Retirement Life Archives – Unretirement Project

What Does Delaying Retirement Mean for You

July 12, 2017 by Sharlyn Lauby Leave a Comment

My father-in-law retired at age 55. He then spent over 35 years enjoying his retirement life by playing golf, tending to his gladiolas, and eating pork chops with potato chips. He could do this because he planned and saved for retirement.

Today, many people won’t be able to enjoy the same kind of retirement my father-in-law had. In fact, I’m certain that I won’t have the same kind of retired life he did. For some, the Great Recession dwindled – or eliminated – retirement savings. And the current discussions about changes to Social Security and Medicare…well, are making folks nervous.

That’s why I was particularly interested when I ran across this report from The Conference Board titled “Delaying Retirement” [PDF]. While the report is a few years old, I don’t know that the dynamics have changed much. And the report does offer some perspective about the extent that the Great Recession impacted families and their post-work savings.

For example, the report says that households’ net worth dropped from $66 trillion during the peak of the recession in 2007 to $48.5 trillion in 2009. That’s a pretty big chunk of change. Which explains why parents moved in with their adult kids and started rethinking when and how they plan to retire.

From a work perspective, the decisions being made to delay retirement are giving companies a little bit of a reprieve. Several years ago, HR pros were all running around like Chicken Little talking about the Boomers retiring and the impending labor shortage. Now Boomers are delaying and redefining retirement. So, the sky isn’t falling…yet.

But make no mistake, all of the Boomers will retire at some point. Some are already retired and others are making plans right now. They’re figuring out what the new normal is for their retired life. They’re getting comfortable with the changes they need to make in both their personal and professional lives.

While I initially read The Conference Board report as a human resources professional with the need to develop a workforce plan, I’m now looking at this retirement data differently – from the perspective of a person considering retirement. What lessons can I learn? You can grab a copy of the report here [PDF]. It’s well worth your time to understand the retirement dynamic and how it will potentially impact you.

Image captured by Sharlyn Lauby at the Neon Sign Graveyard in Las Vegas, NV

The Business Case for Hiring Older Workers [infographic]

July 5, 2017 by Sharlyn Lauby Leave a Comment

I’ve been to quite a few conferences lately and recruiting remains a top challenge for businesses. So, I think we’ve moved past the point where we need to convince people that recruiting is difficult. It seems to be a given that finding qualified talent is tough.

Organizations everywhere are looking for qualified workers.

If you’re not aware, the Society for Human Resource Management (SHRM) has partnered with AARP to help organizations understand the value of recruiting, engaging, and retaining older workers. At this year’s SHRM Talent Management Conference, we learned about a report titled “A Business Case for Workers Age 50+: A Look at the Value of Experience”. In addition to the report, AARP produced this infographic.

Let’s face it. We know that many older workers had to postpone retirement in the wake of the Great Recession. But as the economy gets stronger, and older workers are considering their options, not all workers are looking to retire. Many older workers have a passion for the job they do, like contributing to the organization, and enjoy the mental/physical challenge of work.

This is an opportunity for HR and hiring managers who are looking for talent.

But the reason I’m writing about it here on this blog is because it does involve open, honest communication from everyone. It’s true that organizations need to create cultures where having open dialogue about retirement is acceptable. Workers do not want to think that mentioning retirement means the clock is ticking on their departure.

Managers need training on how to discuss options with employees. They have the ability to redesign jobs. The only way they can do that is by 1) knowing an older worker is interested in a job redesign – maybe to part-time or flexible hours and 2) having enough time to work with HR and senior management to properly make the change.

Finally, workers have to communicate as well. If the company is willing to work with them, are there ways they can work with the company? Maybe in terms of assisting with job design, hours, pay, benefits, etc.

My point is this – companies want qualified workers. Workers age 50+ are qualified workers. Conversations need to happen and jobs revisited, but it can be done. It could be the best thing that ever happened for the business and employees. If you’re not thinking about what work might look like during your unretirement, now might be the time to start.

Bookmark This! #GigEconomy Opportunities Edition

June 28, 2017 by Sharlyn Lauby Leave a Comment

Opportunities multiply as they are seized. – Sun Tzu

If the gig economy had an official quote, this would probably be it. Think about it – the more gigs you work, the more people know about you and your work. Thus, your opportunities can multiply. And that brings us to another quote, this one by William Arthur Ward: Opportunities are like sunrises. If you wait too long, you miss them.

