Retiring? Rest Up, Renew & ResetSubmitted by WWK Wealth Advisors on August 12th, 2013
After the honeymoon of retiring is over stay active and engaged to make the most of the only life you have
I have spoken to so many people anticipating imminent retirement, including a conversation yesterday. For some, retirement in 2013 is coming early, even before retirement accounts can be tapped without penalty at age 59 ½ (with some exceptions allowed by the IRS, which can in themselves be expensive over the long-term). The issue of what to do with our intellect and skills is a big enough obvious question for us when we reach this point. How about if you have more time, require less income, and haven’t thought about what to do with yourself-mind, body and intellect-during the last third of your life?
I think for most of us, keeping the option of continuing our work perhaps in a different capacity or easing up on the hours, is a great idea. Not only can it prolong tapping retirement funds to help avoid outliving your money, it will provide some sense of purpose and usefulness. The days of the lifetime pension, for most of us, are gone. Perhaps a period of rest, renewal and resetting is needed, as suggested by Marc Freeman, in a recent WSJ article. If so, assess the costs, and go for it. Again, from my experience as a financial advisor and planner, there typically is a period of adjustment and transition, whether a season or a year. I find many come up with the needed timeframe on their own.
The article mentioned above is a compilation of personal accounts and advice from folks like actress Morgan Fairchild, game show host Pat Sajak, and some bona fide subject matter experts, one pointing out there is a growing body of evidence and area of study that our retirement years are one of life’s most creative, including the story of Hubert Jones, founder of the Boston’s Children’s Chorus. Some have found the key is taking a 90 degree turn, and following a passion that perhaps you have explored as a hobby, but you never had time for during your full-time career. This writing cites a prior article about summer camps where adults can pursue their passions. Who wants to go to back to camp-anyone?
Another key point: if you’re struggling with finding your skills, or don’t feel they are transferrable to a retirement career, check out “Strengths Finder 2.0” by Tom Rath. If you haven’t been a computer jockey-hard to imagine these days-Google (or any browser) can be the gateway to learning about practically anything! Perhaps you’ve known this since the Millennium, but haven’t integrated it into your life. I’ve been known to often-perhaps annoyingly-Google from my phone during a meal when a stimulating conversation or curiosity merits it. As I get older myself and want to keep fresh on ideas and concepts, I may be doing this more and more (sorry in advance, friends and family at dinner).
The bottom line: get out there, keep yourself active in body and spirit, explore and learn in the last third of life. Rely on subject matter experts, like me, your attorney, your CPA, and others where needed. But keep going!
Need guidance? Let me know