In my grandfather’s day, there was no such thing as retirement. You simply worked until you could no longer work, and then you probably died.
Then again, in his day there was very little money, international travel, expensive hobbies or obesity.
In 1935, with the passage of the Social Security Act, retirement age (at which benefits would be paid) was 65. A man’s life expectancy was 58; a woman’s, 62. there was not the expectation of lengthy, or even any, retirement years.
Today, life expectancy for men and women is 76 and 82, respectively, depending on whose data you read.
This means we can all expect to live some 15 years past normal retirement age.
The golden years are attracting mold
Not only is retirement longer, but expectations are more expensive. Your friends want you to join them for a month-long trip across France and Italy. Can you say no? Dare you admit your funds will not allow?
How’s your health? A friend tells me his parents went to a distant city, spent a few days seeing the sights, and had to call an ambulance after an exhausting climb up the steps of a tower. It came out all right, but it would have come out much better without the extra 100 pounds that was carried.
Need that new set of golf clubs? Expensive skeet gun? Top-of-the-line fly rod?
New pickup? Boat? RV? Cabin at the lake?
What about foundation repair, roof replacement, major plumbing leak?
Longevity is not your friend
The longer retirement lasts, the less certain life is. In an effort to stay one step ahead of both inflation and the grim reaper, many new retirees are moving almost directly from old career to new job.
Well… there are positions, and then there are positions. There are some factors to consider.
How much money do you need? If you do not have many millions stashed away, you do not really know the answer to this. I would urge you to not settle for wages appropriate to the teenage new hire.
What can you do that will survive a physical mobility crisis? A lot of guys I know would like to take on physical labor after spending 30 years in an office. Well and good; I am one of them. But once the health crisis hits and you are constrained to months of simply staring out a window, mocked by the great outdoors, you must consider what you are able to do to remain effective.
I faced exactly that after my 3-month stint in the hospital. Once out, with a highly compromised immune system, I could not feasibly associate face-to-face with anyone outside the home.
What skills and resources were available from the confines of a 10x12-foot office?
(I know… I’ll write a book! But that’s not for everyone.)
And, not to put too fine a point on it, what work can you do that someone will pay you for?
Staying relevant is a magic tonic
Beyond all those (quite important) details of financial survival, what value can you bring to others?
When I was quite young, my granddad told me stories of his life on the farm as a teenager. He was on his own at age 15, first working as a hired hand and later as the owner of a small farm.
At 10, I was bored with the lessons. At 50, I wished I could remember them. It would have been mighty good if he had written them down, or dictated them, or made a video recording.
The young kids may not want to hear your stories, but someone will sometime. Take the time to write them up.
Get your head around the side hustle
You have considerable value that will benefit someone in a tangible way. Figure out what that is, and who it’s for, and offer your time and creativity. In other words, apply for a job. You can probably choose either full-time or part-time.
But please, do not sell yourself short. Taking orders at a fast-food counter with kids young enough to be your great-grandchildren does not promote a healthy self-image.
If you can remain in the same career field where you spent most of your working life, that might be a good fit. In my case, I did not. My field was extraordinarily technical, and the technology evolved quickly. The shelf-life on my knowledge base was measured in weeks, not years. Once I retired, I immediately began to age out of the market.
Some skills that I possessed, however, were highly translatable. Sales is often a good choice, depending on the requirement for travel. It also depends on whether you take pleasure in meeting new people in a selling context. Many are not suited for this.
Volunteer work is fine and can be fulfilling. But at some point, you may need to turn your time into cash income. Once you work yourself into an unpaid position doing important things for an important organization, it may be socially impossible to quit.
Remember the words of the Preacher:
It is good and fitting for one to eat and drink,
and to enjoy the good of all his labor in which he toils under the sun
all the days of his life which God gives him…
Ecclesiastes 5:18
Choose your side hustle wisely. It may be with you for longer than you think.
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