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Rethinking Retirement Are you ready to retire? This is a question I hear lately from friends and family. I interpret the question to mean, "Do you have enough money to retire?" My answer? "No way." As a "leading-edge baby boomer" myself, I'd say one reason I never gave much thought to retirement planning is that I never actually planned to retire! What I didn't count on was a forced exit (even one as gradual and empathetic as mine has been). After a period of alternating disengagement and denial, I had to confront the reality of a potentially lethal combination of joblessness and aging. There was not enough time to fix the financial situation. So I sought refuge in further education, and began to reconsider my options. Which leads me to a different interpretation of the question about retirement: "What are you going to do with yourself if and when you no longer have a job?" According to a recent study (Moen, 2004), "midcourse" workers - those of us in our 40s, 50s and 60s – do think about financial planning for retirement – but not much and not until we're right on top of it – too late to create a comfortable cushion, or even just a thin pad. And despite the fact that we all now commonly face 20 or 30 more vital years, even fewer workers create an "exit plan" that ensures continuing meaningful and productive activity. Too many of us still see "retirement" in its literal sense – as a "withdrawal," a loss of identity or social role. Instead, why not ask: "What's next?" With this question, we create an opportunity to redefine ourselves. How can we take advantage of this opportunity? Here are three suggestions I've found. First, whether you're 75 or 25, start now! Psychologists have found that the most successful transitions between career stages actually start before the current stage has peaked (Sadler, 2000). And management guru, Peter Drucker (1999), advises workers to pursue alternate careers – through volunteering, moonlighting, networking – while still establishing their first. But even if you've already "retired," you can choose to create an interesting life. Second, go into yourself. One key to expansion in retirement is courage – the courage to reassess our selves, our interests, our experience. Another key is vision. Of course, vision could just lead to an inflated sense of optimism. But without vision, it's easy to get stuck in the pessimism of the moment. Through intense self-reflection, you can also avoid the trap of thinking "old" – thinking "I can't," "that's all there is," "it's too late." Third, experiment. There is one advantage I've found to getting older, and that's a willingness to take risks – I don't know if it's courage, self-awareness, or simply a sense of time limits. Whichever, I believe that this risk-taking attitude is the primary source of power for re-engagement versus re-tirement. Experimentation allows us to stretch our boundaries and fosters creativity. The older we are, the more experience we have – great material for self-expression! Self-awareness and experimentation lead to learning. And it's learning that will redefine retirement. I was reminded of this recently by a chance conversation with a total stranger. As we chatted casually, the topic turned to age. She took me somewhat by surprise when she bluntly asked me how old I was. But she completely floored me with her next question! "What is the most important thing you've learned in your life?" As we batted this around a bit, she admitted to me that she has decided to ask herself this question at least once a decade! I think her resolution is a terrific reminder that living life is not just about accumulating experience – it's about sifting it, discovering meaning in it, and celebrating it. And it's a reminder that it's all about growth – at any age. As I face "retirement," I plan to shift my thinking from "long-term care" to "lifelong learning." So. . .what's next? References: Moen, P. (2004, Spring). The New "Middle" Work Force. The Life Course Center at the University of Minnesota and the Bronfenbrenner Life Course Center at Cornell University. Sadler, W. (2000). The Third Age. Cambridge, MA: DaCapo Press. Drucker, P. (1999). Management Challenges for the 21st Century. New York: HarperCollins. 9/05 TOP |
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