We may be over 50, over 60 or even older when retirement looms, but one day it will arrive, whether we’re ready or not.
We might have carefully timed our retirement or retirement might be foisted upon us in an unplanned way through redundancy, retrenchment or health / family issues. The process of retiring can be a challenge, whatever the circumstances and regardless of our financial position. Here are 3 common challenges and simple ideas about how we can meet them.
Retiring is not just about clearing one’s desk and walking out with a box of personal knick-knacks. On one hand we may be mentally high kicking at all that freedom, but on the other hand, retiring’s an ending, so naturally it can be accompanied by sense of loss, even grief. Feelings of loss may be triggered because we are leaving a great team, altering well established connections with colleagues, forged by sharing workplace and personal challenges and successes, life’s highs and lows.
Often there is an opportunity to mark the moment with a retirement event, ranging from a formal dinner to an informal small 10 minute get together – one that suits the person retiring. Such rites of passage help manage the emotional transition for all concerned and provide an opportunity to express mutual appreciation.
Retirement events often require a retirement speech, a word of thanks. It’s an opportunity to reflect on what and who we will miss, our achievements and changes we’ve seen in our working life. We can share some interesting anecdotes and advice gleaned from our experiences, acknowledge collective endeavours and importantly, show our appreciation for colleagues and family support.
As we retire, if we acknowledge the gifts that work has provided, it’s possible that our sense of gratefulness may temper our sense of loss.
Feelings of confusion may arise as we let go of a defined work role. We’ve had a title, we stood for something, we were known for our skills, approach and knowledge, for what we contributed. We’ve had authority, we could get things done. In social settings we’ve had a ready response when someone asks “and what do you do?” Now we’re not sure, how to reply, we may be treated differently, no one approaches us for our skills and knowledge. An identity crisis may ensue.
Belonging to a group is an important contributor to one’s psychological health and having a role within a group can provide personal clarity and a sense of security. Part of the challenge in retiring is to recast your position. In addition to family, we can consider the groups we may already be part of, or may wish to join, and possible roles we can play in those groups. It may be as simple as being a regular member of 4th grade team in the tennis completion for your local club. It could be being a lead volunteer for the local parks and wildlife association.
Alternatively, we could become known for a specific skill or knowledge base that gives us standing with a community. Whatever we choose, being part of one or more groups or contributing through a specific role, is a great way to reshape part of our identity. And for fun, why not create a new title that suits our lifestyle? Wildlife Volunteer? Trainee Surfer? Family Poobah? Community Philosopher? The sky’s the limit.
When we are working we have usually have a routine, set work times that keep our days structured and predictable. Our work’s mission is usually set by leaders of our organisation and priorities are often decided by others. For many of us considering retiring, work seems known and comfortable – a lot of decisions have been made for us.
As we retire, we will be setting our own agenda and timetable (in consultation with loved ones of course!). Not just for the working week but for up to the next 30 years of our life. That’s a large blank canvas to work with so it’s nor surprising that some fear a lack of purpose and shape to their retirement.
Reaching retirement provides an opportunity for us to re-assess our priorities and reflect on what is important to us, what really matters. It allows us to shape up our time based on these things and select activities that align with our interests. It may even influence our choice of holidays and the pattern of our days. For instance, if I’m interested in landscape photography I might venture into dramatic landscapes in specific seasons and even at specific times of the day or night to get the shots I’m after.
So, by allowing ourselves some space to re-group we can decide on priorities and interests we wish to pursue and make these our part of our purpose. This will provide us with ideas of how to shape our days, weeks and even months.
For those of us who like the SMART goal approach often used at work, there’s nothing to stop us having some SMART goals in retirement. It may seem ironic to some of us to use it in retirement but there’s nothing to say we cannot use the tools we’ve gained whilst working, to make the rest of our lives the best of our lives. It’s just that we may not sweat the deadlines as we used to!
In this blog we’ve stepped through 3 of the challenges we face as we consider retiring. Whilst everyone will find their own way through these challenges, seeking support from close family and friends is a no-brainer. They know us better than we know ourselves in some cases, and will have useful insights about our preferences and style that may help us navigate our way through this exciting transition.
For more tips, download the free Heydays Roadmap to Retirement where I share my ‘must do’ preparation steps. Soon you’ll be closer to the retirement of your dreams.
#worklifebalance #retire #neverretire #dontwanttoretire #whentoretire #leavingwork #meaningofwork #purposeafterwork #Iammywork #retirehappy
My partner Gary and I plan to stop working in our ‘9 to 5’ jobs in 2020, when we’ll be in our mid-sixties. The problem is, we’ve had a look at our super balance and we don’t think it’s quite enough to support the lifestyle we dream of.
We’re not alone. Many of those intending to retire in the next 12 months don’t have enough superannuation to support their lifestyle. Women are more likely to be in this predicament. The average superannuation of women intending to retire in the next year is $177,000. This is 57% of the average superannuation men have $309,000. (Roy Morgan Single Source Survey June 2018).
Neither balance is enough for a comfortable lifestyle. That requires a superannuation balance of $545,000 for an individual and $640,000 for a couple. And assumes they have paid off their home, have minimal debt and are in good health (Association of Superannuation Funds of Australia). So, unless there is a Plan B, Mr and Ms Average are heading for a modest lifestyle at best.
All in all, super balances are looking, well, not so super. It’s tempting to collectively bury our heads in the sands of denial, ostrich-like. But what if we meet the ‘inadequate super balance’ challenge head on and explore ways to generate extra retirement income?
