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”.

Don't Let Your Retirement Pass You By

Retirement means different things to different people.  For some, retirement is the time when you leave the workforce and putter around the house.  For others, retirement is when you travel.  And for others still, retirement means looking after the grandchildren.

Whatever retirement means to you, don’t forget that retirement isn’t just one long period of time.  Retirement is a series of stages with each stage allowing you to do different things.  If you miss doing something in an earlier stage, there is no going back as your body and your age cannot be adjusted after the fact.

I have seen some people at the mall wander around like they have nothing to do.  I find this sad because there is always lots to do.  Opportunity presents itself to us throughout our lifetime but unless you are ready to meet it, it goes right by you. 

When you retire or are getting ready to retire, seriously consider what you want your retirement to be like.  Most people enter retirement with little thought and end up basically having a retirement by default.  Waking up and wondering what you are going to do that day is no way to wake up in retirement.  

Think about what is really important to you in life and spend time planning how to have fun with it.  Life is meant to be fun and since retirement is part of life, retirement is meant to be fun as well. 

Relationships are also key to a happy retirement.  Without the love and support of our loved ones, life in retirement is pretty lonely.  It is important that you reach out to old friends when you have the opportunity.  The years go by quick and before you know it, those friends will have moved on as well. 

Your retirement is your responsibility.  Make the most of it.

An Accomplished Retirement

When you think about the past 10 years, how do you feel about what you were able to accomplish in your life?

When you think about the past 10 years, how much were you able to accomplish in your life versus the amount you set out to accomplish?

When you think about the past 10 years, what was the one opportunity that life presented you that you didn’t take advantage of but now wish you had?

When you think about the past 5 years, how do you feel about what you were able to accomplish in your life?

When you think about the past 5 years, how much were you able to accomplish in your life versus the amount you set out to accomplish?

When you think about the past 5 years, what was the one opportunity that life presented you that you didn’t take advantage of but now wish you had?

When you think about the past year, how do you feel about what you were able to accomplish in your life?

When you think about the past year, how much were you able to accomplish in your life versus the amount you set out to accomplish?

When you think about the past year, what was the one opportunity that life presented you that you didn’t take advantage of but now wish you had?

I’d venture to say that if you asked 100 of your closest friends the first question in each set, the vast majority would answer “Gee, I don’t know.  I haven’t really thought about it.”

If you asked your friends the second question, they would probably answer that they sometimes make New Year’s resolutions but they never really keep track of what they are trying to accomplish in life.

And if you asked the third question, your friends would likely say they regret not having done a few things in their life but I am not so sure they would see these things as lost opportunities.

But what about you?  How would you answer each question?

And how do you want to be able to answer each question in the future?

If you and I were to meet for coffee on the 10^th anniversary of the day you retired, what do you want your answers to these questions to sound like?

Do you want to answer the questions the same way you answered them today?

Or do you want to be able to tell me:

That you just experienced the best year of your life.

That you accomplished all the things that were important to you and that you loved to do.

That you knew exactly what you wanted to do during that particular time period and that you created a plan to accomplish these things.

That you lived your life fully and dared to be unique and adventurous.

Most people drift through their working years with little direction. They dream about living the good life and they operate with the best of intentions but are easily distracted by the events of the day.  Then one day they retire but nothing really changes in terms of how they approach life.

But you have the opportunity to experience a different kind of life in retirement. 

You have the opportunity to design the kind of retirement you truly want by taking the time to think about what you want to accomplish over the next year of your life, over the next 5 years of your life, and over the next 10 years of your life.   

Rather than drifting through retirement, you have the opportunity to consciously think your way through it so that you are aware of what life is offering you. 

By using your ability to think and your imagination, you can create a retirement experience that is unique, enjoyable, adventurous, meaningful, and true to your heart.

And with this kind of retirement, answering the above questions will be a breeze.

Retirement Can Be Special

Your retirement can be something special.  Your retirement can be unlike anyone else’s, filled with unique experiences, enjoyable moments, and memorable adventures.  Your retirement can be full of meaning and be true to your heart.  Your retirement can truly be a one-of-a-kind experience.  But for you to have a retirement like this, a few things must take place.

First, you have to really want to experience a retirement like this.  You have to possess within your heart a real desire to live your life in retirement to the fullest.  Day-dreaming that “it would be nice to have a retirement like that” is not enough.  Nor is hoping that your life in retirement turns out that way.  And waiting for someone to give you a retirement like that won’t do it either.  You have to have a burning desire to experience a retirement that is unique, enjoyable, adventurous, meaningful, and true to your heart.

The second thing that must happen is that you have to know in your mind’s eye what a retirement like this looks like for you.  You have to know what will make your retirement unique, what will make your retirement enjoyable, what will make your retirement adventurous, what will make your retirement meaningful, and how you can keep your retirement true to your heart.  This takes some time and it takes some effort.  But if you are going to be alive anyway, why not live the best life you possibly can?  As Jim Rohn famously said, “Let others lead small lives, but not you.  Let others argue over small things, but not you.  Let others cry over small hurts, but not you.  Let others leave their future in someone else’s hands, but not you.”

