Unretirement Project

Retirement Redefined

Have Open Talks About Retirement Planning

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airport wall sign it only gets easier from here when retirement planning

I love reading the news. As I get older, I’m coming to appreciate well curated sources for news. One of them is Morning Brew. It’s a FREE daily news recap written in a very casual conversational tone.

Well, the Morning Brew team have launched a twice-weekly newsletter focused on money matters called “Money Scoop”. It’s a nice blend of proven money strategies and new money trends (like cryptocurrency). One of their recent articles caught my eye, “3 Questions to Ask Your Parents Before Retirement”. The article was focused on the conversation that younger people should have with their parents to make sure their parents are prepared for retirement.

As I was reading the article, I was reminded that conversations go both ways. So yes, if you’re a younger person worried about how your parents are preparing for retirement, then by all means – ask them. But if you’re an older person preparing for retirement, have you started sharing information with your loved ones?

We’ve talked before about estate planning and making sure that loved ones know your final wishes, but I think this is something different. Do you have enough money to sustain your retirement?

If the answer is YES, then great! That’s quite the achievement. Saving for retirement isn’t easy.

It does raise the question about how much you expect to pass on in terms of inheritance. And do your loved ones know? I mean, are they expecting an inheritance? I know individuals who will need an inheritance to buy their own home. If they don’t get it…well, they will be surprised. And possibly upset. Does it make some sense to have conversations about what you expect to pass on to heirs?

If the answer to the “have enough money” question is NO, well…then do you need to talk with loved ones about how you’re going to manage?

This is nothing to be ashamed of – not having enough money to retire. According to Synchrony Bank, the average American in their 60s should have 8-10 times their annual salary in retirement savings. That’s a lot! There are many reasons that individuals do not reach that goal including housing expenses, health care expenses, and education expenses. But it doesn’t change the fact that a person might need help. Waiting until the last minute to ask for money or resources isn’t helpful to anyone. Start thinking about how you’re going to approach that conversation.

Regardless of the answer to the retirement planning question, I realize this is a difficult conversation. It’s possible we don’t have all the answers. On some level, retirement is an unknown for many of us. We might not have the answers for a long time.

But talking with loved ones about our plans could help to put our minds at ease. The people around us know we’re okay. They know we’re thinking about our plans and taking all the right steps. And if we need help or guidance, that we’re comfortable asking for it. Better to start those conversations now.   

Bookmark This! The Estate Planning Edition

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let's disrupt aging sign

I know that all of these “special days” and “special months” might seem a bit excessive, but in some cases, I believe they might be helpful. For example, October is estate planning month. Let’s face it, we probably don’t want to talk about estate planning. So maybe having an estate planning month kinda reminds us that it’s important and we need to work on it.

Regular readers of Unretirement Project know that Keith and I have been writing about this topic for a while. We’ve been working on our estate plans on and off for a couple of years. Yes, that’s not a typo. Estate planning can be complicated. One document might not cover everything. So, if you’re looking for some resources to start your estate planning process, here are a few articles to get you started:

Loved Ones Must Know Your Health Care Wishes

It might take some time to figure out how you would like your health care treatment handled and who you would like to be your spokesperson. And then of course, there’s the decision of backups in case your first choice isn’t willing or able to take on this responsibility. The point being, the process of putting these plans in place takes time. The ideal time to do all of this is when you’re not under the pressure of having to do it.

Make a FINAL File for Your Loved Ones

Talking about illness and death isn’t fun. None of us want to do it. I remember every time we visited my father-in-law, he would at some point have the “When I die…” conversation. On one hand, you dread it. That’s not why you came to visit. It’s to enjoy his company. But when his health did start failing, we were prepared. And it allowed us to focus on making his final days comfortable versus worrying about papers, insurance, etc.

AARP Personal Estate Planning Course

The AARP Foundation offers a personal estate planning lesson book and record book for download. The documents might be a good way to start conversations like “Who should be my executor?” and “Do I need a trust?” The recordkeeping guide is just that – a place to record information in case someone needs it and you’re not in a position to tell them.

Estate Planning: 3 Important Takeaways

We found out quickly that you should have a Plan A, Plan B, and at least a Plan C when it comes to estate planning. It turns out that different states have different laws regarding things like taxes and executors. And if your will doesn’t follow the laws for your state, chances are the estate will be disposed by probate court. That could mean additional costly headaches for heirs and family.

Estate Planning: Remember Your Digital Life

Most of us can readily think of bank accounts, investments, and insurance when estate planning. But we tend to overlook who should be responsible for our digital streaming accounts when we can no longer Netflix and chill. Take a moment to think of the things you send to cloud storage, and you will see why planning for your digital estate is just as important as who gets your home or car when you’re gone.

