Should You Retire or Continue to Work?

Have you ever witnessed first hand how quickly some people deteriorate after retirement? I have, and it's sad. A lot of it doesn't have to happen.

I know that traditional retirement will always be a part of our culture, and it should be because not everyone can or wants to work forever. We are all different with different desires and abilities. Nevertheless, traditional retirement has become an anachronism and a financial albatross.

Why an anachronism? One reason is that in the past century the lifespan has increased by 30 years. At the same time, people still begin traditional retirement at age 65 and earlier. Those folks will have a lot of extra years in which to do something or nothing with their lives. How will they spend those bonus years? How will they live? What will they be doing? Will they have enough money? Not likely, if we are to judge by the number of retirees who struggle to make ends meet very early in retirement.

Traditional retirement is becoming a financial albatross for a couple of reasons. First, we have been warned that Social Security will be bankrupt in the near future. Second, the boomer generation is beginning to retire. Are all boomers prepared financially? No, not likely. This will eventually pose a huge financial problem for Medicare, Social Security, and a burden on tax supported services provided to seniors.

Many boomers grudgingly say they plan to work past retirement age because they can't afford to retire. They may not understand that if they are healthy this is the best thing they could do. Not only will they stay healthier longer and have a better quality of life, but they will avoid being sucked too deeply into the decline oriented senior culture.

I would caution boomers: It's not enough to intend to continue to work. Work at what? The same boring stuff you've done all your life, or just any old job to get a paycheck to cover basic needs, or something you've always wanted to do but couldn't do because you were busy earning a living. Those boomers who plan to work should have a post retirement productivity plan. Not just a financial plan, but a plan for living productively and not just existing.

Insurance company ads on TV tell working people they need a financial plan for retirement so know where they are going. That message is incomplete. So what if you have a great financial plan for retirement. How will you spend your time and money? On cruises, golfing, or living life as a pastime in a "seniors only" community with other people of same age and circumstances? How depressing! No, it's worse than depressing. It's deadly. When you don't grow and produce you deteriorate sooner than you need to.

We Need an Alternative Culture

In addition to traditional retirement we need to establish a parallel or alternative culture that legitimizes and supports those folks at retirement age who have planned, in conjunction with early financial planning, to have a productive, balanced post retirement second life. It won't happen until there are enough people to populate and dominate the new culture. It will require a huge cultural shift and a new social mindset but it has to happen. We can't afford to lose so much valuable elder potential to rocking chairs, golf courses and nursing homes.

Many people spend their working lives in jobs they hate or find unfulfilling, and at retirement they lament that they wish they could have done something else all those years. At retirement you can always decide to do what you've always wanted to do but age 65 is not the time to plan how you want to spend the rest of your life. You are tired and the carefree senior culture is inviting you to join. It's too easy to cave in and vegetate with your peers who are living life as a pastime.

At age 40 insurance agents and/or financial planners will sell you a policy or give investment advice for retirement but there is no one to help you plan for the life you've always wanted. We know that age 65 is no longer "old." For many people age 65 could be the beginning of the most rewarding part of their lives if only they had planned and/or had help to do so.

Aetna? Metlife? Hartford? Independent financial planners? You are missing the boat. YOU are missing out financially by not helping clients create a productive post retirement life plan. In addition to selling financial advice and financial plans you can sell "Life After Work" productivity plans. We have coaches for every imaginable need. Life coaches, Work coaches, Team coaches, Travel coaches. Why not Life After Work coaches? We have plenty of successful older people who can lead and show the way. We can tap into their expertise to help pre-retirees achieve their post retirement goals.

For example, imagine this scenario:

Pre-retiree to Financial Planner: "I hate my job. It's killing me. I can't wait to retire. But I don't want to spend my life in a retirement community golfing with old people."

Financial Planner: "Okay, what would you like to do after you retire?"

Pre-retiree: "I'm originally from New Jersey and one thing I loved is the New Jersey Italian hot dogs -- you know, with the greasy peppers, onions, potatoes and hot dogs cooked in artery-clogging oil that hasn't been changed in a year, and stuffed into a half round pizza bread. They are to die for. I've always wanted to own my own "New Joizy Hot Dawg" shop. I want use some of my retirement savings to open up my shop. Help me work it out."

Financial Planner: "You're on. Let's get started by making an appointment with our Life After Work coach, Jim Johnson. He's our senior go-to guy who knows all about post retirement business and life planning. He charges $350 an hour but we guarantee he'll help you accomplish what you want to do after you retire."

(Life After Work Coach Jim Johnson has a good thing going but if he helps Pre-retiree realize his dream, whatever he charges is worth it.)

If that pre-retiree is anything like you, and you start getting your ducks in a row right now, doing the necessary research and planning, you can have your "New Joizy Hot Dawg" shop - or whatever. And you could probably retire early to do it if you plan well. A lot of work? For sure, but you will be living your dream and reaching your potential. If you don't, you could be vegetating in a retirement community with your peers "50 and better" and dreaming about what could have been.

Life is too short to waste any part of it. Plan now for the productive life you want after you retire.