My wife went to visit her sister a few weeks ago in New York. While she was gone, my daughter and I felt like doing something fun, so the two of us went to Washington D.C. to see the cherry trees in bloom. A hundred years ago, either one of those trips would have been costly, dangerous and impractical. Now for a few hundred dollars and a little planning, you can start your day at home and end it a few thousand miles away.
I sometimes take for granted how crazy that is and it illustrates a gradual change that has been happening for decades: The declining cost of distance. Technology has utterly transformed the cost, effort, time and risk involved with getting from A to B. In many cases, you don’t even need to get off your couch. Here are some examples from just the last few decades.
- Email has replaced physical mail.
- Expensive long-distance calls are a thing of the past.
- Video conferencing options like FaceTime and Skype allow us to see and stay connected with those we love.
- The internet has not only put the world at your fingertips, but allows you to have it delivered in 2 days or less.
- Cars have become safer and more fuel efficient.
- Flights have gotten cheaper and more prevalent.
- Services like Airbnb and Uber make travel easier, more enjoyable and less expensive.
This trend will likely continue and the cost of distance will become more and more negligible (think virtual reality, hyperloop, automation, 3D printing and supersonic air travel). How should this affect your retirement planning? Here are a few thoughts:
Live where you want. As the cost of distance continues to decline, location becomes less important. When distance is expensive, deciding where to live often involves some serious tradeoffs. “Should I live by my grandkids in the Midwest or in that laid-back beach town in Southern California?” When distance is cheap, you can afford to choose “both/and” instead of “either/or.” It just takes a bit of money, planning and intentionality.
Don’t get stuck in the past. Take advantage of the new economics of distance to live life and do interesting and fulfilling things both now and in retirement. That’s pretty self-explanatory. Don’t get stuck in the old way of thinking and orient your life around a “distance is expensive” fallacy.
Embrace technology. Look for ways to shrink the cost of distance further. Be the grandparent who is an expert at FaceTime. Be the first of your friends to have a virtual reality headset and use it to “visit” famous museums and faraway cities without leaving home. You might even consider becoming a medical tourist. Need heart surgery or hip replacement? India caters to medical tourists needing those types of procedures. They have some of the best hospitals and physicians in the world and the costs on average are about one-tenth of the cost in the US.
One last thought
Before I sign off for today, I mentioned that my daughter and I saw the cherry blossoms. Part of that decision was inspired by a poem I like by A.E. Housman. His sentiments are similar to our philosophy here at Intentional Retirement, so I thought I’d share it.
Loveliest of trees, the cherry now
Is hung with bloom along the bough,
And stands about the woodland ride
Wearing white for Eastertide.
Now, of my threescore years and ten,
Twenty will not come again,
And take from seventy springs a score,
It only leaves me fifty more.
And since to look at things in bloom
Fifty springs are little room,
About the woodlands I will go
To see the cherry hung with snow.
A blogger I follow recently shared the following paragraph from the book The Rise of Superman: Decoding the Science of Ultimate Human Performance:
“Scientists who study human motivation have lately learned that after basic survival needs have been met, the combination of autonomy (the desire to direct your own life), mastery (the desire to learn, explore, and be creative), and purpose (the desire to matter, to contribute to the world) are our most powerful intrinsic drivers—the three things that motivate us most.”
In other words, once you have a roof over your head and food in the fridge, you want to take a step or two up Maslow’s Hierarchy and focus on things that bring happiness and fulfillment. Retirement is the ideal time to make that a reality. Financial independence means that the money is covered, so you’re free to pursue the things that bring meaning. Both are important. The money will help you sleep at night. The meaning will give you a reason to get out of bed in the morning. With that in mind, here are 3 simple rules for retirement that will help you find meaning and purpose.
Rule #1: Control your time. We all want to feel like we are in control of our life and directing its course. The good news is, no matter how old you are or how much money you have, you control part of our life right now. Congrats! You’re (sort of) retired! Maybe you control 10 percent. Maybe 50 percent. No matter the amount, make the most out of it. Be motivated, intentional, creative, thoughtful, curious, introspective, willing to take risks, healthy and active. Be disciplined with whatever time you control now because the more you do it, the better you’ll get at it. It’s tough to flip a switch at retirement and go from decades of deferring your dreams to really living. Be a good steward when you control 10-20 percent of your time and that will help you when financial independence allows you to control 80-90 percent.
Why is controlling your time so important? Because, to paraphrase Annie Dillard, how you spend your days is how you spend your life. If you spend your time doing the things that are important to you, then you’ll look back on life as time well spent. If not, you’ll have plenty of regrets. In fact, the number 1 regret of the dying, according to the aptly titled book The Top 5 Regrets of the Dying, is this: “I wish I’d had the courage to live a life true to myself, not the life others expected of me.”
We should learn from that. The author interviewed hundreds of people who are where we will one day be. They had lived their entire life. They got out of bed thousands of days in a row and with each new day they had the freedom and opportunity to do what they wanted. And yet, when they reached the end, their top regret was, “Man, did I make the wrong choice most days. I didn’t really live the kind of life I wanted. I didn’t do the things that were important to me.” So if you want a remarkable retirement, control your time. Know what you want out of life and take those plans very seriously.
Rule #2: Be a lifelong learner. We saw earlier that it’s human nature to want to learn, explore and be creative. Show me someone who loves to learn new things and I’ll show you someone who will most likely have an interesting, rewarding retirement. Why is that? Learning comes with a host of benefits. It keeps your mind sharp. It keeps you engaged with advances in society. It helps you to know yourself and discover new things. It gives you new people to interact with. It gives you something fun to do with your spouse or significant other. It provides personal satisfaction and a sense of accomplishment.
And when I talk about learning, I’m not talking about learning in the traditional, sometimes boring sense of the word (e.g. What year did the Spanish-American War start?), but in the fun, practical, interesting sense of the word (e.g. How do you scuba dive?). In other words, pursuing knowledge and experiences that enrich your life.
One of the great things about our world today is that self-learning (also known as Autodidactism) is easier than ever. Gone are the days when you need an expensive education or lengthy apprenticeship just to learn more about something that you find interesting. Now you can just sit down on your own time and access a plethora of resources, tools, apps, books, and videos on just about any topic that interests you. Take advantage of that. Be a lifelong learner.
Rule #3: Make a difference to someone or something. One of the most popular posts I’ve written at Intentional Retirement is 15 Practical Ways to Live a Purposeful Life. One of the most popular books in recent memory is The Purpose Driven Life. Neurologist, psychiatrist and holocaust survivor Viktor Frankl said that striving to find meaning in one’s life is the primary, most powerful motivating and driving force in humans.
In other words, we’re hard wired to want purpose and meaning. That need doesn’t somehow vanish when you enter retirement. If anything, it gets stronger. When I talk to clients that have been retired for a while, the desire to find purpose and to leave some sort of legacy that outlasts them is important.
Your bucket list doesn’t need to consist entirely of bungee jumping and exotic travel. As Shakespeare once said: “Leisure is a beautiful garment for a day, but a horrible choice for permanent attire.” Don’t get me wrong. You should absolutely do fun and interesting things. Splurge on yourself. Be a little selfish. Those things are great, but don’t forget to add items to your list like giving, serving and volunteering as well. Maybe that means doing something like my retired friend Dan who spent three months volunteering on Mercy Ships in the Congo. Maybe that’s building houses for Habitat for Humanity like my client Bill. Maybe it means volunteering in your church or running for town council. Whatever it is, be thinking of ways to use your time, treasure and talents during retirement that will have a positive impact on others and will bring meaning and purpose to you.