At the same time as millions of Boomers are reaching their retirement age, the promise of working hard until the age of 65 and then retiring to a life of leisure is fading quickly.
There are many reasons why this is the case: lower than expected returns on retirement investments; people not saving enough in the first place; inflation eating away at nest eggs; and improved health and life expectancy resulting in today’s seniors wanting to continue to be a productive members of society longer.
At the same time, studies are demonstrating that continued intellectual, physical and emotional stimulation associated with working past the age of retirement have significant positive health benefits and actually increases life expectancy. According to a study done at Carlton University, having a Purpose in life is an indicator of healthy aging and longevity, no matter what time you find Purpose. Author, Dan Buettner, discovered that Purpose was one of the top secrets to longevity of people in Blue Zones – places in the world where people live to 100 and stay healthy.
According to Thomas Koulopoulos, Host of Foresight Radio podcast and contributor to INC., “What amazes me is that every financial institution’s white paper, study, or promotional piece about retirement planning is missing one critical thing: any mention of continuing to work! We need to wake up. Rather than perpetuate the mythology of work as penance and retirement as a time to be liberated from it, what if you replaced the concept of retirement with that of a third act in which you can continue to create value and receive value for those things that you truly love to do, while you also establish a balance with other personally fulfilling activities you may want to do more of?”
While people may want or need to work past 65, most don’t want to continue doing the same job they have been doing for years, nor do they want the stress associated with demanding bosses, long commutes and inflexible work schedules. They want the freedom of retirement, with the fulfillment and prosperity that comes with continuing to work. Luckily things are shifting. Today, more than any time in history people are able to choose the work that they love and continue to do it in ways that are sustainable into later years.
Investing now in a second (or even third) career that has the ability to fulfill our emotional, intellectual and financial needs well into our seventies and eighties is possibly one of the best solutions for your retirement. And, investing in yourself this way does not mean spending a lot of money, but rather spending the time and energy now to gear your talents, experience and passions toward work that is truly fulfilling.
If you’re still wondering how you will be able to retire at 65, try shifting your thinking from retirement to ‘refirement’.
This is where you do what you love, are a productive member of society, while continuing to earn a living in a way that best suits you. Just as you would save a portion of your income toward retirement savings, set aside time and resources to vision and create the next stage of your career. Begin by investing in yourself, that is where you will yield your highest rewards.
Learn how we can help you refire your next chapter!
Please let us know what you think!