“Retirement” can be a scary word. Webster defines “retired” as: “withdrawn from one’s position or occupation: having concluded one’s working or professional career.” We used to believe that retirement was the time of life when we no longer had to set the alarm clock, since we didn’t have to rush out to work. It may have felt like the start of irrelevance, like an appliance that came with built-in obsolescence. Let’s face it, retirement was thought of as the beginning of the end.
Instead, how about redefining retirement as a time in your life when you have the freedom to now choose the life you want to live? Maybe you stayed in the rat race because you had a family to support and kids to raise. Now it’s your time to embrace all of the things that you have actually wanted to do. That is your real career change, and it is a career change in every sense of the phrase. You are not withdrawing from life; you are redrawing your life.
What Would You Like Your Retirement to Look Like?
Start making a list and keeping a journal with an eye on the future. How many times have you thought to yourself that something sounded interesting or appealing, but you didn't have the time to do it? Write it down. Have you watched travel shows on TV and thought you'd like to visit some of those places? Write it down. What about a subject you'd like to take a course in, or a hobby you'd like to try? Write it down. Want to learn to plank? Or learn what planking is? Write it down.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Make it a ritual. Eventually, you're going to have a “Wish List Journal” filled with possibilities for your retirement life. Here is what a Wish List Journal could look like:
- Go back to school. You could work toward an advanced degree or just take courses that appeal to you.
- Pursue your passions. Have you dreamed of becoming the next Grandma Moses? Learn to paint.
- Travel to the places you have always dreamed about.
- Spend time with your grandchildren. You have a lifetime of knowledge, wisdom and experience to offer. In return, they will keep you young and current.
- Use your skills to help others. You're going to have time to make a difference in the world. Pass on your knowledge – pay it forward. Retirement is a chance to do interesting work, add meaning to your life and meet great people.
- Transition into retirement. Rather than an abrupt stop to your work-life, you may want to create a transition period that could last well into your 90s. Find a “side hustle.”
- Join a sport or get involved in a leisure activity. Find activities for your age group. You'll find people with similar experiences, and forge new friendships. (I’m taking up the sport of curling — seriously.)
- Write your memoir or start a blog. Share your experiences, travels and beliefs. You will be helping others and leaving a legacy for your family.
Having a plan for retirement is essential. Your plan can be fluid — change and adapt along the way as your desires and dreams evolve. By having a plan, you turn the idea of retirement from something hazy in the future into a goal and a path. And of course, you need money to do many of the things you wish you could.
If you know what you are saving and planning for, you will be more enthusiastic and conscientious about saving for it. What you thought of as saving for old age — because you knew you had to — becomes saving for a life that you look forward to living; a life of your own design.
Age is Just a Number
I know it’s a cliché, but many clichés are based upon truth. Former president George H. W. Bush celebrated his 80th, 85th and 90th birthdays by skydiving near his home in Maine. “Eighty Is the New 70,” Bloomberg notes in its story about how Supreme Court justices are serving longer tenures now than ever before. By August, three justices will be 80 or older. “The projected age when a justice will leave the Supreme Court is now about 83 — that’s a 10-year increase from the 1950s,” according to Bloomberg.
Our pop culture icons have also changed our perception of what growing older looks like. Rolling Stones frontman Mick Jagger is a great-grandfather, and he’s still performing as vigorously as ever. Actress and animal rights activist Betty White is often referred to as “the grandmother we wish we had.” Now 96, her career might be stronger than ever. In fact, at the age of 88, White became the oldest person to host Saturday Night Live.
And, then there's Cher, obviously known for her talent; her outrageous Bob Mackie-designed costumes; her ability to “plank” with the best-of-them; and yes, her face-lifts. Cher is still giving concerts — and wearing those outfits and looking amazing — at 72.
I also love that Grandma Moses took up painting at age 76; Diana Nyad became the first person to swim from Cuba to Florida at age 64; Benjamin Franklin signed the Declaration of Independence at age 70; and Nelson Mandela became President of South Africa at age 76.
The point is that we are all breaking the stereotypes, and reshaping retirement. Retirement is personal and individual. We don't have to sit on the porch cleaning vegetables for dinner, and we certainly don't have to jump out of an airplane — unless that's what we want to be doing.
-
Stock Market Today: Stocks Stable as Inflation, Tariff Fears EbbConstructive trade war talks and improving consumer expectations are a healthy combination for financial markets.
-
What Trump’s 'Big Beautiful Bill' Means for Your Utility BillsIf passed, the 'Big Beautiful Bill' could make home energy upgrades more expensive and raise monthly costs. Here's how much more you might pay and how to prepare.
-
Eight Estate Planning Steps to Protect Your Loved Ones (and Your Legacy)Two-thirds of Americans don't have an estate plan. If you're one of them, these are the essential steps to take now to prevent problems for your family later.
-
The Three C's to Financial Success: A Financial Planner's Guide to Build WealthConsistency, commitment and confidence in your chosen strategy are more critical to your financial success than finding the 'perfect' financial plan.
-
A Financial Adviser's Guide to Solving Your Retirement Puzzle: Five Key PiecesIf retirement's a puzzle you're struggling with, try answering these five questions. The answers will guide you toward a solution.
-
You're Close to Retirement and Cashed Out: How Do You Get Back In?If you've been scared into an all-cash position, it's wise to consider reinvesting your money in the markets. Here's how a financial planner recommends you can get back in the saddle.
-
A Financial Expert's Tips for Lending Money to Family and FriendsWhat starts as a lifeline can turn into a minefield if the borrower ghosts the lender. Following these three steps can help you avoid family feuds over funds.
-
What the HECM? Combine It With a QLAC and See What HappensCombining a reverse mortgage known as a HECM with a QLAC (qualifying longevity annuity contract) can provide longevity protection, tax savings and liquidity for unplanned expenses.
-
I'm an Insurance Expert: Yes, You Need Life Insurance Even if the Kids Are Grown and the House Is Paid OffLife insurance isn't about you. It's about providing for loved ones and covering expenses after you're gone. Here are five key reasons to have it.
-
My Professional Advice: When It Comes to Money, You Do YouThis is how embracing the 'letting others be' and 'learning to surrender' mindsets can improve your relationship with money.
