Retirement? Bah!
Posted by Gail | Filed under Retirement Planning
People keep asking me what my plans for retirement are. Retirement? Bah! I have no intention of retiring. EVER. As the song says, “Ain’t nothin’ gonna break my stride! Nobody gonna slow me down – oh, no! I’ve got to keep on moving…”
I often wonder how different people see retirement, what metaphors they have in their heads. Do you see retirement as moving “somewhere down the lazy river?” Or is retirement your final revenge on a life lived by the rules?
I guess one reason I can’t imagine being retired is that I haven’t been able to imagine living my life any differently than I do now. I love to write. Why would I stop doing that? TV might not want me in a couple of years, but I actually haven’t defined myself by my work on television. I’ve seen myself more as a teacher. Sure, I write “TV Star” on any form that asks for my occupation, but it’s really to screw with the folks reading the form, to see their reaction.
Sometimes I imagine myself living in a third-world country teaching little kids, my big skirt pockets full of little bits of candy… I’d love to be known as The Sweetie Lady. Sometimes I imagine running a resort in somewhere like Portugal or Spain (somewhere warm), where I greet my guests with steaming cups of coffee or tea and fresh baked breads and muffins in the morning, and cook sumptuous meals at night. Sometimes I see myself hanging out with my kids and, maybe, their kids chatting about life and laughing my big old laugh at whatever antics they’ve gotten up to. None of this feels like “retirement” to me. It all feels like “life.”
Of course, just because I can’t imagine retirement doesn’t mean I don’t plan – at least financially – for it. I’m socking away the money so that when the time comes I can execute whichever feels most like the plan I want to follow. That’s the thing about money: it’s the options it gives you that really count.
Sure it’s hard to imagine retirement. It’s hard for someone in their 20s or 30s. It’s hard for some at 40. I’m in my 50s and I can’t imagine it. I do know, however, that getting there with no money will absolutely suck donkeys. So I save.
It doesn’t really matter what happens next. Having had the life I’ve had – immigrated twice (once only for a heart-beat), married three times, been bashed about by a husband, had two sets of step children, moved over a dozen times, had two kids of my own, been fired three times, been self-employed, loved and lost and loved again, watched my best friend die, lived through umpteen crises – I find myself “still standing after all this time,” I know, without a doubt, “I will survive.”
Your turn? What do you imagine your life in retirement will look like? Are you ready for it?
July 19, 2012 at 5:40 am
Not a retirement dream/goal but something I’m working towards now. A bit of acreage off the grid and self sufficient. Chickens and sheep maybe a cow.
July 19, 2012 at 6:09 am
Already there…….I was in one of those soul sucking jobs you just can’t wait to get out of…now I’m retired. I have time to read, write, blog, draw….I have time for housework too but…..
July 19, 2012 at 6:11 am
I don’t see myself retiring either. I will most likely have several business’s that I will over see. I am not ready for retirement yet. I am only 32, but I am certainly preparing for it.
July 19, 2012 at 6:13 am
I’m only 24 now, but I know the world will be a very different place 40 years from now. I have no idea what my retirement will look like, or if I can count on any sort of government benefits. But if I close my eyes and think really hard I can imagine myself working a fulfilling job or volunteering a few days a week and travelling (budget style) as much as I possibly could. So the $ gets put away now, just in case I develop more extravagant taste between now and then.
July 19, 2012 at 7:47 am
I can retire from my current job in 3 years with a small pension and plan to do just that. The kids are grown up now and I see retirement as my time to do something I really like. Maybe take a few risks and put myself out there as I will have that pension to cover my day to day expenses. My new career awaits. The next phase of my life is starting and it is going to be great.
July 19, 2012 at 7:54 am
Travelling, grandkids & working a few mornings a week. That’s my dream and my plan and I’m saving for it.
July 19, 2012 at 8:06 am
Traveling, time with grand kids, doing craft and other projects, maybe for a little cash, spending lots of time with the hubby, possibly working on that dream home of an old stone home either in a town/village or just outside of one.
Financially, I hope we’ll be set. We do have savings plans and we both have pensions through work, but one never can know what the future will bring, nor can you account for everything. If I need to work part-time that’s what I’ll do. My husband too. We know we have the ability to change perspective if need be.