The gig economy goes by many other names (agile economy, flexible economy, servant economy, optimized economy) and is defined as a labor market characterized by the prevalence of freelance work. There appears to be more gig opportunities available now than ever before. Since we don’t want to miss them, let’s take a look at a few great resources to help us get the most out of this growing trend.

Careercast has assembled a great list of freelance, contract and part-time jobs for 2017. The list crosses several industries and includes data from the Bureau of Labor Statistics (BLS) such as projected growth and median salary. And, since they are a job board for temporary and part-time jobs, information regarding how to apply is also available.

Small Business Trends shared their list of “20 platforms that are growing the gig economy”. So, if you aren’t sure which direction to take your unretirement, consider a quick look at this list. Maybe being a Lyft driver isn’t your dream gig, but how about being an expert instructor? Or even a freelance chef? Yes, there are jobs in those areas and platforms dedicated to them.

Still not convinced gig work is for you? The BLS published an article that offers a quick but comprehensive look at the ideal occupations for gig employment, pros and cons of gig work, and different ways to get started. The article also includes a variety of census data on gig workers because, you know, that’s what the BLS is known for.

Finally, if you have the skills but don’t want to be tied to one of the specific platforms we’ve talked about here, consider hanging out your digital shingle. Workify offers what they call Hustleware – their “all-in-one platform for making a living online”. You can digitally set-up shop and market your services all in one place.

Whatever you choose to call it, we know the “agile economy”, isn’t for everyone. But we think it can be a great fit for those who want a little more freedom and income in their unretirement life. Knowledge can give us the tools we need to be successful part-time entrepreneurs.

Image captured by Sharlyn Lauby during an adventure of a lifetime at the Fort Lauderdale – Hollywood International Airport

Using Feng Shui to Plan Your Unretirment

June 21, 2017 by Keith Lauby 1 Comment

You may remember at the start of the century, the growing interest in the United States with the Chinese philosophical system of feng shui. If you’re unfamiliar with it, feng shui professes the importance of harmonizing everyone with their surrounding environment. Evidence of this ancient practice dates to 4000 B.C.

Like many westerners, Sharlyn and I were curious about feng shui so we purchased a few books and read some articles to learn a little more about it. Historically, feng shui practices have to do with orienting buildings and their structures, such as doors and windows, relative to local features such as bodies of water or stars. Please note that I in no way profess to be an expert in feng shui. The main thing that I took away from reading about it is that the practices are designed to make your life easier.

That’s what really caught my attention. More than 6000 years after the start of feng shui, Microsoft Founder Bill Gates was believed to have said:

“I choose a lazy person to do a hard job. Because a lazy person will find an easy way to do it.” Had Bill known me at the time, he probably would have made me chairman of the board.

And this is where feng shui becomes important in unretirement. Chances are, you won’t wake up one morning and say “Today I will quit my full-time job and focus on my unretirement gig.” Instead, what most of us do is find some spare time to work on gigs on the side. No spare time? No gigs.

So find ways to create a little some spare time by making your life easier. One of Sharlyn’s favorite quotes is by celebrity chef Alton Brown, “Organization will set you free.” So get organized and harmonize yourself with your inbox, your desk, and your to-do list. Focus on the things you do repeatedly throughout the day and find ways to do them easier and faster. A few minutes here and there can really add up.

When planning for your unretirement, you don’t have to be a feng shui master to understand the value of a little harmony.

Cruise to Another World: Havana Cuba

May 31, 2017 by Keith Lauby Leave a Comment

Havana is a city in renaissance. It’s a city that clings to its past, parading their classic 1950’s era cars up and down historic cobblestone streets. At the same time, renovation and remodeling construction is everywhere, preserving history and ever so slowly bringing Havana into more modern times. And surrounding it all is the city’s stunning Baroque, art nouveau, and art deco architecture.

Sharlyn and I had the distinct pleasure of cruising the Norwegian Sky to Havana – their third such cruise since travel restrictions were relaxed in 2016. At the time of this writing, however, U.S. travelers must meet one of 12 cultural exchange conditions. Norwegian was very careful to make sure all of their Cuba excursions complied with this legal requirement.

