Retiring is a very grown-up thing to do. This decision is a significant milestone in the timeline of one's life.
Even when we think we have a
retirement plan, doubts and insecurities may still creep into our thoughts. What if my spouse or I get sick, injured or die, or I hate retirement and am unhappy, or there isn't a place for me in the workforce if I want to return?
Like every life change, single to married, a couple to parents, parents to empty nesters, and empty nesters to grandparents, some people transition to retirement easily while others struggle.
We may enjoy having an open-ended schedule or struggle with the lack of structure. The saying busy people get stuff done is true, as having copious amounts of free time doesn't always equate to accomplishing a lot.
Previous generations didn't embrace the concept of leisure time the way we do today. They were savers who worked as long as physically possible so they could leave everything to their children.
This ingrained way of thinking makes it hard for many people to relax. My dad was seventy-six when they sold the farm due to his failing health. It was difficult for him to leave the farm and not be working anymore.
Each subsequent generation will spend more and have a different mindset about leisure time. If your parents have the spend-it-and-enjoy-life perspective, don’t count on a big inheritance!
How well do we know ourselves?
That sounds like a ridiculous question. If we don’t know ourselves, then who does? The years leading up to retirement are the time for self-analysis.
How do we recreate ourselves in retirement? Can we move forward if we never discover what we are passionate about? If we lack passion for anything, can there be joy and purpose in life?
Reviewing what we have done and haven't tried and then deciding what we still want to do will provide clarity. We don’t have to keep doing the same things because that’s what we’ve always done.
The Word Retire
I don't like the words semi-retired or retired as they are often associated with old and obsolete.
Today’s workforce doesn't reflect the perspectives on aging from the 1950s. Life expectancy rates have increased, and Canada is among the countries with the longest rate in the world. Possibly being put on ice for six months of the year is preserving us!
Are there different words to use? I guess society would have stopped using them if we could’ve come up with better ones.
Ageism
Ageism refers to stereotypes (how we think), prejudice (how we feel) discrimination (how we act) toward others based on their age. Ageism affects everyone, young and old.
We don’t appreciate the implications of something until it affects us directly. Upon reflection, I realize that in my youth, I judged older people and that now I unwittingly do the same to younger people.
It’s natural to be uncomfortable with aging. Thinking about our mortality can be unsettling. We worry about how we will look and feel and what we will still be able to do.
An Illusion
I have said that retirement is merely an illusion. Retirees frequently return to work, some for their mental well-being and others out of financial necessity.
There are many options to choose from at this point. We can continue in the same line of work or try something completely different. There are opportunities for full-time, part-time or casual employment, opening a small business or going all in on a large-scale venture.
With the current labour shortages in many sectors, it is a great time to return to the workforce. Employers are often thrilled to hire an experienced person with a proven track record, regardless of age.
I don't feel returning to work after retirement should be viewed negatively. No one can understand anyone else’s feelings or circumstances.
The Company Man Has Left The Building
Today's workforce doesn't have the same fear of leaving a job because you may not find another one syndrome that many baby boomers did. Companies no longer assume that employees will remain until retirement. Changing jobs or careers is now commonplace and accepted.
If you are in your thirties or forties, do you anticipate remaining with your current employer until you retire?
$$$$$
It is daunting seeing the recommended monetary amount needed to retire. A lot of low to middle-income workers don't have a snowball's chance in hell of ever having that much in place. So what do we do? Continue working until our health fails, or we drop dead on the job?
This way of thinking about retirement sucks the soul out of people. Having hope is what keeps us going.
Income Streams
Multiple income streams are what I think low to middle-income people should focus their planning on if they want to retire early. This income can include a company pension, investments, savings, inheritance income, home equity, CPP and OAS benefits and full-time or part-time employment. If you only focus on one or two of these streams as possibilities, you may feel like you will never be able to retire. Sadly, after years of trying to make ends meet, it can be a financial challenge for those living strictly off government pensions.
Each situation is different, and it's important to remember that your taxable income is all your income streams combined. If little to no tax is taken off smaller income amounts, the tax man will want his share. Working after age 65 may result in clawbacks to certain benefits.
Bumps In The Road
Our worth at retirement is affected by life events over thirty to forty years. Our level of education, the type of jobs we had, the size of our families, our spending and saving habits, returns on investments, and legal and health issues all affect our net worth at retirement.
What I imagined retirement would be like vs the reality.
The sound of a morning alarm would never rip through my brain again.
- I work part-time, so the alarm lives on.
I would have a lot of free time on my hands.
- My creative projects and small business keep me busier than ever. It is a different feeling, though, having the time, even though it's limited, to do what I am passionate about.
The aroma of fabulous meals and baking would fill the house.
- Cooking is not something I love doing anymore. It takes time away from the things I genuinely enjoy. Can you get HelloFresh out in the boonies?
Exercising and taking long leisurely walks would be a part of my day.
- Yeah, I am going to get to that.
I would devour stacks of books.
- I read fewer books than I used to. I write, read more online and listen to podcasts instead, so it's a trade-off.
I would socialize more.
- I realized my social needs changed through the years; my family and a few trusted friends are my support system now.
I would clean the house from top to bottom every week and purge, purge, purge.
- These tasks somehow keep getting moved to the bottom of my list.
Once I was not tied to a specific schedule, we would travel more.
- We have travelled less in the last five years than we did in the past when I was working full-time. Currently, for the most part, I am content to be at home. I do hope to travel again in the future, as there are places still lurking on my bucket list.
The Beginning Or The End
I was naive and didn't have a great plan, but I have had many new experiences and opportunities since then. It was not the end; it was the beginning in many ways. I have never felt that I made the wrong decision. It is wise to have a plan, but following your intuition has its merits.
It is terrific to retire and enjoy yourself if that works for you. Don't feel pressured to do what someone else is doing. There will always be pressure to be more, do more, and have more. For each of us, the finish line is at a different place, and the line may move; that is a part of life we can't always control. I know that retirement is a blessing and privilege not everyone lives to see.
“So you're telling me there’s a chance!”
Yes! Reframing our thinking can ease that feeling of cold fear when we think we won't have enough to retire on.
Challenge views on conventional retirement and view the future as a time of possibilities.
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