Retirement Revisit – Is Retirement Golden Years or Just Aging and Rust?
I was a road warrior, constantly racing through airports, making tight connections; highly scheduled, sometimes well over a year in advance. I laughed when Delta set up their “million miles” program. I’d accumulated several million before they started counting.
In my late 40’s Jo and I married. We flew first class from Fort Myers to Hawaii using airline mileage. On the return home, our remaining balance was enough for nine more trips.
Clients demanded my time and attention. If I didn’t schedule “free and family” time well in advance, it wouldn’t happen. For decades, I lived in the future, planning the next client meeting, vacation; setting new goals and making things happen – always something to look forward to.
I longed for the day when I could exit the rat race, slow down and not be constantly haunted by the never ending “to do” list.
Jo and I built a plan which allowed me to begin working part time, slowly easing into retirement. Then, one day it happened! No early morning wakeup calls. No meetings scheduled. No airline tickets stacked on my desk. The travel schedule was clean. That was over 20 years ago.
Euphoria versus reality!
We were euphoric! Feeling we had time, ample finances and good health, we launched into our golden years.
Much has been written about retirement reality; challenges and things seldom discussed about the process. Realistically, Jo and I were warned by our mentors, we just didn’t understand. Things came in bits and pieces and it took years for us to connect the dots. Today, I want to share some lessons learned along our journey. If you don’t take care of things, gold can tarnish and your body can rust over time.
Expect the Unexpected. Three years into our journey the government bailed out the banks at the expense of seniors and savers. Like most baby boomers, we had to actively manage our retirement nest egg to make it last. A HUGE challenge at the time.
I bought several investment newsletters, and was eventually hired by Casey Research. They hooked me up with MarketWatch, and I was part of their RetireMentor cadre of contributors. That turned out to become a blessing in disguise. My lessons as a RetireMentor are much different today as a 20-year retirement veteran, than they were when we began our journey.
The Financial Side Matters. Google retirement and you’ll be inundated with firms presenting financial studies, implying concern for your well-being. They are promoting their financial products as the solution to your retirement challenges, with urgency to get started immediately. Their message can be powerful. A top item in most surveys is seniors’ fears; feeling helpless, having to financially depend on others for their survival.
Yes, the finances have to be in order. Retirement from your full-time job means the absence of work, but your bills remain. When you are working, you trade your time for money. Retirees trade money for time.
If the math doesn’t work, you still need to generate income. Don’t ignore the financial side, err on the side of caution. If you can’t pay your bills, you can’t retire without real worries.
Jo and I established a “magic number.” Looking back, when we hit it, we didn’t completely understand what it meant.
What is retirement? Meeting our financial milestone allowed us to unplug from the full-time job, our old world, and recalibrate. The thought of living by our agenda, not someone else’s was cool, but also scary.
Retirement ranks #10 on the Holmes & Rahe Stress Scale. You’ve lived your life sailing through a narrow, clearly marked channel, then arriving into a vast ocean with no markers. You are navigating on your own, totally responsible for the rest of your journey.
The trade off is gaining freedom and time, but you lose purpose, direction, routine, social connections, mental stimulus, achievement, influence and self-worth. One senior friend confided:
“When I worked, I was respected. People asked my advice, I felt important. I stopped missing work, and began missing feeling needed. Now, I’m just another old man ….”
Retirement is a “golden opportunity” to be happy, but offers no guarantee. Not everyone is afforded that opportunity. Having endless free time doesn’t automatically create love, self-worth, and a sense of belonging – basic human needs that don’t change when you retire. The retirement challenge is to balance your needs, health, finances and your schedule to allow that process to continue on your terms.
Once your nest egg is intact, it is less about the money, it’s about mind set, activities, health and relationships.
| Regardless of our age, we need a reason to be excited about tomorrow. |
Use your time wisely. While the old saying “time is money” makes sense, we can easily calculate how much money we have, but no one knows how much time we have left. Don’t put off the bucket list items, go have fun. We’ve seen too many friends, full of regret over things they wanted to do, but put off until tomorrow, which is guaranteed to no one.
Travel is a lot more fun when you have energy and your body allows you to do so easily. Retirement is NOT a permanent vacation; however, you are NOT limited to two weeks per year on the company calendar.
Today, in my mid-80’s, there are many days I wake up more tired than refreshed. Daily aches and pains are the new normal. Don’t give in; schedule your time and events wisely, you can still dance in the rain.
|
Special Offer ONLY for Miller On The Money Readers! As you know, I’ve mentioned Richard Maybury’s Early Warning Report often, and I’ve been a reader for many years. Richard’s world outlook is unique, and his letter provides great education you will not find elsewhere! For a limited time, he is offering Miller on The Money readers a phenomenal deal. Click here right now and you will get $201 off the regular subscription price! You’ll get the current issue and these 4 FREE Special Reports:
|
Look After Your Health. I called the last 20 years of my working years, “racing to beat the heart attack.” Empty nesters were scrambling to accumulate enough money to be able to afford to retire. Once we got there, I exhaled …. I made it – until I didn’t!
At 79, I was diagnosed with tongue cancer, followed by lung cancer and several years of treatment. While I’m currently cancer free, routine trips to the cancer center is now the norm. I’ve long advocated “preventative maintenance,” regular, age-appropriate checkups to diagnose and treat medical situations before they get out of hand.
That is not enough. Why wait until symptoms appear in a medical test?
I’m reminded of the saying, “When the student is ready to learn, the teacher shall appear.” I can’t ignore that I no longer walk swiftly while standing up straight.
Something caught my eye. Dr. William Li, has produced a series of You Tube videos about the aging process. There are lots of simple things seniors can do to maintain their mobility, managing things while maintaining their independence.
