Many people I interview who have achieved the highly coveted distinction of “RETIRED” say that they retired from this or that job. My good friend Jacob however told me something that totally changed my frame of reference. He said, “Drae, I retired to boating and woodworking with my wife.”
He has the freedom to do what he wants when he wants. I argue that retirement is a state of living that comes with many different sub-requirements. Let me first off tell you that retirement
IS NOT AGE BASED
Because you are 65 does not mean you are rightly retired. We see it everyday, 66 year-olds working at fast food restaurants. When I delivered pizza, right there next to the 20 year-old driver was a 65 year-old loading pies in her car to be delivered. And it was not because she wanted to spend 35 hours a week delivering pepperoni pizzas and 2 liter sodas… she had to in order to pay her monthly bills.
So take this time now to plan what your picture will look like post retirement. What will you be doing? So many people retire from one job and will go to work at another. The military is a prime example. Many members who retire use their pension to subsidize their living expenses as they enter another career.
Personally I love that technique. You have spent 15-20 years (or more) serving your country and now you have a pension with benefits. Go do something else just as rewarding. More so I love the idea of checks coming in monthly without doing any work.
Real Estate definitely falls into this category in regards to owning (the right way) rental properties. Checks just come in. Savvy investors call this cashflow. I call it brilliant.
What do you need to do?
- Determine your monthly operating expense. This includes housing, food, gas, insurance, taxes etc.
- Research investments that yield cash that totally funds your monthly operating expense.
- Work to ensure those investments are fully paid for or fully funded. This should be your focus.
I encourage you to look forward to the next phase of your life… may it be joyous and a reward for your hard work.
If you find this thought interesting, please consider reading more in my book!
“Procedures, Techniques, Rules… I Wish I Learned in School is a resource tool that offers bottom-line instructions on a range of habits that have proved beneficial to our nation’s leading authorities.” “Andrae has taken his experiences from sitting down to talk with leaders, such as former Secretary of Defense, Donald Rumsfeld; Chairman of the Joint Chiefs of Staff, General Martin Dempsey; and Korean War hero, General Paik Sung-yup, and consolidated the lessons learned about life. Useful techniques are broken down into the simplest forms that relate to finances, health, parenting, and mind-set—all of which, if they had been reinforced and learned in our youth would have paid back seven times over. It’s never too late to become better. Enjoy.”