There were two big highpoints for us over the two days in port – a walking tour with a focus on Old Colonial Havana and a visit to Museo Nacional de Bellas Artes, the National Museum of Fine Arts. Cuba was “discovered” by Christopher Columbus during his 1492 voyage to the Americas and then became a Spanish colony. Fortunately, the Cuban government mandated the preservation of their colonial heritage for the benefit of their citizens and travelers alike.

This was also evident in the National Museum, which showcased Cuban artists from colonial through modern times. The museum’s carefully curated works proudly displayed each artist, showing how their artistic vision evolved over their lifetime. Our guide was diligent in tying each visual portrayal to Cuba’s historic events at the time. This trip also took us to Muraleando, an amazing “community project” in which volunteers help develop local artists.

6 Things You Need to Know

Since traveling to Cuba is still new, it’s constantly changing. But here are some details that we found helpful during our trip.

Customs – Cuba requires U.S. travelers to get a special visa and Norwegian helped us get it for a fee. Over the two days in port, we had to go through Cuban customs six times. Don’t worry, they are very efficient.

Excursions – We were told that the Cuban government runs the tours and we were encouraged to “act like travelers, not tourists”. This is a nice way of saying things may change without notice. They can and do, so expect it.

Weather – Think hot and humid whether you are wandering the streets of Old Havana or inside most of their buildings. Air conditioning is very limited except on the tour busses, which are modern and very comfortable.

Shopping – Some of the excursions include shopping. One of our tour guides took us to a government store where we could purchase coffee, rum, and cigars. There’s also an open market near the port. A little bit of shopping is available at the port terminal.

Money – Speaking of shopping, no credit or debit cards are accepted. While everything Sharlyn and I read said you should exchange U.S. currency at the cruise terminal, we found that everyone took U.S. dollars (though maybe a couple more of them).

Jaw Dropping Moment – rounding a corner on a narrow cobblestone street and walking past an open doorway that led to a small courtyard where a very talented opera singer was performing for a well-dressed crowd at 10:30 AM.

As a couple of travelers who mostly thought of Cuba just in terms of 1959 to today, this Norwegian cruise to Havana was an amazing and humbling adventure. It’s the people! The visual splendor of old cars and incredible architecture pales behind the warmth, knowledge and friendliness of Havana’s proud people. That’s evident in their love of music, dance and community and the inspiring expressions of their storied cultural heritage.

Norwegian Sky Cuba Cruise Review

May 24, 2017 by Sharlyn Lauby 5 Comments

Living in South Florida, one of the things that Keith and I have always wanted to do was visit Cuba. So, when Norwegian Cruise Line announced cruises to Cuba, it was the perfect opportunity. We didn’t have to worry about finding a hotel, restaurants, etc. We quickly discovered that it’s hard to find Cuba travel information.

Norwegian Cruise Line started sailing to Cuba in the beginning of May. We were on their third sailing to Havana. In case you’re thinking about visiting Cuba, I wanted to share with you some information about the Norwegian Sky Cuba Cruise, specifically the ship. (FYI – Keith is going to write about Havana next.)

The Ship: There’s no sugar-coating it – the Norwegian Sky is old. I remember the ship when it was the Pride of Aloha (close to a decade ago). In fact, it still has Hawaii posters, meeting rooms, etc. The half-Hawaii/half-Caribbean décor is a little funky. That being said, I believe there’s a difference between old and dirty. Yes, the ship is old. But it was clean.

Cabins: Because the ship is older, it doesn’t have a lot of balcony cabins. We chose a cabin with a large window. The window brought in a lot of light. The cabins also remind me of older hotels in Las Vegas, the rooms are a little bigger than you typically find today.

The Crew: We found the crew to be very friendly – servers, bartenders, cabin stewards, etc. Whenever a crew member walked by, they said hello. I will say that because the Cuba cruises are new, there’s still a learning curve for the crew. For example, we received conflicting information about how many bottles of Cuban rum we could bring back to the U.S. (Side note: Look up Customs information before you leave.) I’m sure the crew will get better with time when it comes to information about Cuba.