July 19, 2012 at 8:11 am
I moved to part time work this year and cannot see an end to it. I like helping people and am finally doing it in a dose that isn’t killing me. Retirement for me is a concept that centers on freedom. If I am at a point where I can choose what I do, even a paying job, then I’m there.
July 19, 2012 at 8:14 am
Whatever doesn’t require me to run on someone else’s schedule – that’s what I want for retirement! To be free of the clock and the calendar – to forget which day it is, and not know whether the meal I’ve just eaten would be considered lunch or dinner -that sounds like heaven. I’ve only ever gotten that feeling once, while on vacation, so I associate it with a tropical beach, but I know I can get that here at home if I just let go enough.
July 19, 2012 at 8:31 am
I can’t see myself fully retired. Certainly not before 65. I enjoy working and I like to be busy. I can see myself volunteering and being involved in the community, maybe working part time at an art gallery or working as an artist at that point in my life. I’m working on promoting my art now to help me establish a name for myself in hopes that someday I can persue art further, but during my “normal” working years it will never be my main income. I’m the breadwinner in my family and I need to work. I’m just grateful that I love what I do. I also can see myself owning a B&B or a cafe…. life has no limits with how we can dream!
July 19, 2012 at 8:33 am
I dont plan on retiring just to sit on the couch- it is important to stay active! But it would be nice not to work 9-5 every day. Im only 26….itll come soon right? haha
July 19, 2012 at 8:39 am
I haven’t really thought about my plans that much yet, but I’m saving for it (I’m 26).
What I find interesting is watching my Dad go through this. He is retiring in 10 days, and I don’t know how this will work. I think he will go back and do a few part-time/short contracts here and there because I cannot imagine him not working. After a few months I see him going stir-crazy just not having somewhere to go during the day. He has worked so hard his entire life (easily 60-70 hr weeks for 35 years) so I don’t see that being just instantly cut back to zero. But I hope he enjoys himself
July 19, 2012 at 8:45 am
You’re lucky Gail, but most of us are not so happy with our careers. Retirement, to me, means not having to work and finally being able to do the things I enjoy at my own pace.
July 19, 2012 at 9:09 am
Retirement is too far away for me to imagine. I’ll be financially ready for it at least
July 19, 2012 at 9:20 am
Retirement to me is working part-time at a place like Nature’s Emporium and volunteering to help others. I also will help my hubby with his BBQ hobby. I am very blessed in my life and I believe you should pay it forward. I have 15 years to go before I am eligible to retire. Those who have not thought about retirement should as time goes by fast. Gail, you are an amazing woman!
July 19, 2012 at 9:24 am
I live a simple life in a small town and love my job but I won’t get rich at it. I am always planning and organizing things, currently our first Writer’s Festival. Turtle Island Writing Festival will be the first in my community way up here in Northern Ontario! I will do more of that stuff when I retire and my main concern is to live healthy and stay healthy.
July 19, 2012 at 9:27 am
“I do know, however, that getting there with no money will absolutely suck donkeys. So I save.”
Ha! And I agree!
July 19, 2012 at 9:35 am
I would like to think that my retirement will be similar to what my parents’ retirement is right now: Tons of travelling around with the trailer, spending time with the kids and grandkids, working on their own projects and taking the occasional class or course to learn something new. I would add to that plenty of overseas travelling, as I really want to see the world. As yes, I’m socking away as much as I can right now so that my retirement can be whatever I want it to be. As Gail has said so many times, money gives you options.
July 19, 2012 at 9:37 am
I retired early, about ten years ago, although I work an occasional day if asked. I like being on a schedule of my choice. I do volunteer work that doesn’t require an early morning start.
I am able to spread out during the daytime all those must do things that I used to cram into the evenings or weekends. There’s more time for reading things that I don’t have to read, visiting, going out for a leisurely lunch. I started knitting again, something I hadn’t done in years. I would have more time for housecleaning but that’s not something I enjoy so I’ve kept my cleaning service.
It’s nice to shop mid morning when the stores aren’t jammed. I work out twice a week in the middle of the day when the gym is less crowded. Going to a matinee is now possible. I can travel at off peak times.
