Most of us are raised under the expectation that we’ll go to school, go to college and maybe grad school, then get jobs, get married, have kids, and continue until we’re around 60ish before retiring. That whole life “checklist” has just never really worked well for me. I’ve always been one to do my own thing, and something I’ve definitely been rethinking lately has been retirement.
Being in my mid-twenties, I knew it was a good time to start thinking and planning for retirement and also saving for it, so you’re not playing major catch-up later. (Without doing crazy math here, we’re talking about $500,000 extra in your 60s if you start saving a few hundred dollars a month now, instead of waiting 10 years.) That’s the awesome power of compound interest, my friends!
However, I don’t want a typical 9-5; I want to build businesses and work at jobs I love. I’d rather earn less and love what I do than spend 40 years working a higher paying job I don’t like. Because what is retirement exactly? Most people consider it a time to stop working the job you don’t really like and to devote your time to things you love to do: volunteering, hobbies, traveling, and spending time with loved ones. I definitely understand that.
But I’ve seen a growing trend around me. People who have retired (including my own grandparents) have started business doing things they love, like making jewelry or writing books. Or they’ve gotten part-time jobs they enjoy, not always because of the need for money either. Usually it’s because they just enjoy working and staying connected with lots of people. Do they still take time to travel? Yes. Do they still take time to read a lot? Yes. Do they spend a lot of time with family and friends? Yes (my grandparents have a fuller social calender than I do half the time!). But my point is, must we wait until we’re 65 to have all this?
No, I don’t think so. Instead of waiting until I’m in my 60s or 70s to enjoy these things in life, I’ve taken a different approach:
I’m still saving and investing for retirement, but it’s more of a second “emergency fund.” We can live really healthy lives, but there is always the chance that we may not be able to work at some point for some health reason. It can also act as a “supplemental” type fund where I can eventually cut back on work and still have enough to continue my lifestyle.
I’m choosing a different lifestyle to begin with. I’m not doing the 9-5 thing. I’m also not taking out tons of loans for cars, houses, or other things. I don’t really mess with credit cards much, and I’m keeping things simple in the money department. I’d rather spend the extra money I’m not using to save for my retirement fund, paying down debt, traveling, or other fun experiences instead of a fancier car or bigger apartment. I’d rather work a little less and have more time for family and friends now rather than wait. Or read more now, or travel more, or volunteer more… you get the idea.
I’m choosing to do work I love now, instead of waiting until I’m in my 60s to be able to devote time to things I love. This may mean weird looks from people when you tell them you don’t have a fancy job title at a big company, and it may mean less money at the moment. But it also means loving the work I do (at least 90 percent of the time) and having that old cliche being true: “Doing work you love means you’ll never have to work a day in your life.” There may come a time when I do want to change the work I’m doing or cut hours in a big way, but regardless, I still am doing work I love, and I’m pretty sure I’m never going to want to stop. In fact, most retirees don’t really stop working, even if they can. So I’m not planning on stopping either.
I’m not a certified financial planner or accountant, so I’m not an expert on retirement planning. But I have done a lot of research in this area and this is the plan I’ve come up with that is working well for me so far. Hopefully something similar works for you too!
How do you plan to enjoy your “Golden Years” now? Tell us in the comments!
Ask Donna Orender, CEO of Orender Unlimited LLC, how she enjoys life now!