Estate planning isn’t the sexiest activity, but it’s a necessary one. We want others to know our final wishes and we want them to respect them. The best time to put these plans in place is when you have the time and the budget to do it.

You Can Always Unretire

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airport sign change is in the air to show you can unretire

Estimated reading time: 3 minutes

I saw an article on NPR titled “These Older Workers Hadn’t Planned to Retire So Soon. The Pandemic Sped Things Up.” It’s a good read about the question that some individuals faced during the pandemic – is it time for me to retire?

My takeaway from the article was that there are many factors that go into the retirement decision. It could be our health. Maybe money. Or it’s possible we’re just tired. And all those reasons are fine. But just because we made the decision to retire, doesn’t mean we can’t ever unretire. Athletes do it all the time. In fact, that’s where the name of this blog comes from. We don’t have to officially retire unless we want to.

While being retired right now could be perfect, a moment could arise when you might want to think about unretiring.

Your old boss might ask you to come back. It’s no secret that organizations are having recruitment challenges. A common strategy to finding candidates is to start calling former employees to see if they’d like to return. Keep in mind that the opportunity might not be at your same job with the same pay and benefits. And on some level that could be perfect.

Oh, and if the boss doesn’t call, no worries. You can apply if you’d like to be reconsidered. Of course, the organization will check your personnel file to see if you’re eligible for rehire. But there’s nothing wrong with expressing an interest to return. If your old company isn’t hiring, you can look at other organizations. Bottom line – there’s nothing wrong with going back to work.

Maybe you’d like to turn a hobby into a side hustle. There are very talented people who bake cakes, make jewelry, clean driveways, etc. They don’t want to go back to a “regular” job. They’re happy doing their hobby. But maybe it’s crossed their mind that it would be nice to make a little money on the side. Possibly just enough to cover their expenses.

If you’re planning to start a side hustle, make sure that you’re set up to run a business and accept payments. The last thing you want is for your hobby to turn into a hinderance. The good news is there are often local resources or online resources that can assist at little or no cost.

A volunteer gig turns into part-time work. We’ve talked before about how volunteerism can be a great way to give back during retirement. Well, not-for-profit entities need employees too. The organization already sees the great work you’re doing as a volunteer, and they might ask you to consider full- or part-time employment.

This could be wonderful way to combine your passion with getting paid. But I can also see the opposite happening. Some people might find getting paid for something they did previously as a volunteer to be less fulfilling. Ultimately, you know you and will have to make that decision.

As a human resources professional, I am wondering how many people who retired over the past year or so will entertain the idea of returning to the working world. And what that “work” will look like. The important thing to remember is that unretiring is perfectly acceptable. Make it what you want it to be.

Image captured by Sharlyn Lauby while exploring the streets of New York, NY

Unretirement Is About Change

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wall art flowers and box with saying creativity is contagious like change

I came across an article on Fast Company titled “5 Steps to Finally Making Changes in Your Life”. It’s a good read worth checking out. And it’s good timing to think about change.

During the pandemic, an increasing number of Americans have retired or started thinking about an earlier retirement. Many people are looking for a new opportunity, possibly toward an encore career. All these decisions can make sense depending on your personal situation. The thing they all have in common is change.  

Back to the Fast Company article, one of the steps that I found interesting was “choose an enjoyable path rather than a highly effective one”. It reminded me of that old saying “the journey is the destination”. When we’re thinking about changes, especially big changes, it’s a good reminder to choose an enjoyable journey. But what does enjoyable mean? I think that’s the part that will take some reflection.

TIME means different things to all of us. When we’re talking about change, is it better to take a long journey with small adjustments along the way or a short one with a big change? Does it depend on what the change is? Maybe a move to an encore career can happen quickly but the journey to full-time retirement could be slower.

FINANCES are something that we must deal with all the time. If we’re talking about change, we must ask ourselves if we can afford the change we’re thinking about. It’s possible the answer is “yes” but only if we make some modifications to our lifestyle. That means we have change on top of change. Are you ready for it? Maybe making some money decisions will change the time component.

PLACE is another area that means different things to each of us. In this case, I’m talking about location. Are you where you want to be when you make this change? Or do you need to move to start the change? During the pandemic, I’ve seen many people evaluate their living situation and decide that change is necessary. Moving is expensive, so making a long-term commitment to a place could be important.

PARTNERS are the people who will be taking this journey with you. They could be family or friends. If we’re ready to make a big decision, are they ready to join us? Will they be supportive? Is it going to be enjoyable for them? Keith and I often talk about what our life will look like if one of us decided to retire and the other person didn’t. Those conversations need to happen, or the enjoyable part of the journey might not.