To those who look forward to travel in their retirement I would say it is not a good idea to save all your travel until then. When I was in my twenties a co-worker I really respected retired and we kept in touch. She went on one trip and was then diagnosed with bone cancer and died within two years of her retirement. She told me to do my traveling while I was young and healthy. I followed her advice and went on many out of country trips, often to Europe, in my twenties and thirties. I have continued to travel but often think how lucky I was that I took her advice. You never know when ill health will strike you or your partner or other planned travel mate.
July 19, 2012 at 10:06 am
I love what Gail said. I will take this to heart to motivate me to save for retirement and to find what I love in life.
July 19, 2012 at 10:18 am
I too don’t really see the point in full retirement. I think I would miss people. I do see myself taking a mid career break perhaps to do some really cool travel with my kids and husband. I am saving for retirement, of course, not as much as I might need, but I have yet to start the fund for the travel break…. I guess I’d better do some more planning.
July 19, 2012 at 10:45 am
Sure, I would love to retire, but I often wonder,”what are we going to do in retirement? Do we have enough money to go travelling before my sons start their own families? Do I really want to work at Walmart as a greeter and deal with rude, unhappy customers? Am I going to put a strain on my health if I keep working? What?” I cannot see nor predict what the future holds, but we will just enjoy life as usual and see what happens next.
July 19, 2012 at 10:46 am
When I retire in 35 years (I am 41) planning to by a trailer (yes I know they arent’ a great investment) park it near a bookstore and and a library have a couple of cats, have a phone so my son can call me, and read all day long. Already traveled the country, saw almost everything I wanted to see and what I haven’t seen well….. always been a loner, and love reading. That is under the assumption that my ASD is able to be independent. OH yeah going to wear a hat that says I’m cheap and a senior PLEASE don’t forget the senior discount.
July 19, 2012 at 10:54 am
My hubby has a great job with a pension, so that will be nice when he retires in 15 or so years. However, being a SAHM, I’ve already put in a lot of money into my own RRSP (when I was working), and I enjoy what I’m doing now, but I don’t really think of myself as retiring. I’m in my mid 40’s so it’s hard to still imagine what it will be like when the kids are out on their own. However, we are planning and saving for the future.
BTW, Gail, let us know when you have ever do that Resort idea – I’d LOVE to wake up to your laughter and eat your delicious meals! Sounds like a great plan!
July 19, 2012 at 10:59 am
We are planing to “retire” earlier (about 44&48) and that to us means our “revenge on a life lived by the rules”. We have no clue what that piture looks like either.
We are a military family and in my husbands 8 years of service so far we have lived in 8 different places in 5 different towns. We try to talk about what we would want but it depends on to many variables. If his career settles down (by choice or not) and we can enjoy our lives then it may be more simple, with a vacation here or there. if it continues to be crazy then it will probably be more selfish to pay ourselves back for years of never going away, having to buy on really short notice and being stuck with over 1 hour commutes to be at work for 7am…. (can you tell im frustrated right now lol). It also depends on what our kids do.
The main plan right now is to save so that we have a monthly income similar to what we have right now which would give us about 2000$ a month for what ever we want. still paying off the house for a few years, saving for weddings, going on trips, being able to visit grandkids and eating out (thats a big one)
July 19, 2012 at 11:19 am
I too keep hatching plans…… living and loving life. What is the retirement thing everyone is seeking? Here’s to keeping the stride
July 19, 2012 at 11:50 am
I would like to persue my creative endeavours full-time instead of part-time, and earn enough to travel to different locations for a few months at a time (snow bird type thing) — and if I can’t do it with the money I would make from my creativity, I would probably supplement my income with some type of part-time job.
I do not see myself as retired, mostly because I don’t think I’ll make it to 65.
But I really don’t think I would ever stop creating…
July 19, 2012 at 12:00 pm
running a sanctuary for farm animals. I dream big
maybe running a vegan restaurant….I also can’t see myself “retiring”, just moving on from the job I have now to one I truly want. I expect this will happen later in life, as the current job is awfully good at paying the bills.
July 19, 2012 at 12:14 pm
At 23 years old, I feel lucky that I’ve been able to watch both my parents transition successfully into retirement. They were both elementary school teachers and continue to supply teach a few times a month, usually on specific request of colleagues.
