As people begin to look ahead at their senior years in life, some people look forward to it with excitement. For others however, panic can set in because of all of the things that come with the realization that they are closing in on that time in their life. For some, the idea of getting older is enough to make some wish they still had a few more of their younger days to live. There are some who just hope they have enough to sustain their standard of living.
In a report on retirement, Joe Udo of US News and World Report listed five reasons why some people retire early. In that report he listed layoff, health, caring for family, freedom to pursue interests, as well as dissatisfaction with a career path.
The trouble for many often comes in the realization that they may not have the finances to maintain their standard of living once they retire. This often comes from not factoring the expenses that are incurred that don’t presently exist as a working career oriented person. They may also not account for cost of living increases and unforseeable troubles that could impact savings and any fixed amount of retirement income that you may have structured for your latter days.
Another thing that often gets overlooked is not having thought through what you will do when that eventual day does arrive. While some people dream about retirement, there are so many who just imagine that it’s free time to do whatever, yet they’ve not really thought about what it is that they’d really do with all that time. A life working can at times cause one to lose one’s self and sense of purpose if you’ve never known who you are or what it is that makes you you. What would you do?
Refirement is the idea of being impassioned by what it is that makes you the person you are and committing yourself to doing that. The idea of retirement is relatively a Western Civilization though that really has no merit from a biblical worldview. When God created Adam, He never told him that work until you get a certain age and then go sit by the ocean and lounge on the beach sipping lemonade or pina coladas out of a coconut.
You know you need finances: Since finances are an area that cripples people in the latter part of life, it is a good idea to focus on ways to create multiple streams of income. One thing that I’ve learned from Robert Kiyosaki is the idea that you can have earned income, residual income, and passive income. The ability to create cash flow that doesn’t necessarily require you labor, but instead enjoy your time and still have money coming in whether you’re on vacation or sleep or even incapacitated keeps you fired up and mobile to do what drives your passions.
You Know Something Excites You: You’ve always had people ask you the question “what is it that you’d do even if no one paid you to do it?” Try considering those things. There’s a possibility that even in doing it you can make money at it. Even if it isn’t something you cannot make money from, if you’ve set yourself up with those other means of income I spoke about earlier, you can find yourself motivated to wake up every day by the thrill that you are doing something you love.
You Inspire Others: When people see that you are enjoying that time of your life, you become an inspiration and give them something to work towards. I know that for me, it has become my motivating factor to achieve this in my own life because I’ve seen people who are doing this rather than what we traditionally view as retirement. I’ve felt so bad for people who retire and then learn that in just a short amount of time they either had to go back to work because retirement frustrated them, or they died because there was nothing giving them anything to look forward to.
Whether you choose to retire early or at a later point in life, the idea is not to do it without something to look forward to. If you know it was a good thing to plan your career, you should plan what it looks like afterwards. Your life still has purpose and meaning. Colonel Sanders founded Kentucky Fried Chicken at the age when most people are choosing to recuse themselves to the rocking chair on the porch. You can have a great life and contribute something of great value to those who follow you when you see your worth and what it is that you yet have to offer beyond what you’ve been accustomed to doing between 9-5.
QUESTION: Are you looking to be retired, or would you rather be refired? What does that look like for you?
- Kiyosaki: Pension tension & the eroding of American capitalism (marketsanity.com)
- Retirement Celebrations (nancycoaches.me)
- Why You Should Never Retire, Ever (danielspeiss.org)
- Seven Retirement Gaps And What To Do About Them (forbes.com)
- America’s New Retirement Nightmare (econmatters.com)