Daughter Holly has been encouraging us to become more active. We have plenty of time, it’s a matter of committing to do things differently.
Pay Attention To Your Mental Health. The mental side of retirement is a never-ending challenge. 20 years ago, I didn’t understand how significant the challenges become.
While boredom is the enemy, it also signals there is something left in the tank – a need to fill available free time with something meaningful. We’ve seen friends become isolated, lonely and depressed. It’s very difficult looking at old photos realizing how many family and friends you have lost.
Happy retirees live an active, meaningful social life. Experts emphasize the need to continually exercise the cognitive side of your brain. This is beyond watching TV and doing daily crossword puzzles. This means challenging your brain, problem solving, much the same process you enjoyed during your working years. How lucky I am to have found a retirement hobby of writing a weekly letter….
I’ve preached, “A hidden secret to staying young. Always have something fun written on your calendar for the months ahead. Visualizing these fun times keeps you busy planning, gives you something to look forward to and smile. When the time comes, have a blast, and immediately start planning your next one ….” There is just as much fun planning the journey as the journey itself.
Jo and I recently moved to The Villages, Florida, the largest retirement community in the world. There are over 3,500 clubs; plenty of cool stuff to do. We have met wonderful neighbors, and attended some clubs, yet an old lesson rings true. People were nice; however, they are already part of a group – for us to accomplish the social involvement we need we are going to have to become more proactive.
We went through the same process in AZ, and we will do it again. Hopefully soon our social calendar will be full of fun things to do, with people we enjoy.
Golden Years or Rust? Once your financial milestones are in order, retirement is what you make it. Retirement has been romanticized by financial planners and credit card companies encouraging retirees to go, spend, and have fun with their new found freedom……it is much more.
Retirement is a major life transition, full of complexities we were not prepared for. Our elders told us of their fears and experiences; we never really understood.
Those who experience fulfilling, joyful retirement are not the wealthiest, or luckiest – they seem to be those who embrace the stage with awareness, curiosity, realistic expectations and desire to keep growing. It’s fun balancing your health with expectations.
Waking up, excited about what you have planned for the day never gets old. We want more than just medical appointments written on the calendar. Keep knocking off the rust and polishing the gold and enjoying the ride.
|
Help keep us online! I love it when readers thank me for “telling it like it is” for providing content they won’t find in the mainstream media. I’ve been sent to Facebook purgatory a few times – they didn’t approve. Free speech isn’t appreciated in all circles. When I started Miller On The Money, I vowed to keep our newsletter FREE! I’ve kept my promise – our weekly letter is an expensive hobby. Donations are our primary source of financial support, and what keeps us going. We don’t peddle your name to anyone. I’ve turned down proposals from advertisers, feeling their offerings were inappropriate for our readers. Readers pitching in to help offset our cost are much appreciated. It’s strictly voluntary – no pressure – no hassle! If you want to help, click the DONATE button below. You do not have to sign up for PayPal to use your credit card. And thank you all! |
On The Lighter Side…
The baseball All-Star week is behind us and the season is back in full swing. The trade deadline is coming up and contenders will be looking for players to put them over the top, while non contenders will be shedding salary and looking to poach good prospects from the contenders.
In 2016, the Cubs needed a solid closer badly and gave up great talent for a few month rental who helped them win their first World Series in over 100 years. It was an exciting time for Cub fans, and baseball fans in general…. The new owner, Tom Ricketts, was attempting to build an organization for “sustained success.” Sadly, for Cub fans that has not yet come to pass.
The old saying, “good is the enemy of great” seems to apply to the Cubs this year. Unlike 2016, I don’t think that any one (or two) players can bring them a championship, so I am on the fence about trade deadline moves.
The contract with the players union expires at the end of the season. From what I am reading, I will be surprised if the 2027 season starts on time, or if it is played at all. There are some real structural changes that must be made to allow all teams to be truly competitive. Owners, players, agents and big money stars all have their agenda. Coming to a reasonable agreement to balance those factors will be a challenge.
And Finally….
I’m going to do something different this week.
Jo found a really cool video by Delta King’s Blues titled, “Getting Old Is a Privilege Some Folks Never Get.”
I copied the lyrics from the video. It’s 4:26 of what I feel having just turned 86. He speaks for me…..
Used to Fear getting old….
Then I started missin’ people
Who never got the chance….
Used to curst those achin’ knees,
These silver hairs and memories,
Till I saw names carved in stone.
Folks my age who never made it home….
Friends I laughed with, friends I knew….
Some burned bright then vanished too soon.
Left me here with one more day
So I hold it different now….
Growing old is a privilege some folks never get.
Every wrinkle’s one more sunrise they missed.
Growing old is a privilege some folks never get,
So I thank the Lord for every breath….
Yeah my back might ache sometimes,
Any my youth slipped down the line.
But I’ve learned these harder years
Still carry blessings through the tears.
Every birthday ain’t a burden.
Every grey hair tells survival.
Ain’t everybody gets this far,
So I wear my age with pride.
Growing old is a privilege some folks never get.
Ain’t no shame in these miles I’ve kept.
Growing old is a privilege some folks never get.
So I keep walking while I can yet.
Time takes all, that much is true,
But while it’s here it’s gifting you
One more dawn, one more chance to laugh,
To love, to dance….
But, growing old is a privilege some folks never get.
Every wrinkle’s one more sunrise they missed.
Growing old is a privilege some folks never get.
So I thank the Lord for every breath….
Getting older ain’t the curse, not getting there is….
Until next time…
Dennis Miller
“Economic independence is the foundation of the only sort of freedom worth a damn.” – H. L. Mencken
Affiliate Link Disclosure – This post contains affiliate links. If you make a purchase after clicking these links, we will earn a commission that goes to help keep Miller on the Money running. Thank you for your support!