Is Retirement Even Possible?

I first started contemplating retirement when I was in my early 30s. My husband and I had been married ~10 years and were well on our way to being debt-free. Another 7 years later and we were. Throughout those years, we spoke perhaps quarterly about retirement ideas, finances, and what we would do.

My (now ex) husband’s ideal retirement was to quit his highly stressful university job after the required years of service to benefit financially. He dreamily shared his retirement vision of returning to cross-country truck driving, buying his own rig, with me as his “stoker”. To me, that version of retirement was pure hell. Yes, I would get to see the country, but the idea of sitting for thousands of miles did not appeal to me. He would entice me by saying I could write as he drove, but…no. My retirement idea was to work at my part-time hospital job as long as I could, write as a freelancing side-gig, garden, quilt, and visit national parks.

How things have changed!

Now-a-days, you can’t turn the channel or a page without hearing about the nearly extinct pensions, sporadic contributions to 401ks, the uncertainty of Social Security, and the growing costs of healthcare—not to mention the high reluctance of insurance companies to pay their portion of the bill.

Today, most people over 50 have some degree of anxiety when they ponder their retirement. In the early 2000s, it wasn’t TOO much of a concern because we were young and invincible. Plus most of us were working somewhere and had some sort of a 401k to stack our hopes in. But be honest here: in the 2000s, were YOU thinking about retirement?

This is something I think about often—and not because I write about it. I, too, am living with uncertainties. I have an advanced degree, but limited work experience due to raising children. Add to that the lack of income and job openings between graduation (1990) and acquiring my hospital job (1999). What I receive from social security will not amount to more than a few hundred dollars per month. Divorce didn’t help either, resulting in immediate loss of half.

What’s your story? Every story varies, but there is overlap: we all have a mix of good money habits, no-so-good money habits, and varying levels of employment and savings.

But it’s more than that.

According to a recent AARP survey, approximately 72 percent of not-retired baby boomers expect to be forced to delay retirement due to a financial roadblock—and half have little confidence they will ever be able to retire.

Retirement worries are also etched in the minds of the upper class. Only 46 percent of not-yet-retired boomers with investable assets of $100,000 or more feel confident they’ll be able to afford basic living expenses in retirement, according to a recent survey by Ameriprise Financial, a wealth-advisory firm.

What about ageism? There are many people approaching retirement who need to work through their 60s yet fear their employer is silently counting on their corporate retirement. The good news: I believe ageism will be short-lived. Awareness about the benefits of “seasoned” employees is gaining momentum. Plus, a phased-retirement is becoming an option among employers. It’s up to us to pursue what these years will look like.

So what does that mean?

My lessons, at 55, have taught me this:

• Rely on yourself.
• Don’t put all your eggs in one basket—regarding employment, savings, earning, investing, and even relationships.
• Be prepared for anything—finances, health, relationships—these are always flowing.
• Define who you really are. Are you happy with you—physically, emotionally, mentally? How about professionally?
• Forge your own path—and gather the tools to pave that path!

Still worried about all those unknowns? I’ve had many people ask, hint at, or simply continue to worry about these points:

Money: it’s always going to be a concern whether you have a little or a lot. Start by reviewing your finances—often. Get an advisor. Read something about money every day. Start living frugally, minimally, and reduce debt now. Regardless of age, anytime is a good time to start. Plus, we’re setting good examples for our children and grandchildren.

Health: always an unknown. The best predictor will be family history, but you can’t even put all your eggs in that basket! Your personal habits will heavily influence your health too. Plus, until you reach Medicare age, dealing with health insurance companies will be an utter nightmare! Learn how to fight, keep track of your records, and take care of yourself. No one will fight for you nor care for you as deeply as you will.

Who will take care of me? We have no idea what our future health will be like, but a big concern is who will take care of you, “When I’m 64” (Remember the famous Beatles song)? Are you a caregiver to a family member? Are you helping to support your adult child? Are you raising a grandchild? All this puts a dent in retirement funds. Also, will those children, who you are financially supplementing today, be willing to return the support when or if you need it? Start the conversation now (sounds like a future blog post!)

Lifestyle: after all the worries have been managed, is there enough to live? Will you be comfortable? There are two ways to view this: view life as a chronic worrier or take this advice from the Kung Fu series, “If I worried, would it change the future?” How is this for an idea? Rather than worry about the future, do everything you can TODAY to plan for it. I created this personal quote earlier this year, following my work with Brain Gym:

What can I do today to ensure my financial security for tomorrow?

Now let’s take a quick peek backward—only a quick peek because we should look forward rather than backward: Has your overall status improved, declined or stayed the same in the last 20 years? 10 years? That may be the best measure of what your future will hold. Don’t like what you see, then start making changes today. Only YOU will know if something needs to change. No one else will do it for you—or point it out to you.

I’m curious: how do you feel about your future? What will you do? What ideas do you have?

• Are you certain of a financially comfortable future?
• Do you want to retire?
• Are you able to retire?
• Do you avoid thoughts about your retirement?

Perhaps retirement is an outdated term.

Let’s hear your ideas!

Kristen