Even after raising four kids on teachers salaries (and not counting the time my mom took off when we were all young) my parents have enough money to take care of all their expenses and travel several times a year because they worked hard at saving and investing wisely. Getting to watch what a fantastic time they’re having is a great motivator for me to put down the sparkly peep-toe pumps that I already have in another colour and stick that money into my RRSP!
My ideal retirement is having enough money to keep a horse or two for pleasure riding and travel.
July 19, 2012 at 12:43 pm
Honestly, never. I’m hitting 40 next year. We are not financially ready at all due to my new career as Realtor and how much $$ that is sucking up to get going while still home with the 3 kids…hubby’s job is bare min but keeps us alive. That said, I see “retirement” as a time when the stress is over and I can enjoy my kids and grand kids, a nicer home, yet still have my career. I want to do more charity work more steadily, I want to help my children and I want calm yet stay busy.
July 19, 2012 at 12:56 pm
I too can’t envision full retirement. I love my job and many of my more senior colleagues demonstrate to me how they can include flexibility into their lives without fully retiring. I can imagine working a day or two per week when I feel like it, and not accepting referrals when I want to travel or hang out with my grandchildren. Regardless, we are saving as though I’ll fully retire at 70, because, with my lengthy training, I didn’t start my first “real job” until I was 30, so I felt I needed that time to save adequately.
July 19, 2012 at 1:26 pm
I work with thousands of professionals in which about 40 retire each year. More often than not, I hear from the retirees that they regret it. They wish they had gone part-time rather than stop working altogether. They find themselves bored and without a sense of purpose. Travelling gets expensive; hobbies get old. It’s quite sad. If you are considering retiring from a long-time profession, make sure you have a plan to fulfill your needs. Consider reducing your hours or responsibilities rather than quitting cold turkey.
July 19, 2012 at 2:22 pm
Folks, don’t wait until you retire to travel! That’s a huge mistake. All the seniors I meet in my journeys tell me so. You have *no idea* the hilly towns in Scotland, Germany, and Greece. They’ll do the knees in on a 20-year old.
I hope to retire ASAP!! Not that I dislike work, but I’d prefer not to and aspire to be a genuinely lazy person. Will I be bored? Hell no! Crawl out of bed at 10:30, have a shower, walk across the street to a nice little cafe in Paris to sit on the patio with a coffee and a pastry? Ideal.
…And I hope to visit Gail’s warm, little resort in Spain as well. Thank her for all the retirement advice as I sip a beer.
July 19, 2012 at 4:52 pm
I don’t plan to retire as such until I am at least 70… I want to transition to a more enjoyable job for less hours per week once I’ve finished my main retirement saving and take things a bit easier, but I would get too lonely and bored just sitting at home all day. I’ve already done all the traveling I want to do so my main goal is just to slow down and smell the flowers a bit more than I am now, not stuck at a desk for 8 hours a day.
July 19, 2012 at 9:04 pm
I can hardly wait to retire and enter that phase of life known as “what’s-an-alarm-clock?” Those who love their jobs are very lucky and I can understand not wanting to leave. And for those who hate their jobs, I feel sorry for them and they should try to find something else which pays the bills but doesn’t destroy their soul.
However, there are a great many of us who fall somewhere in the middle of those two extremes. While I don’t know exactly what I’ll do when I retire, I do very much look forward to finding out.
July 20, 2012 at 8:52 am
Ahhh…..what will life be like when I retire?? I’m just turning 40 this year and have already come into my own as far as feeling confident about myself and where I am in my life now. What will I feel like when I’m 60 or 65??? I plan to feel even better!!! I know my two children will be grown and off living their own lives with perhaps grandchildren around and my husband and I will have the time to do what we want to finally do….go on fishing trips to the BC coast, do some hiking and wilderness camping, perhaps we will even be doing some hunting up north. Then there is my creative side which I plan to embrace with open arms….ahhh to have the freedom (and time) to sit down to paint and create whatever I feel like creating that would be my dream! Currently I am mostly a mommy-taxi for the kids and work 4 days a week so there really is not much time for these pleasureable activities. I can forsee a very fulfilling and happy retirement!
