of 80. (By the way I’m not saying climbing Mt Everest is a good idea – Mr Miura almost died during the descent!)

Can I do it slower?

Sometimes you really do have some real physical limitation. If so ask yourself the simple question can I do it, but only a little slower. Often the answer is yes. Maybe that backpacking hike can be spread over 4 days instead of 2, and it even might be more enjoyable that way.

What parts can I do?

Sometimes that impossible goal becomes possible if you break it into more manageable parts. Consider an around the world trip. Maybe you say that is financially impossible right now, and it really is. Maybe you can do part of it this year and then the rest spread over the next ten years. A side advantage would be that it gives you something to look forward to for years to come. Or maybe you think the coolest part of an around the world trip would be visiting Japan and you decide that part is doable and you do it.

Are limits only in my mind?

The bottom line is that most limits are mostly limits in our imagination rather than real limits. Get that imagination muscle working and most limits are either not really that important, or simply do not really exist!

Until next time…

Filed Under: Personal Development, Things To Do Leave a Comment