There was a time, not so long ago, when people worked until they turn 60 or 65, and then they are given a monthly pension or a lump sum retirement pay plus maybe a watch. Then they spend the rest of their life on the golf course or playing with their grandkids. Not anymore.
The new retirement is no retirement. Starting with the Baby Boomers (our parents), it is not uncommon for them to be still working in their 70s and even 80s. For one, life expectancy has increased such that people still have a good 20 to 30 years left. There is also the necessity of working longer because people have not saved enough for retirement (or their retirement package is just not enough to finance their lifestyle). And then, many senior citizens just enjoy working. The alternative is becoming mentally and physically passive, and then they die. Who wants that?
So if you have reached middle age or nearing retirement, how do you approach the new retirement? Here are some options:
- Status quo
Just keep doing what you’re doing. If you’re a business owner and love what you do, what is there to stop you from working until you can’t or don’t want to anymore? Of course, think of succession planning now but there is no need to give up what you love. If you’re a top executive doing a fantastic job, many companies will enforce mandatory retirement but let you keep you on as a consultant with most of the perks you have.
- Down shift
You can, of course, slow down a little by working part-time at your job or in your business. You continue to work and earn and yet you have more time to pursue other interests. After all, there is more to life than your work.
- Career shift
You might decide to collect your retirement package and then shift to a totally different career. Maybe you have always wanted to become a photographer or a café owner. Now is the time to finally do what you’ve always dreamed of doing but never had the chance to do, until now.
- Teach or consult
A common approach for the newly retired is to teach at a college or become a consultant to other organizations. This is a great alternative if you want to pass on your hard-earned knowledge to others.
- Give back
If you have been successful in your career and have saved for retirement, you may want to focus your expertise, experience, and resources on giving back to your local community or larger society. You can volunteer at your church or at a non-profit organization. Or you can set up and run your own foundation.
- Travel the world
If you have a substantial retirement kitty, why not enjoy life and travel around the world? This is the best time to reap the fruit of your hard-earned labor with your spouse, kids, and grandkids. Not only will you get to bond with your family (whom you may not have spent as much time with before when you were working), you enrich your own life by being exposed to different cultures, trying new cuisines, and getting revived by fresh experiences.
- Mix it up
You can, of course, do a little of everything – do the same work, pursue a second career, teach others, give back, travel, and enjoy life.
Even if you don’t plan to retire, you need to plan for retirement. What I mean is you have to save and invest as much as you can so that when you’re in your 60s or even earlier, you would have accumulated enough wealth that you have the freedom to make the choices listed above. You continue to work because you choose to work, not because you have no choice.
Why should you when you still has so much to contribute and still have the time of your life?
Photo by Simon Migaj on Unsplash