Unlimited Drinks: The Norwegian Sky Cuba Cruise is an unlimited drinks cruise. On one hand, it’s really nice not to have to sign a bunch of receipts during your vacation. But I don’t have to tell anyone that “open bar” can also be a negative (envision “booze cruise”). Bottled water is excluded but you can purchase a water package before embarkation. We did – it was in our cabin when we arrived. And we kept it in the refrigerator to stay cold.

Food Service: We took advantage of the buffet for breakfast and lunch. The breakfast buffet included an omelet station, which was nice. It would have been nice to see Cuban food on the lunch buffet. If you’re a coffee/tea drinker, bring a travel mug with you. I loved having a nice cuppa tea in my Yeti each morning. One of the specialty restaurants, Il Adagio, offers pizza and pasta for lunch (no surcharge). You might want to check them out early before everyone discovers it.

Specialty Dining: Speaking of specialty dining, the Norwegian Sky has three restaurants – Cagney’s Steakhouse, Il Adagio (Italian), and Le Bistro (French) – where you can dine a la carte or purchase a dining plan. I would suggest comparing the cost of the dining package to a la carte because the package could be cheaper, depending on your dinner plans. While we had terrific meals in all of the outlets, we loved Le Bistro and thought it was a highlight of our Norwegian Sky Cuba Cruise. It was quiet, great views of the ocean, terrific service, and good food.

Ship Activities: For us, Havana *was* the cruise, so the fact that there was little else in terms of activities that we were interested in wasn’t too big of a deal. That being said, we would have loved to see more Cuban culture in the activities. Because of weather, the Captain did end up canceling the final port stop (Grand Stirrup Cay). This caused quite a commotion on the pool deck. Passengers jockeying for pool chaises. I could only compare it to after-Christmas sales at Filene’s Basement. You can’t blame NCL for the weather. But it is something to keep in mind, especially if you choose to cruise during Hurricane Season.

As we all learn more about traveling to Cuba, I would expect the cruise to change. For right now, the Norwegian Sky Cuba Cruise offers a nice introduction to Havana. In our next post, Keith is going to share his impressions about the city of Havana. Stay tuned…

Image of Havana, Cuba captured aboard the Norwegian Sky

Organizations Aren’t Prepared For the Aging Workforce

May 10, 2017 by Sharlyn Lauby Leave a Comment

According to a survey from the Society for Human Resource Management (SHRM), organizations aren’t prepared for dealing with an aging workforce. Only one-third of companies are examining their policies and practices to address this issue. In addition, an extra 20 percent had decided that no changes are necessary to their existing policies and practices. I encourage you to check out the survey findings. It’s a good read.

It reminded me of Ted C. Fishman’s book, “Shock of Gray”. The book talks about the aging population and the implications for business, consumers, etc. Frankly, it doesn’t seem logical to me that a large portion of our society is getting older and it wouldn’t impact the workplace.

However, in speaking with my HR colleagues, maybe businesses do realize that the workforce is aging. And that they need to do something about it. The challenge becomes reframing the retirement conversation inside organizations.

It’s not as easy as it looks. People are starting to realize the importance, but it will take a change in basic assumptions to get the conversations going.

Years ago, retirement was like resigning. You went into the office one day and you said, “I’m retiring.” And you did. When you retired, you stopped working and started collecting your pension. Done. Finite.

Today, retirement looks very different. It’s looks like…well, unretirement. An increasing number of older workers are planning to stay full-time longer. They are planning a phased retirement. Some employees are announcing their retirement, leaving the working world for a few months, and then asking to return! Organizations could be facing some unique challenges if they’ve never dealt with these situations before.

Companies need to figure out how to allow retirement conversations to happen within their culture. Organizations will benefit when employees feel comfortable talking about their plans for the future and the company can better positioned to react to them. Valuable historical knowledge about the company can be transferred. Jobs can be redesigned to accommodate part-time or contingent work, allowing the company to retain talent. Older workers can mentor or coach young professionals and help with their leadership development.

Aging workers and retirement are not dirty words in the workplace. They are also not synonyms for resignation. An aging workforce is thinking about retirement. Companies should be thinking about it as well. There’s an opportunity to create a win-win. But it takes communication.

Image captured by Sharlyn Lauby during a photo tour in New Orleans, LA