Working for longer is an option but we’re looking for a way to generate income that gives us more flexibility. More time to travel, cycle, garden and hang out with family and friends. So how do you create an extra income stream without a regular job?
We’re exploring the opportunity provided by online businesses. It seems an attractive option. You can avoid the overheads associated with a physical shop-front, stock and employees. You can be your own boss while you supplement your retirement income. You can outsource tasks that are outside your skill set. You can use automated systems to advertise and respond to clients. And you can work anywhere – all you need is mobile reception. It’s a compelling mix!
Selecting the right type of business for you means understanding what’s possible in the world of online commerce. Here are 5 online business-types we’re exploring. They could supplement your retirement income, without sacrificing flexibility.
Blogging or Vlogging (video blogging) are great options if you like writing (or being on camera). Choose a topic you’re passionate about, develop a distinctive point of view and start blogging! You’ll need to get a domain name and build a simple blog website. Check out comparisons of blog site providers like www.startbloggingonline.com to find one that suits your skills.
If you focus on delivering original content you can build a loyal band of subscribers. You can work with partners who wish to advertise to your subscribers and generate income. Blogging takes 6 to 12 months to build a subscriber base and a rewarding income. For inspiration, check out the www.webbyawards.com.
Have you got deep knowledge about a topic? Can you organise ‘how to’ information well? If so, consider providing an information service. Topics are only limited by your skills and what people want. Think: crypto-currencies, body building, baking pastries, volunteering in South America or sea kayaking.
The key is to identify a needy market – people who will pay for the information you provide. Look at the magazines in your local newsagent to determine demand and trigger ideas (the more magazines on a topic, the more demand).
Pilot your ideas with clients to finesse a product before putting in too much effort. When you’ve clarity, chunk the information into a logical sequence. You can present these in an e-book, short videos or in an online course. Market your service through a simple website – use a website builder such as www.wix.com. Or create an online course and market it through a course supplier such as www.Udemy.com.
Have you got a specific skill set? Whether it’s in marketing, art appreciation, or biodynamic gardening, you may be able coach or mentor based on this skill. Set yourself apart with a niche subject then determine your offering and pricing.
As you’re online you can interact with you clients using tools such as Loom, GoToMeeting, and Zoom. Promotion is also easy online using advertisements on Google AdWords or Facebook.
Do you have experience as an editor, a writer, a graphic designer or a copy writer? Are you an administrative ninja, an excel wiz or presentation perfector? If you are, you may be an ideal virtual assistant.
Virtual assistants work on a task basis. Tasks can be one time or ongoing. Wherever you are, it’s easy to discuss jobs and share documents with clients, using online tools such as Trello, Canva, Dropbox, One Drive and Google drive.
Find clients by posting your services on apps such as the Virtual Assistant, Freelancer and Virtually Yours.
In Australia we’re familiar with selling unwanted gear on eBay and Gumtree for some extra cash. Now we’re starting to recognise that anyone can make a good income using platforms like eBay and Amazon. With over 310 million customers worldwide, Amazon is the main game, and it’s cheaper to get into than a bricks and mortar business.
If sourcing goods and selling them on Amazon sounds like a dark art, never fear. There are educators who can guide you through the world of selling online. They cover selecting and shipping goods, costs, pricing, listing and how to secure sales. There are various courses offered online which appear to be worthwhile, if you do your part and put in the effort. Take care when selecting a course – it’s a bit like the wild west in this area! We like Adam Hudson’s Reliable Education www.reliable.education.
If you’re keen to have the retirement lifestyle of your dreams, don’t bury your head in the sand. Consider creating an extra income stream through an online business instead. Who knows where it may lead.
#downshift #retireearly #refire #encorecareer #heydays #worklifebalance #babyboomer #recharge #lifestyle #entrepreneur #super #superannuation #pension #retirementbudget #makemoney #sidehustle #onlinebusiness #moreincome
Meet Scott, our switched on Uber driver on a recent trip to the Gold Coast. Here he is with his family enjoying a cruise. He retired early but it’s not always what it seems.
By November 2016 Scott had been running his manufacturing business for over 25 years, employing up to 15 staff at times. He and his wife were living in Melbourne, bringing up 2 young children. They felt comfortable financially – they had security.
However, Scott was working six and half days a week and this took a heavy toll on his physical and mental health. When Scott was just 41, his doctor told him his work rate and lifestyle were potentially a deadly mix – his was at risk of a heart attack or a stroke.
Scott and his wife knew financial security was of little use to the family if Scott wasn’t around to enjoy it with them. They decided to downshift – swapping the good income and frenetic lifestyle with lower overheads and a slower pace of life.
Although they didn’t have a clear plan, Scott and family sold up and moved to the Gold Coast. Now Scott supports his family through a mix of Uber and Private Transfer driving along with Private Tours of the Gold Coast and the surrounding areas. Scott says that while there is less money coming in, their overheads have also reduced so he stresses less about making ends meet. He’s learnt not to worry about things he cannot control – now he just lets them happen.
Scott’s learnt a few things from downshifting: he knows he’s more relaxed and happier when he slows down and enjoys what’s going on around him and that he doesn’t need to earn thousands of dollars to have a happy life.
Scott’s advice for people thinking of retiring or downshifting is to embrace it and enjoy it. “I’m currently on ‘Pause’ as I like to say. I have taken some time to recharge and realise what’s important. I ‘m really enjoying this phase with Work / Life Balance and will try to continue having it”
Going to the Gold Coast? You can book Scott to drive you or take you on a tour, through Scott Edwards My Driver Direct on Facebook
#downshift #retireearly #refire #encorecareer #heydays #worklifebalance #babyboomer #recharge #lifestyle