RESULTS should be flexible. I’m a big fan of Lewin’s change model which is basically three steps:

  1. Unfreeze, which is recognizing the need for change.
  2. Change, meaning develop a new habit/routine/etc.
  3. Refreeze, which is settling into the new normal.

One of the things that I like about the model is the implication that there’s always something unfreezing. While I believe it’s important to make good goals and work toward accomplishing them, it’s okay to change your mind. If you decide to retire and then decide to unretire, that’s totally cool.

Anytime we’re thinking about change, it makes sense to ask the question “How can I make this change an enjoyable one?” Honestly, that doesn’t mean that everything will go perfect. There could be some unexpected bumps along the way. But if we plan for an enjoyable journey, it’s very likely that we will have more things go right than wrong.

P.S. Speaking of change, regular readers of Unretirement Project have probably noticed that we’re publishing articles less frequently. All is good. We’re healthy. The reason for our irregular schedule is because I’m writing a book. Actually, the better way of putting it is that “we’re” writing a book because it ends up becoming a family event. Ha.Ha. Anyway, I’m super excited about it and promise to share more details later. But taking on the commitment to write a book, means that we need to shift other priorities. So please stick around and enjoy the articles…just a little less frequently for now.

Look For Home Safety Concerns As You Age

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Clue logo looking for home safety concerns

While we’re just starting to see some drops, prices for new and existing homes have steadily and significantly increased during the past year. Construction materials – particularly lumber – are in short supply. It only makes sense that home remodeling projects have increased as well. Some individuals might opt for a renovation instead of a home purchase.

There are lots of reasons that individuals and families are evaluating their housing situation. It’s a good reminder that at some point in our retirement planning, we should start asking ourselves some questions about where and how we want to live.

  • Do I want to stay in the same city? Or try someplace new?
  • Should I move closer to family?
  • Do I want to live in a house? Or a condo?
  • What are the home features that are important to me in where I live?

Maybe one of the more important questions we should ask is “How will my home needs change as I age?”.

The New York Times recently had an article about “Aging in Place Comfortably and Stylishly” that talked about how people are thinking about where they want to spend retirement and how they want to live. I was reminded of some of the questions that Keith and I asked ourselves when we made the decision to move to North Florida.

In The New York Times article, they mentioned an AARP app called HomeFit. It’s a free augmented reality app that can scan a room and suggest improvements to help with safety and mobility risks. The app is an extension of their HomeFit Guide, a free publication available in multiple languages with tips to make your home comfortable and safe as you age.

One of the things we tried to focus on when building our current home is being able to age comfortably, safely, and stylishly in our home. In fact, this is something we continue to think about. For example, almost every home we’ve ever lived in had really tall ceilings – like 20+ feet. Not this house. For safety reasons, we don’t want to be climbing on ladders when we’re older. And our home still looks nice – at least we think so.

I did some playing around with the HomeFit app and it provided some safety suggestions to consider when it comes to making sure that rooms have good lighting and aren’t arranged in a way that would encourage a slip or fall. I don’t know that I have to act on all these suggestions right away; but as we’re decorating, it’s something to keep in mind.

Regardless of your age, having a safe and comfortable home is important. Apps like HomeFit can help us think about design elements that are both stylish and safe. And as we make long term decisions about our living arrangements, we can plan not only to have something beautiful for today…but safe for our retirement.

What We Are UP To: The Reentry Edition

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long bridge to reentry into paradise

Thank you so much for being patient the past few weeks. Like many people, we’ve been busy with vaccinations and thinking about reentry! While we’ve been waiting for this moment for a while, it’s possible that on some level, reentry could actually be more challenging that sheltering. Here’s what we’ve been up to:

Watching | Falcon and the Winter Soldier

> Regular readers of Unretirement Project know we’re Marvel fans. We finished watching WandaVision recently and just started on this new show. However, we do have a tough decision to make with our reentry: when will we feel comfortable going to a movie theater? There are lots of exciting movies coming out in the months to come.

Reading | The Stand

> I’m not a big horror fan, but I do love Stephen King’s writing. Since the pandemic started, people have been talking about “The Stand” and I had never read it. Finally got my hands on a copy. It’s the “uncut” version – 1308 pages! So far, it’s off to a good start but I have a lot more pages to go. Something tells me that I’ll be well into reentry before I finish this one.

Remembering | The “next normal” is what we make it

> I keep reminding myself that returning to normal doesn’t necessarily mean a return to everything we used to do. We’ve developed some good habits over the past year that we want to keep. And we’ve gotten rid of some old habits that we don’t want to start again.