July 20, 2012 at 10:12 am
From all the responses here, it’s clear the definition of retirement has changed. For me, it’s simply a case of deciding to spend time on something without considering whether it puts food on the table, a roof over my head or supplies my other needs. Once I no longer have to add that to the equation, I call that “retirement”. When I retire in a couple of years, I fully expect to be as busy as I am now, maybe even having a job, but not because I need to do so to pay the bills.
July 20, 2012 at 12:15 pm
My Dad retired at 50, a baby boomers dream.
After six months of retirement he was head hunted into a senior management position with a global construction firm earning more money in a month than he did all year as a business owner for 25 years.
I asked him what the blip was he thinking, you don’t HAVE to work. His reply? Exactly! He is having the time of his life and his favorite part of working for someone else is not having to collect money!
Just more proof everyone’s vision for retirement is a little different.
Now, my husband and I are in our late twenties and I can tell you our imagined retirement is more of a feeling. It’s that feeling you get when you get your paycheck, every single bill is paid, there’s food in the fridge, and you get to spend your whole weekend doing something you really love.
July 20, 2012 at 4:05 pm
My greatest wish is that I make it to retirement in good health. I will then do everything I have put off for “later”. Walk all the trails, go all the places, read all the books, write all the stories. Maybe go to uni again and study something useless. And I’ll never again eat in a hurry, run on too much coffee and too little sleep, or be nice to rude people if I do not feel like it.
If I’m really, really lucky with my job, my health and my savings I might be able to retire at 55.
July 20, 2012 at 4:55 pm
In retirement, I’ll keep doing the things I already do and love: theatre, travel, writing, walking, socializing, studying German, dancing, enjoying chocolate, reading, cat-petting. But I’ll do them more, regardless of any associated income, and focus less on that which brings in money.
And the sooner the better — so I’m trying to save as much as I can each year, more even than the calculators say I need to, and I spend some of that reading time on money management and investing books so that I can be as conscious in my efforts as possible. I even share my Money reading list (which of course, includes Gail’s work) with friends and family whenever they express interest!
July 20, 2012 at 10:38 pm
I don’t think I’ll ever be able to retire….. I just won’t have the money.
I started to save early, and lost a lot in the technology crash of the early 90’s.
Then I had jobs where I wasn’t making enough to save.
At 34 I finally got a decent job and started paying into a pension.
At 35 I became a single parent, and now most of my money goes to keeping a roof over our heads. I love my son and wouldn’t change being a single parent for the world. His father is an idiot (and that’s putting it nicely – he’s constantly fighting to not pay child support).
I’m now almost 38 and plan on working until at least 70. Maybe then my son will let me move in with him.
July 21, 2012 at 10:13 am
Yep! Surviving! Strong as an ox! Wish I had a big old laugh! Retirement equals no money worries because I’ll have saved enough as for doing what I want. Well, I’m doing that now. Oh so lucky to have a dad that gave me great advice “Everybody has to go to work so might as well do something you enjoy because no matter how much u make or don’t make it’s a long day if u hate your job and getting up every morning for the next umping years will suck!!! The money u need will come if u have a spring in your step as u go off to work!!! So Lucky me!!!
July 21, 2012 at 5:07 pm
GREAT POST Gail!! Very inspirational and thanks for opening up at the end to talk about all that you have survived!
I’m behind in reading – rented a cottage for a week with no Internet – was wonderful! Lots of swimming, reading, having fun with the kids!
Retirement? I definitely dream of travelling – without a doubt! Apart from that, volunteer work and I love your idea of laughing with my kids and their kids!
July 21, 2012 at 11:03 pm
I still have quite a ways to go until retirement, at least 20 years, give or take, but I have a lot of mileage on me, having started working “real” jobs since I was 16, so pulling out of the rat race is something I find myself thinking about quite often, especially since most of my colleagues are nearing that point in their lives.
I’ve been proactive about saving and paying down debt and am lucky to have a good and stable pension plan. If things continue down this path, I will be able to retire relatively young, and for that I feel fortunate.
I think retirement is all about taking control of your life, and being in a place where you can give back to society without the constraints of working a regular job. I can easily see myself volunteering, perhaps working in the non-profit sector, doing consulting work or working as a mentor or coach. Maybe do research for a think-tank or something.
But I don’t want to take too much time doing that – there’s still too many books to read, songs to write, and I’d love to invest in real estate, breed cats and spend time with grandkids (hopefully).
