3 simple rules for a remarkable retirement

3 simple rules for a remarkable retirement

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.

~ Joe

My number one takeaway from travel roulette

My number one takeaway from travel roulette

I recently played a game of travel roulette with my friends.  We showed up at the airport at 5 am with no tickets and no plans and told the ticket agent we’d go anywhere warm.  The only conditions were that the flight had to leave that morning and cost less than $500.  After running through half a dozen potential destinations, we ended up with the last four seats on a direct flight to Phoenix.  The trip couldn’t have gone better.  We had a blast.

This post started out as a handful of lessons and takeaways from that experience.  It included my thoughts on spontaneity, the declining cost of distance, the demystification of travel, the benefits of packing light, living a proactive life and allocating your resources based on your priorities.  Then I erased all of that and instead decided to write about only one key takeaway: Relationships.

Many times during the trip, as we laughed and had fun, I thought to myself “It’s so great to do stuff like this.”  After reflecting a bit more, however, that initial thought evolved into “It’s so great to have people to do stuff like this with.”  In other words, the hero of the story isn’t the experience, it’s the people.  The friendships.

In What makes a good life? I wrote about the Study of Adult Development that Harvard has been conducting for the last 80 years.  The key finding of that study is that relationships and social connections are really, really good for us.  Those with close relationships were happier, healthier and they lived longer than those who self-described as lonely or lacking friends.

Psychologist and author Susan Pinker has done research that resulted in similar conclusions.  In her popular TED talk “The secret to living longer may be your social life” she discussed the importance of friends.  She cited a study that attempted to answer the question “What reduces your chances of dying most?”  You can probably guess where this is going.  Here are the variables in the study ranked from least powerful impact on longevity to greatest:  clean air, hypertension treatment, lean vs. overweight, exercise, cardiac treatment, flu vaccine, quit boozing, quit smoking, close relationships, social integration/interaction.   Just like the Harvard study, this research shows that relationships are critical.  Ms. Pinker went so far as to say that those who prioritize their face-to-face relationships over time create a biological force field against disease and decline. 

Self-reflection

Now that we know how important relationships are, each of us should do a little self-examination and reflection.  How many close friends do you have?  Are you proactive in making and maintaining your friendships?  How is your relationship with your spouse, children and other family?  How much time, energy and money are you investing in relationships?

Application

All of this obviously has huge implications for your retirement.  As I’ve said many times before, retirement is more than a math problem.  Money is important, but so are relationships.  Don’t take them for granted.  They will affect how happy you are and how long you’ll live.  Reflect on some practical ways that you can be more intentional with your relationships.  Here are a few ideas:

  • Focus on the little things. Small gestures can make a big difference.  Send a card to say thank you or to let them know you appreciate them.  Call to catch up.
  • Look for ways to help. Bring a meal when a friend is sick.  Be a shoulder to cry on when they’re going through a tough time.
  • Organize activities. One way to strengthen bonds is through shared experiences and memories.  Organize a book club.  Arrange a movie night.  Plan a trip.
  • Be trustworthy and a good listener. Nothing will end a friendship faster than gossip, backbiting or a lack of empathy.
  • Be quick to fix problems. Don’t let small issues fester.  Admit when your wrong.  Forgive when you’ve been wronged.
  • Start a group. We have a close group of friends that we’ve been meeting with every Sunday night for the last 22 years.  We had no kids when we started and now the kids outnumber us.  We travel together, share meals together, laugh and cry together, pray for and support one another, and generally experience life together.  We’ve been through the best and worst that life can throw at you and I wouldn’t trade them for the world.  Having a friend is great.  Having a group of friends is even better.  Consider starting a group around shared interests, activities, life stage, beliefs or whatever.
  • Lay the groundwork for retirement. If you’re planning on moving somewhere new in retirement, start visiting that place now to make new friends.  Talk with current friends to see if they have any interest in landing there as well.
Travel Roulette

Travel Roulette

For a while I’ve wanted to show up at the airport with no plans, no luggage and no ticket and ask the agent to book me a flight somewhere.  I think it would be a fun experiment.  Travel roulette.  So a few days ago, I sent this text to four of my friends:

To my surprise, three of them took me up on it.  We’ll all be at the airport tomorrow morning trying to snag a last-minute seat somewhere interesting.  I’ll try to post a few pictures or videos to the Intentional Retirement Facebook page to let you know how it’s going.  Maybe it will be fun.  Maybe it will be a colossal mistake.  Either way it will be memorable.

Enjoy your weekend!  And remember.  Life is short.  Be intentional.

~ Joe

Every book I’ve read for the last 5 years

Every book I’ve read for the last 5 years

Happy New Year!  December is crazy busy in my line of work so I didn’t have much time to write, but the calendar has flipped, I’ve come up for air and I’m excited about 2018.

In past years I’ve written about my annual review process and how I set goals.  You can read more about it here if you’re doing some 2018 planning of your own: Your plan for the New Year in 3 easy steps.

