Money and Time

Some retired people will tell you that they are having the best time of their life.  These people are thrilled to be retired and you can see this by the look on their faces and in how they carry themselves.  Energy radiates from these individuals and they are a joy to be around.

Some retired people will tell you that they are having the worst time of their life.  These people would give anything not to be retired.

How is it possible to have two groups of people feel so differently about the same time period of their life?  

The easy answer is that those people with money are the ones who are thrilled to be retired.  And yet, over the course of my financial planning career, I met with a lot of retired people who were financially very well-off and these people rarely gave the impression that they were having the best time of their life.  They weren’t unhappy but their lives were pretty ordinary.

No, money is only a resource.  It may allow you to do things, it may give you peace of mind, but at the end of the day, money by itself cannot buy happiness or guarantee a fabulous retirement.  There must be another answer as to why we have retired people on the opposite ends of the happiness spectrum.

For many people, retirement is viewed as a transition point in life where the stress of the work world is left behind and the life of leisure begins.  It is the time of life where you do whatever you want, whenever you want, because you have the time.

So, is “having time” the key to a fabulous retirement?  You, like I, may know retired people who appear to have nothing but time on their hands and yet these people don’t seem to be having the best time of their life either. 

No, time, like money, is only a resource.  It may allow you to do things and it may allow you to do things at a more relaxed pace but, again, the existence of time in itself will not guarantee happiness or a fabulous retirement.  There must be another answer as to why some people are thrilled to be retired while others are not.

So, what is the answer as to why some retired people are thrilled while others are not?

For me, the answer is in knowing how to use these resources.  You can have all the money in the world and you can have all the time in the world but unless you know what you want from your life in retirement, these resources will do you little good.

It all begins with you.  What do you really want from your retirement?

  

Live "Your" Life in Retirement

When I was growing up in the 1960’s, The Monkees released a song called “I’ll Spend My Life With You” that was written by Tommy Boyce and Bobby Hart.  For some reason, I really liked the song although, as a young boy, it didn’t mean anything to me. 

As I have aged and experienced life, I have gained a new perspective and now the words mean something to me.  I have no idea what the song’s writers had in mind when they penned the tune, but to me this song can easily apply to my brother’s life and to the future retirement he never got to experience.

Dale turned 60 in January of 2014 and like many his age, he was working hard trying to save for his retirement.  Throughout his life, he worked at many jobs and careers and I am sure he felt like he sometimes was lost in the sea of his generation.  Dale was nearing the end of his working life and in his mind, I think he felt he was on the home stretch.

“People come and people go

Movin’ fast and movin’ slow

I’m in a crowd yet I’m all alone  

The road is long the road is rough

I do believe I’ve had enough

I’m gonna turn around and head for home”

A few weeks after his birthday, Dale was diagnosed with cancer.  I visited with him in early February following his first chemo treatment and we spoke about how we all seem to lead a life that isn’t ours.  For whatever reason, we tend to live the kind of life that we think will please our parents, our spouse or someone else we deem important.

“I’ve had all the time I need

To rearrange my mind and lead

The life I thought I wanted yesterday

I played a game that couldn’t last

And now some mem’ries from the past

Have turned my thoughts around a different way”

When you think about your retirement, consider whether you have lived your life in a way that has been true to your heart.  My brother passed away a week after our visit and he never had the opportunity to live the life he said he was going to once he recovered.  I believe a life of regret passed with him.   

Take the time to plan your retirement from the life perspective and ensure that you live “your” life to the fullest.  And because we never know, it might be a good idea to begin the practice today.

     

Lead your Life in Retirement

Like many of you, I was surprised that the United Kingdom voted through a referendum to leave the European Union.  I thought there was the possibility that the "Leave" side might win but I never really considered that it would happen.  But now that the vote is in, the world is full of uncertainty as to what will happen next.

I find it hard to believe that the leaders of Great Britain and the European Union are now trying to figure out what the next steps are.  I would have thought that the leadership of these two governing bodies would have this situation planned out from the very beginning of the formation of the European Union and certainly from the time the referendum was first proposed.

However, this "world crisis" give you an opportunity to think about your own life and your retirement.

How will a crisis impact your life in retirement?  What is your plan to deal with unexpected life events?  Life doesn't always go the way we want and when you are unprepared for crisis situations, these times can be even more traumatic.

Retirement is a time of major change.  The relationships you have in your life will change.  Your lifestyle will change.  Where you live will quite likely change.  Your health will change.  The way you see the world will change.

How will you handle these changes and how will they impact the kind of experience you want to have in retirement?

No one knows ahead of time when these changes will occur but we know that change in retirement is inevitable.

But unlike what is happening with Great Britain and the European Union, you can provide yourself with some certainty by thinking ahead as to what you will do as the changes take place.  You can be the one who provides the leadership.  In other words, don't just live your life but lead your life.






  







  

  




  

Your Greatest Resource in Retirement

A lot of people believe that to have a fabulous retirement, you need access to a considerable amount of money.  This belief is understandable given the attention that the financial aspect is given by the financial institutions and the media. 

Some people are under the impression that having a wonderful retirement comes about due to having plenty of time in retirement.  For these people, time was elusive during their working years as they always seemed to be running out of it or other people always seemed to control their time.

Although money and time are key to the quality of your retirement, the reality is money and time are simply resources that you can use.  Money and time are tools to be employed, much like a hammer and saw are tools to be used by a carpenter.  However, you still have to decide how to use these resources or tools.  A carpenter can own the best tools ever made and have access to a fantastic group of workers but there is no guarantee that a well-made house will be constructed.

