Retirement As You Want It

What If You Want To Keep Working Because You Love What You Do?

Written By Guest Blogger, Mary Lloyd

Are you assuming that only those who have to work after 65 are still working? Think again.
 
I recently returned from the Berkshire Hathaway annual meeting.  That’s the company run by Warren Buffet--who takes turns with Bill Gates being “the richest man in the world.”   
 
The meeting is a week-long, massive event in Omaha, where the company is headquartered. This year, 37,000 attended. The showcase piece is Warren Buffet and Charlie Munger, his Vice-Chairman of the Board, answering questions about all things financial (and some not).  They did this from a stage in the arena to a standing room only crowd—for six hours.  Then Buffet joined the country band that was performing in the exhibit hall to play the ukulele.  On Sunday he took on an international table tennis phenom to the delight of meeting-goers.   
 
Why do I write about this?  Because Warren Buffet is 79 and Charlie Munger is 86.  If ever there were men who have enough money to retire, it’s these two guys. They haven’t. We might want to learn from that. ( Photo at right is from the Berkshire Hathaway meeting.)
 
It makes no sense to stop what you are doing if you like what you are doing.  
 
This economic downturn has forced many of us to think about “maybe working” in retirement. That’s probably the single best outcome of this financial mess. Leisure centered retirement is not all that satisfying.  Staying engaged in what you love will keep you healthier, both physically and emotionally.  
 
So if you are already doing what you love as a career, keep these two guys in mind.  It might be wiser to look for a way to throttle back rather than stepping away completely.  And don’t even do that until you truly feel ready for it.  (You may be 90 when you get to that.)
 
Very often, retirement is expected of us.  Don’t assume you should retire because your financial situation allows it.  And if you hate what you are doing, find something you love and do that. Life is too precious to spend it sitting around.


Mary Lloyd is a speaker and consultant and author of Supercharged Retirement:  Ditch the Rocking Chair, Trash the Remote, and Do What You Love.  Her website is www.mining-silver.com <http://www.mining-silver.com> .  Contact her at mary@mining-silver.com

Entrepreneurs Fare Better in Overall Life Satisfaction

"Be your own boss," wrote Sue Shellenbarger in today's WSJ "Work & Family" column. I always wondered why, when I hear my clients talk about their frustrations with their jobs, I secretly grin as I realize how fortunate I am to have taken the route of a solopreneur. True, I have no paid vacations, nor an employer based health insurance program, nor daily access to friendly colleagues. But, I have so much more ... in my opinion. Photo to the right is me at my local TV station, anchoring my own show, called "Alivelihood: New Careers As We Age" - 1 of the things I do as a solo entrepreneur.

Shellenbarger previews results from a landmark survey of 100,000 people, conducted by the Gallup-Healthways Well-Being Index, which found that the self-employed exceed 10 other occupations in their reported life satisfaction. They experience joy and contentment in these domains:

• emotional and physical health

• job satisfaction

• healthy behaviors
• access to basic needs
• self-report of basic life quality

Frank Newport, editor of the Gallup Poll, says, "it reaffirms my view that the more control you have over your work, the happier you are." Despite the long hours and the felt need to always be "on call," people who perceive they are masters of their own fate feel more life satisfaction. They more often feel that they've chosen something to do that is meaningful to them, rather than working for someone else's agenda. 

In this period of tough economic times, many people in their 50s and 60s have felt out of control of their work lives. They might be more vulnerable to layoffs and take longer to re-employ. Those who have gone into business for themselves at least feel that their work ethic and perseverance can be rewarded. They believe that you have only yourself to blame if your business flounders. If it does, you can always devise a plan to get new business, to change your approach, to find a new market. Entrepreneurs, who by nature are optimistic, tend to be more resilient when disappointed; they bounce back and try another angle.

As a solo life coach, psychotherapist, author, and speaker, I am often excited by the prospect of a new client or one who's making a breakthrough, a new speaking engagement, or my next book being published. I don't have to depend upon my boss's decision about what I should do next - I decide myself. I have complete independence to reroute my decision, if the last one didn't pan out. I can make my own schedule. I can choose the ambience of my office and make it as feng shui as I  know how to do. I can choose my work colleagues and hire (or fire) the ones that don't meet my expectations.

If you're your own boss, what is your level of well-being? How often do you smile with contentment about a job well done, thanks or praise you just got from a customer or client, satisfaction about learning something new that fits beautifully with your business goals? 

Join the discussion here by clicking on Comment below. Or write to me at Karma@LifeSpringCoaching.com.