I’m a big believer in the benefits of reading so I usually have a reading goal each year.  In 2017, my goal was to read every book, short story, poem and play by Ernest Hemingway.  A few years ago, I set a goal to read 500 books between age 40 and 50.

I’m guessing many of you enjoy reading as well, so if you’re looking for a few book ideas for 2018, I created a page on Intentional Retirement with a list of everything I’ve read over the last five years.  I’ll keep it updated going forward, so feel free to check back periodically.  It contains a pretty eclectic mix, so there’s something for everyone.  And if you have an idea or two for me, please send them my way.

As always, thanks for following along.  Have a great weekend!

Joe

Do I really want this or do I just think I want it?

Do I really want this or do I just think I want it?

There are so many things that sound great in theory, but aren’t always great in practice. Take retirement for example.  No work.  Loads of free time.  Travel.  Those all sound great (and most of the time they are), but I’ve had retirees complain about every single one of them at one point or another over the years.  That’s why it’s so important to think about your plans and ask yourself this question before you enter retirement:

Do I really want this or do I just think I want it?

Another way to ask that might be “Do I want this in theory or in practice?”  Ask it of every major item on your retirement “To-do” list.  The only real way to answer that question is to experiment with your plans.  In other words, you actually start doing things.  Shocking concept!  You need to take all the things you have planned for “Someday” and start experimenting with them today.

This is not a trivial exercise.  It turns out that we’re pretty bad at predicting the things that will make us happy.  Scientists like Dan Gilbert at Harvard have done research that proves this.  So experimenting and doing the things on your list is a critical step to determine whether you’re on point or you need to go back to the drawing board.

And don’t feel bad if you don’t have things totally figured out.  None of us do.  That’s what experiments are for.  Ralph Waldo Emerson once said:

“Do not be too timid and squeamish about your actions.  All life is an experiment. The more experiments you make the better. What if they are a little course, and you may get your coat soiled or torn? What if you do fail, and get fairly rolled in the dirt once or twice? Up again, you shall never be so afraid of a tumble.”

Take those words to heart.  Don’t wait.  Get out of the lecture and into the lab.  Experiment.  Test.  Refine.  Who cares if it’s not perfect.  Who cares if you get dusty or bloodied.  You’ll learn from it and get better. Just start trying things.  As you do, your brain will make certain connections, you’ll meet people that will be integral to your plans, you’ll develop skills you need, you’ll build confidence, you’ll sharpen your focus.  None of that stuff happens overnight.  You can’t flip a switch and have total clarity regarding your purpose, plans and priorities.  It takes time.  The sooner you start, the better prepared you’ll be to make the most out of your retirement years.

~ Joe

Don’t throw good life after bad

Don’t throw good life after bad

In business, a sunk cost is a cost that has already been incurred and can’t be recovered.  Economists tell us that we shouldn’t factor these costs in when making a rational decision about how to proceed.  Since we’re human and hate losses, however, we often use these previous costs as justification to invest more.

The more we invest in something, the harder it becomes to abandon.  To change would be to admit that those previous investments were wasted.  That’s a tough pill to swallow, so we engage in what economists call a sunk cost fallacy or what psychologists call irrational escalation.  You and I might more easily refer to it as throwing good money after bad.  Or for my British readers, in for a penny, in for a pound.

Most of the discussion around sunk costs has to do with money, but money isn’t the only metric.  Time is another resource we invest.  So is effort.  We invest those things in relationships, life pursuits, plans for retirement, a career.  Sometimes those investments pay off and get us to where we want to be.  Other times we realize, if given the chance to do it over, we would have chosen differently.  In those cases, just like the business person should not throw good money after bad, we should not throw good life after bad.  Or good time after bad.  Or good friendship after bad.

The time, energy, effort and emotion we previously put into all those things are sunk costs.  We shouldn’t use the fact that we invested badly as an excuse to continue to invest badly.  Yes, changing course will force you to admit the mistake.  That might cause pain, stress, confrontation or ridicule, but it will be temporary and you will have the opportunity to move forward in the right direction.  If you continue in your error, you won’t have the short-term moment of pain as you admit error, but you will have the long-term pain and regret that comes from persisting in your error.  Which is worse?  The latter, by far.

It’s Monday morning.  You’re starting a new week.  Maybe you’re heading off to work.  Maybe you’re already retired.  Either way, be honest with yourself.  Is there anything on your calendar this week that you’re doing, not because you want to or because you think it’s the right thing for you and your life, but because you’ve invested a bunch of time/money/life pursuing that path and you don’t want to admit failure?  I do.  This article is your permission to stop.  If not today, someday soon.  For today, at least make a decision if not an action.  Decide “this is not what I want to do.”  And then start figuring out exactly what it is you do want and what needs to change to make that a reality.  In short:

  1. Admit your mistake. Choose temporary over permanent pain.
  2. Decide what it is you really want out of life.
  3. Have the courage to pursue that, regardless of what came before.

~ Joe