Before anything in life comes into existence, it must be created first in thought.  If the carpenter wants to erect a well-built house, he must have a set of blueprints that detail how the house will look.  Whether the carpenter creates the blueprints or an architect does, the blueprints were developed through thought and thought takes place in your mind.

In retirement, as in life, you use your mind when you decide where you are going to spend your money or your time.  Your ability to think, therefore, is your greatest resource in retirement. 

     

Human beings are the only animals with the ability to think.  All other animals operate by instinct even though sometimes it looks like they are thinking.  Our ability to think and to choose makes us unique and gives us tremendous power and opportunity.

How will you use your mind and imagination to make retirement the best time of your life?

Retirement is a Personal Journey

Retirement is a personal journey and you are the one who decides how “personal” your journey will be.  You have the opportunity to experience a retirement that is unique, enjoyable, vibrant, meaningful, and true to your heart.  You also have the option to experience a retirement very much like that of the average Canadian.

The retirement you experience will depend on how you think about life, retirement and yourself.

How do you view the past and what impact will your experiences of the past have on your retirement?  Will past disappointments and events weigh you down like an anchor preventing you from enjoying life in retirement or will you draw whatever lessons you can from the past and invest them in your future? 

How do you view the present?  Do you wake up thinking about what you did yesterday or worrying about what might happen tomorrow or do you see that all we have is now and try to make the best of each moment?

How do you see the future?  Do you view the future with anticipation or apprehension? 

How do you think about retirement?  Is it the end of the line or the finish line or is it just a curve in the road that leads to new opportunity?

How do you see yourself in retirement?  Will you be the same person you are today or will you be somebody different?  Who is it that you want to be?

Retirement is a personal journey.  Decide now what you want that journey to be like.

Make Your Life in Retirement Memorable

Jim Rohn, someone who I consider to be one of my mentors, once said “life is not just the passing of time.  Life is the collection of experiences and their intensity”. 

If a complete stranger reviewed how you are currently living your life in retirement or how you are planning to live your life once you retire, would they see any intensity or emotion or enthusiasm in your life?  Or would they simply see someone going through the motions?

Thomas Parr lived a long time ago and he lived a long time.  But Thomas did not let reaching a certain age slow him down.  You may not agree with everything he did but had Thomas reached age 65 and simply let time pass him by, you would never have heard of Thomas Parr. 

Thomas Parr was born in 1483 in the West Midlands of England.    

As a young man, Thomas led a pretty normal life laboring in the fields of the local estate.

Times were tough but like any healthy young man, Thomas liked to spend his time with the ladies of the county.

The years went by and although Thomas was enjoying life, he decided it was time to settle down and so at the tender age of 80, he married a lady by the name of Jane Taylor.

We don’t know a lot about Jane Taylor but we are pretty sure that she was younger than Thomas because Thomas and Jane had two children, a son and a daughter.

Now, although Thomas and Jane were married for over 20 years, we know that Thomas continued to like the ladies for at the age of 100, he was forced to perform public penance for adultery after fathering a child with Katherine Milton.

Sadly, time caught up with Jane and she passed away leaving Thomas to fend for himself.

But, as we have already noted, Thomas was not the type to let age slow him down, so ten years after Jane’s death, Thomas found himself another bride and coincidently, her name was also Jane, this time Jane Lloyd.

In 1635, the Earl of Arundel, the lord of the estate on which Thomas lived, kept hearing fantastic stories of a fellow called “Old Parr”.

As the Earl was trying to get on the good side of the King of England, Charles I, the Earl thought Thomas might be useful, being the oldest man alive and all.

So, the Earl whisked Thomas off to London and presented him to Charles I.

Almost immediately, Thomas became a public celebrity and he met more people in London than he had known in his entire life back home, extensive as it was.

Even a well-known artist of the day painted his portrait.

Unfortunately, Thomas was used to more of a country life and the rich diet of the city, the myriad of visitors and London’s pollution did not agree with him and he fell ill and died.

His body was examined by the eminent physician, William Harvey, who could find no apparent cause of death apart from old age.

Charles I accorded Thomas Parr the privilege of burial in Westminster Abbey and his portrait now resides in the National Portrait Gallery.

Thomas Parr lived 152 years and 9 months.

For Thomas Parr, life was not just the passing of time.    Don’t let it be for you either.

Don't Wait For Retirement To Be Happy

Abraham Lincoln once said, “Most folks are about as happy as they make up their minds to be.”  According to Henry Ford, “If you think you can do a thing or think you can’t, you’re right.”  Your mind is very powerful and will impact the life you lead in retirement.

Thousands of working Canadians look forward to the day they can retire.  These people believe that on this particular day, they will walk through some imaginary door to freedom and happiness.  They will be free to do as they please and because of this, each and every day forward will be a day of bliss.

I find it interesting that so many people see retirement this way.  Although I agree that they will be free to do as they please, what makes them feel that they will really be happy?  Like most new things, once the novelty of being retired wears off, will the happiness not wane as well?

Brendon Burchard, a person I consider to be one of my mentors, has said that happiness isn’t something you have but something you generate.  You choose to be happy by consciously directing your mind in a positively engaged manner.  He says that you create happiness for yourself by focusing your attention on those things that are new and fresh, that provide challenge, that allow you to express yourself creatively, and that see you relating to, and among, people.

When you see retirement as “the” time of freedom and happiness, you are cheating yourself out of being free and happy during your working years.  You are not supposed to postpone your happiness to sometime in the future.  Be happy and free in the present.  Make the decision to enjoy life today before you retire and figure out what it is that you actually enjoy.

By doing so, you will be creating the early stages of your “Retirement Life Plan”.