And the third thing that must happen is that you come to the realization that the potential your retirement is offering you will not last forever.  Although many people will have you believe that retirement offers you a world of time, the opposite is true.  Retirement brings with it a sense of urgency.  We do not know how long we will live.  We do not know how long our health will allow us to do what we can do today.  We also do not know how long our loved ones will be with us or how long their health will last.  All we know for sure is that things will somehow change.  Therefore, we need to be living the life we want and that we were meant to live and not the life that other people draw us into or force upon us.  And we need to be living that life beginning today.

Retirement is the final frontier.  Retirement is your last opportunity to live your life.  If there is something you have always wanted to do, retirement is the time to do it.  Because as Bob Proctor says, “We come this way but once.  We can either tiptoe-through-life and hope that we get to death without being too badly bruised or we can live a full, complete life achieving our goals and realizing our wildest dreams.”

The choice is yours.

Retiring with Intention

A lot of people retire with the attitude that they will take each day as it comes, that they will live “one day at a time”.  “One Day at a Time” was a great title for a television show in the 1970’s and 80’s but is it really a good strategy for living your life in retirement?   

In truth, all any of us can do is to live “one day at a time”.  All any of us have is today.  We can’t go back in time and change the events of yesterday and we can’t live tomorrow, today.  We can only live our life in this moment.  But one thing we can do is to give this moment of time some direction. 

Your retirement is offering you a world of potential.  You have the opportunity to experience a retirement that is unique, enjoyable, adventurous, meaningful, and true to your heart.  Why not give your retirement the direction it requires so that you can experience this kind of retirement?  Why not live your life in retirement with the intention that you will draw out and realize the potential that is being offered?

When you live your life in retirement with this intention, you give yourself a point of reference by which to live each day.  When you wake up in the morning, you recognize that the day ahead of you has value and that it is up to you to draw that value from the day.  You know that it is up to you to create the experiences that will make your retirement unique, enjoyable, adventurous, meaningful, and true to your heart.  And during times of trouble and grief, having this intention will help you to reset your sail so that you can get back to living the kind of retirement you deserve.

The desire to experience a retirement that is unique, enjoyable, adventurous, meaningful, and true to your heart requires focus and discipline.  You will have to resist the urgings of your friends to “go with the flow” and to “take it easy”.  You will have to ignore the temptation to take the path of least resistance and to settle, essentially, for a retirement by default.

When you reach the age of 85 and you look back over your retirement, what do you want to be able to tell people when they ask you how your retirement has been?  What is that you want to be able to fondly remember?  Then live your life in retirement according to that intention.  Because as John C. Maxwell once said, “You can spend your life any way you want but you can spend it only once”. 

Thinking and Retirement

When you think about retirement, what is it that you think about?  When you think about retirement, what is it that comes to mind? 

When you reach the age of 85 and you look back over your retirement, what do you want to be able to tell people when they ask you how your retirement has been?  When you reach the age of 85, what is it that you want to fondly remember about your retirement? 

Questions that place you far into your future can be hard to answer but they are important to consider because of the perspective they give you.  Perhaps the following set of questions will be a little easier to answer.   

What do you plan to do on your very first day of retirement?  What do you want to see happen, or what do you want to accomplish, over the first five years of your retirement?  How will the second 10 year period of your retirement be different from the first 10 year period?   

Where will you be living in retirement?  Will you be living where you are today or will you be living somewhere else?  What will your lifestyle be like in retirement and how do you want your lifestyle to change over time?  Who is going to be in your retirement?  Will the people you are friends with today be part of your retirement?   

Who are you going to be in retirement?  Are you going to be the same person you are today or will you be somebody different?  Who is it that you want to be in retirement? 

These questions can also be a challenge to answer because they too concern your future, albeit nearer than the age 85 question.   

How about a question from today’s perspective? 

If you and I were to meet three years from today for a coffee, what has to happen in your life between now and then for you to be able to say to me, “Gary, I just had the best three years of my life!” 

For many people, this question is as difficult to answer as the earlier questions.  And yet, I believe that you should be able to answer all of the above questions with a fair amount of detail. 

We have all been blessed with a resource that enables us to answer questions concerning our life in the future.  Unfortunately, many of us choose to use this resource in a way that limits us.  The resource to which I am referring is your ability to think and to use your imagination. 

Thinking is not an easy thing to do.  It requires focus and it requires effort.  As Henry Ford once said, “Thinking is the hardest work there is which is probably the reason why so few engage in it.” 

Thinking about your life in retirement can be even harder because it requires you to consider what it is you want in life and from life.  Very few people know what they want and this isn’t a new phenomenon as Mark Twain once quipped, “I can teach anybody how to get what they want out of life.  The problem is that I can’t find anybody who can tell me what they want.” 

But if you want to experience all that your life in retirement has to offer, you will need to do some thinking.  It is only by thinking that you will uncover the potential that your retirement is offering you.   

With some thought, you have the opportunity to create and experience a retirement that is unique, enjoyable, adventurous, meaningful, and true to your heart.   

I believe you deserve this kind of retirement. 

What do you think?