How old will you be when you retire? For many that age will be sometime between 65 and 72 years old.
The history of retirement
Did you know that until recently retirement wasn’t even considered an option? Until 1935 there was no American social security option, and people tended to work until they died. The motivation to create a social security system was partly based on a speech by physician William Osler, who suggested that men’s best years were between twenty-five and forty. Thereafter they were not creative and after sixty workers were useless. Additionally, it was seen as beneficial to get older workers out of the workforce to make room for younger workers to grow. Women were allowed to collect social security on their husband’s records once they died, but it wasn’t until 1956 that women could earn social security benefits on their own records.
I plan to never retire for a lot of reasons, primarily when I decided to take a few years off work to travel the world I knew I would be setting back the time I could stop working. The more I looked into the concept of retirement, the benefits, and the downsides; I decided that retirement isn’t for me. That choice will make me just like most people who have ever lived. Work until you can’t, then die.
Do you have a plan for how you will spend your time?
The upside of retirement is more time to do what you want to do. Do you know what you will do for eight to ten hours each day instead of going to work?
I know two women who have retired and when I asked what are they doing with their time both had remarkably similar answers. They said, “Nothing”. I was surprised that a person can do nothing. I’m always working on multiple projects and I don’t think that will change over time. When I asked how they feel about their days, they both seemed to feel that they “should” find something to do, but neither seemed very motivated. People are different and that’s great, thank goodness we are diverse, how boring and sad would our world be if we were all the same? For the two women I mentioned they are happy and that is the most important thing. For them doing nothing is fine. For others that is not fine. If you are in the not-fine group, start considering how you like spending your time.
I have another woman in my life that ended up working at a local hardware store post-retirement. Not for the money, but for the structured time. She seems to like it well enough.
Retirement gone wrong
Statistically, retirement isn’t great for everyone. According to the UK’s Mental Health Foundation, one in five retirees experience depression. Living alone and having bereavement increases the odds of having depression. If you are sick or have chronic issues the chance of experiencing depression increases.
I think most of us have heard the story of a man who retired and was dead within six months.
Create a better retirement experience
Work provides direction, even if we dislike the work we are doing, so before you begin painting a rosy picture of your retirement days here are a few things to consider-
· Will you be able to afford your desired lifestyle once you retire?
· Visualize how each day will be spent
· Before you retire, make a list of ten (more or less) hobbies or interests you have that you never tire of, and while you’re still working and earning collect the needed support equipment so you can pursue your interest.
· Will you have a massive health failure? You know you will if you are already in poor health. Poor health will cut into all your fun time and savings. Plan for it.
· What’s your social circle like? Make sure you have friends outside of work that share similar interests. Once you retire you won’t be able to relate to your current work friends unless you have another interest in common.
Buck the trend and refuse to retire
Even better consider continuing to work well past the typical retirement age. I wrote a book about creating a second act career, you can buy it on Amazon, “Your Golden Ticket Years: Find Your Passion on a Post Career Entrepreneurial Ride” In my book I explore the benefits of working while aging, not at the career you created for yourself while building wealth and raising a family, but by taking an area of interest and converting it into a second post-retirement career of passion.
Regardless of your earning power in your second-act career, having a focused interest that you can explore and share with others who have a common interest is a great way to organize your time doing something you love.
When I decided to quit my job at 50 years old after twenty-plus years in the same industry, I was scared and knew there would be consequences. But now eight years later I’m glad I made the choice I did. I don’t know what the future will hold, but I do know that I won’t regret the twenty countries I visiting over the past eight years. I worry about earning enough to cover my expenses; I worry about running out of money. But when I consider the life I’ve lived I know that eventually I will earn money, and I will take care of myself. I always have.
Naturally, most people don’t decide to change careers in their 50s when they have already built a reputation. I don’t recommend this approach unless you have a high degree of confidence and a substantial nest egg to cover your output while you build your new business. It’s stressful and that isn’t good for mental health.
Don’t worry, be engaged
Here is a way to keep engaged without financial worry. Continue to work until your typically planned retirement age, but while you are working start outlining ideas for a new business, or create a strategy to transition your hobby into a money-earning endeavor. Pay attention to what you are paying attention to. Do you always think about making movies either as a director or as an actor? Do you love to paint? Are you gifted with the knowledge of team sports or physical fitness? It doesn’t matter what your interest is, what matters is considering how to convert your interest into more than a hobby. I’m not stating you have to create a conventional career, for example, if you love to paint, it may not be practical to sell your paintings, but you could teach painting. If you love golf, it’s unlikely you’ll become a professional golfer during your retirement years. But you could start a website about golf and get sponsorships. Do you love bowling? How about visiting all the bowling alleys in your state and writing reviews that you post on your website, or video reviews on a YouTube channel? Perhaps you can combine your interest in travel with writing travel guides. Once you know what you love you can teach others, write about it, and share it with others. It’s not so much about the money as it is about focusing your attention and continuing to be productive. As well you can build a community that shares your interests. That offers tremendous value.
If you don’t want to take your beloved hobby into a money-making venture you can offer consulting services to people you know who are in the industry in which you are already an expert. Don’t know how to become a consultant? Look for an online class.
Do what you love and share your knowledge with the world
I love to write, and I love giving unsolicited advice. So I write self-help memoirs. I love to create collage artwork as well, but I understand that I’m not skilled enough to convert that into a living. I love to bake and cook in general, but again, I’m not skilled enough to turn that into a career. But when I see people struggling to get ahead who also spend thousands of dollars on new cars, clothes, and dining out, that makes me lose my mind. I want to shout from the rooftops, “You don’t have to live like that! You can plan a comfortable life with the money you earn but you must make a few changes, and eventually, you’ll like it!” So I write, I podcast, and I promote my work as best I can by using social media like Instagram and YouTube. It isn’t easy, but I have time and I’m getting better as time goes on.
Now is the time to think differently
Over the next several weeks I will review the options for a second career, post-retirement. As with my frugal living posts and book, I aim to help you think differently about our social norms and recognize that “Everything popular is wrong,” as stated by Oscar Wilde. I agree with this statement. Break down anything popular and you can see that it’s wrong. Start with social media, the tire fire of the internet.
If a new career is daunting, check out my book, “Your Future Self Workbook: A Time Travelers Manifestation Workbook for Intentional Well Being” and check out its companion podcast or YouTube channel that offers guided meditation to help you learn more about your future and how to achieve what you really want.