My wife wonders what I would do with all my time when I talk about retirement – I wonder how I could possibly fit in everything I want to do!
July 22, 2012 at 7:06 am
I started life again at 39…walked away from the big house in the nice neighbourhood and am so glad I did. I would have been able to retire on my 50th with a 30 year pension. Won’t happen now but glad I did make the leap of faith! Now the goal is 56 and it will be about doing all the stuff I did not get to do before I was 39, enjoying life my kids and just being at peace with myself and my sweetie. The plan is retire, find a sunny location to spend a few months in the winter and have the kids come to visit.
July 23, 2012 at 1:11 am
Retirement – I have a plan – well actually I have 3 plans. I am single, 55 years old, have worked for the same employer for 33 years, pay into a defined benefits pension plan so don’t have a lot of RRSP room but it is maxed out as is my TFSA. I own my own condo – no mortgage, no debt and some non-registered savings. I started in a new position last November – raise, lots of responsibility and mega learning opportunities. My days fly by along with the weeks and months. My plans include living a retirement budget which will be at about 2/3 my current salary for the next year – but I’ve also got some incredible travel opportunities in the next year that I have saved money for [bad grammar]. Because I want to retire early – between 57 and 58 when I’ve worked 35 years for my current employer – I want to find a perfect volunteer opportunity and some form of part time work that I will enjoy. I want to retire to finally spend time getting healthy and fit and to have the time to give back. I need to know that I will be financially seecure before I take the “plunge” – hence the practice retirement budget. Thanks to Gail for helping me learn to set realistic goals
July 29, 2012 at 4:42 pm
” I work with thousands of professionals in which about 40 retire each year. More often than not, I hear from the retirees that they regret it. They wish they had gone part-time rather than stop working altogether. They find themselves bored and without a sense of purpose. Travelling gets expensive; hobbies get old. It’s quite sad. If you are considering retiring from a long-time profession, make sure you have a plan to fulfill your needs. Consider reducing your hours or responsibilities rather than quitting cold turkey.”
It would appear that these individuals were living to work versus working to live…
July 30, 2012 at 12:12 pm
If all goes according to the plan we’ll be in a position to retire in December 2020 at ages 57/60. We may decide we aren’t ready, but at least we should have the option at that point. DH will have a small pension from the job he started 4yrs ago after a layoff from hightech after 25yrs. Our mortgage should be done by Dec 2014 and then that money will be diverted to the new “travel fund” (should be approx 145K after 6yrs). We’ve already saved enough for our retirement from 65 onward when pensions and government benefits kick in. Now we’re working on savings that will get us free before 65. If I could only convince him to downsize now we could retire in 3 years rather than 8.5. All that equity just sitting there makes me nuts.
We do travel now with the kids. It’s costly but a tradeoff we’ve made a priority in our otherwise very frugal lifestyle. Just got back from 2 weeks in Scandinavia with the kids and have started planning for next summer to either Paris or Istanbul. Exploring the world through the eyes of your children is priceless, and yes, just in case we aren’t in perfect health later we don’t want to miss out by delaying.
In retirement I expect my DH will spend more time in the shop and perhaps make a little money with his woodworking hobby. I will finally read all the books on my list. I will finally get the garden I want, not the garden I currently have time for. I’d love to take some art classes. As long as our health holds up, we’ll travel extensively – by that I mean rent an appartment and live like a local for a month and then move on for a month somewhere else. Envisioning us as 60yr old backpackers rambling around Europe and Asia just makes me smile. If something appeals to me, I can completely imagine having a little PT job or volunteering at local schools or seniors homes. I’ll keep working PT and live on ramen noodles before I give up the travelling.
July 30, 2012 at 4:04 pm
I haven’t decided what my plans for retirement are but this article reminds me of my father-in-law. He is almost 76 years old and still works 40 hours a week at a very physical job. He has no plans to retire because he wants to keep busy. One time, mid-winter we went up to visit my in-laws and he was outside shoveling. My husband asked why he was shoveling when J (hubby’s 20 year old nephew) was living there and should be doing it. His answer – because he was bored and needed something to do! I think that the reason he’s so healthy is that he’s doing what’s makes him happy which is working and keeping busy. Retirement is not for everyone!