Working On | Vacation plans

> Like many of you, we’ve had several vacations cancelled over the past year. I’m not sure if we will get a lengthy vacation in this year but we are finding that travel accommodations are in demand. We’ve looked at a few trips over the past few weeks that are marked “sold out”. It’s clear that we’re not the only ones missing travel.

Feeling | Good

> While we’re certainly not done with COVID-19, things seem to be moving in a positive direction. Vaccinations are up and cases and deaths are down in many places. The Centers for Disease Control (CDC) are offering more guidance on the things we are able to do as part of our safe reentry and return to society. It’s great to be able to do more activities, but we’re playing it cautious.

Planning | A day trip

> As part of our reentry, we’re planning a few day trips. Gainesville is a small city, so we’ve decided to drive to a larger city (like Orlando or Tampa) to run some errands. It’s a good way to get our car on the open highway and when we’re ready to come home…we can. There’s also a terrific barbecue place right outside the city, so we can stop for some takeout on the way back home.

Loving | Nail Oil Pens

> One of the habits that I started during the pandemic was using a nail oil pen on my cuticles. I haven’t been going for manicures and my nails were quite a mess. I read somewhere about a writer who kept a nail oil pen on their desk and used it every morning. So, I decided to give it a try. Very easy habit to develop and it really makes a difference! While I’m looking forward to manicures as part of my reentry, I will not be abandoning this new habit.

Geeking | Spaceship Earth speaker holder

> If you have an Amazon Echo dot or a Google Mini Nest, this holder is so cool! It’s a 3D printed copy of Disney’s Spaceship Earth, the iconic ride at the entrance to EPCOT. The dot/Nest sits on top, and it has a port for the cords to come out the back. Fun for kids and adult kids alike. 

What’s UP with you? Let us know what you have planned for your reentry!

What We Are UP To: Researching Edition

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business sign analyze researching

As vaccine eligibility continues to expand, we find ourselves researching about vaccines and what we can do once we (finally!) get the vaccine. It’s exciting because it means we might be able to be more mobile by summer. But it’s also important to be careful. There’s so much information! And it’s changing on a regular basis. That’s not bad. As we learn more about COVID, we can and should expect new guidance. However, as we’re researching, we are trying to find some time for fun.

Feeling | Hopeful

> I’m sure that we’re not alone that we get closer to receiving the vaccine, we’re getting more hopeful about the things we might be able to do. Like eat in a restaurant. Or travel. It’s nice to be talking about plans for the future.

Watching | Sherlock

> We started watching this BBC television show starring Benedict Cumberbatch and Martin Freeman years ago, but we hadn’t seen Season 4. So, we watched the entire series from start to date. It was great! Love the way that Holmes and Watson go about researching their cases.

Reading | About Medicare

> I’ve listened to some webinars about Medicare before, but it’s time for us to start researching in-depth about what options are available. And what might be best for our situation. I found an older book called (don’t laugh) “Medicare for Dummies”. The book does a good job of explaining the complexities of Medicare in casual conversational language. I’m only a few chapters in and can tell it’s going to take some time to digest all of this.

Working On | Air Fryer Recipes

> When we lived in South Florida, one of the food items that we were able to regularly enjoy were guava and cheese pastelitos. Living in North Florida, we haven’t really been able to find them, so we’ve decided to try to make them at home. I’ve been researching recipes that will allow me to use our air fryer. Wish us luck! I’m confident they will not be as good as the ones we had in South Florida, but hopefully they will be good enough.

Loving | Everlane

> I have been researching a clothing company called Everlane for quite some time. They’re known for selling basic pieces like jeans, t-shirts, etc. You know, the pieces that all of us probably have in our closet. What attracted me to them is that they partner with ethical factories around the globe, and they disclose the actual cost of every item. I bought a couple of items recently and am impressed with the quality.

Geeking | WandaVision

> We are really looking forward to the Disney+ series WandaVision. That being said, we’re also getting ready for all of the research we’re going to have to do after each episode. LOL! To get us reacquainted with the Scarlett Witch, we’ve planned an Avengers movie marathon.

Planning | Re-entry

> While staying at home has been hard, I do wonder if starting to do things again will be even harder. We’re calling it our “re-entry”. ha.ha. What can we do? What should wait a little longer? We’ve been spending time discussing our comfort level for certain activities. Honestly, I don’t know that we will simply start doing all the things we’ve done prior to COVID.

Remembering | 2020

> As much as we’re looking forward to vaccines and everything that we’ll be able to do this summer, we’re also reminded of the pain and hurt that COVID has caused. This virus isn’t going to go away overnight, and we need to remember that masks, hand washing, and distancing are still important. They will be for some time.

What’s UP with you? Stay safe!