 

 

Phased Retirement: Is It For You?

Are you one of those people who think that leaving your job/career will be like jumping off a cliff? Can't imagine not having challenging, interesting projects to work on? And not interacting with lots of people who are working toward common goals?

But...you'd really like to slow down a bit, not commute an hour to work every day all year round. Maybe take a few months off in the winter to migrate someplace warmer or nearer to grandchildren.

Phased retirement from your regular job might be just the thing for you. Since the passing of the Pension Protection Act in 2006, you are allowed to cut back hours and still draw from your pension and maintain your benefits. Of course, you won't earn as much, and maybe you won't be able to retain all the responsibility you once had, but, hey, aren't you getting ready to sleep better at night and not have to worry about all those people who are dependent on you at work?

Martha Hamilton wrote in AARP Bulletin Today (8/20/08) that a Hewitt study of 140 mid to large employers found that only 5% have phased retirement programs. But, 15% said they see it as being relevant 5 years from now when more boomers want to leave their jobs...the anticipated brain drain.

Employer groups who are already experiencing shortages of seasoned workers, such as universities and boards of non-profits, are more likely to offer phased retirement now. But, many corporations are not looking ahead adequately to cover their needs for the upcoming years.

Still, the motivated employee who knows what kind of projects or roles he or she could do with a flexible schedule could reasonably convince their HR and boss to consider reducing time at work. Under the PPA requirements, people can work only 24 weeks per year and still draw from their retirement benefits.

What has your experience been in asking for phased retirement from your employer?

Comment here or write to me at Karma@LifeSpringCoaching.com

How to Retain Your Job as You Shift Gears

Almost one-half of 150 senior executives in 1000 major American companies state that the most significant event for corporations in the next decade will be Baby Boomers' coming of age to retire. This statistic is based on a survey developed by Robert Half International. What is the impact of this?

A brain drain of the most experienced and knowledgeable upper level employees is expected. Baby Boomers say, however, that as a group they intend to stay active and engaged past the traditional retirement age. What's driving them?

Some employees realize they have to earn money as they might have started families later in life and now have children to put through college or they're on their second families. Others didn't accurately gauge their need to save and invest when they were younger. But, many say they want to remain engaged in stimulating work challenges regardless of the financial impact. They like to feel that their contribution is meaningful.They also thrive on the interaction of the work environment.

How can employers retain these seasoned employees? Innovative companies are creating new positions for people in their 50s and 60s who want to continue working. They're staying on as mentors, consultants, and trainers, so that their accumulated wisdom will continue to nourish the industry they've spent so many years in.

They're also being accommodated in other ways that appeal to this group. They might be offered flex-time or part-time hours, or telecommuting opportunities. Some even are negotiating a way to work for 8 months of the year and spend the other 4 traveling or living in a warmer climate.

If you are approaching the time when you're thinking of "retiring," consider what your company is willing to do to meet your need to shift gears or downshift. Let me know what you encounter and share your experiences of how you might have influenced your employer to think "out of the box" about your request.

What's Your Ideal Next Job...after Retiring?

There's much talk about Baby Boomers intending to work longer than anticipated. They want to continue to contribute meaningfully to their profession or business. Or they might not have quite the amount of money saved up to support the lifestyle they anticipated. Or they haven't planned what to do post-retirement, so the thought of retiring is worrying.

Business blogs and other media keep crying about the "brain drain" that they anticipate when all the wise, experienced Baby Boomers start to retire...and they've already started retiring.

Some alternatives:

• Companies make flexible arrangements, whereby they offer up to a year off for people to do things they want/need to do. Wallace Immen reports in "Report On Business: Too Young to Retire, but Tired of the Same Old "about a man in his 50s who dreamed of taking 4 months to sail from Montreal to the Caribbean. His employer gave him time off to do that and he came back with renewed energy and commitment to his company. A good way to keep good employees motivated. A boon for people who are keen to try something while they're still healthy and active.
• Bridge jobs - fill the time between full-time work and full-time retirement from the work force. An article in Employment Digest quotes Carol Ann Liebman, 64, who started a gift shop after 30 years in the fashion industry. "I need to be out, involved and feeling productive."

Unlike their parents generation, this one approaches the traditional retirement age with plenty of energy, know-how, and usually with good health. But they want their next work environment to "work for them," not just to pay the bills. They might want more flexibility, more opportunity for creativity, a change in location to a warmer climate or another country. They want to call the shots.

What's your ideal next job...after leaving the job that occupied you for most of your middle years? Comment below or email me at karma@lifespringcoaching.com. I might quote you in my next post.