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Can Remote Work Be a Way to Phase Into Retirement?

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computer desk image showing an image of a sign with caution rockstar at remote work

Right now, older workers are trying to make some decisions about their future careers and asking a number of important questions. Can I continue to work onsite? Maybe it’s time to retire? Or should I think about transitioning to an encore career? These are all very valid. There’s one other question to consider: Is it possible that remote work might help me achieve my retirement goals?

I recently listened to The Retirement Wisdom podcast, “Can Working Remotely Beat Ageism?”. The guest for this episode was Kerry Hannon, author of the book “Great Pajama Jobs: Your Complete Guide to Working from Home”. I will admit that the title of the podcast gave me a bit of discomfort. As a human resources professional, I hate the fact that ageism exists. But the realist in me understands that it does. And sadly, that it’s not going away overnight.

In the podcast, Hannon says that one of the biggest benefits to working from home is beating ageism. For organizations and individuals. Organizations can have older professionals work remotely and not worry about whether that person fits in with the younger members of the team. Older workers can benefit from being evaluated on their performance results and not how they look or act. 

Again, let me say that I hate, hate, hate ageism. And I particularly hate that Hannon’s remarks have some truth in them. But instead of thinking about remote work as a way to beat ageism, is there a way to think of remote work as part of a phased retirement strategy? Organizations benefit because they are able to keep skilled workers longer. Older workers can benefit by being able to still contribute while (possibly) downsizing to their forever home, commute less so they can fulfill caregiving responsibilities, and continue to save for their financial future.   

But working remotely doesn’t mean easier work. If you’re intrigued by the idea of using remote work as part of your phased retirement strategy, here are a few things to consider:

Do you want to be an employee or a freelancer? One of the first things you have to decide is how you want to pursue remote work. If you’re working for an organization that allows working from home, then great – you could be set. And if you don’t or you’re currently looking for a new job, do you want to make remote work one of your job must-haves? 

Do you have enough workspace? I mentioned earlier that part of your retirement strategy might be moving to a smaller home. If you’re planning to work from home, do you have the space to do it? In our last home, Keith worked in the dining room. With our new house, he has his own space and that’s important. 

Can you setup your workspace with equipment and technology? Once you have a designated workspace, you’ll need to think about what it takes to be productive. When we work in an office, we take for granted that we will have a desk, chair, and computer equipment. With high-speed internet. Getting the remote work office setup you want could involve spending some of your own money. 

Are your skills current? I believe working from home involves some different skills. A couple that immediately come to mind are technology and time management. You’ll want to take an inventory of your skills and decide if there are any you want to update or add. And you’ll want to find ways to gain those skills while working from home. If you’re accustomed to taking a class at your worksite, now you might read a book or take an online program. 

Are you mentally and emotionally ready? I’ve worked from home for over a decade. Socializing is different. You don’t have people to collaborate with all the time. There are distractions and temptations all the time. Some of them are fun (like cute panda videos) and then there’s doomscrolling. You have to figure out how to not snack all day and when you’re going to exercise. All of this contributes to the work from home experience.

Regardless of what’s going on with the pandemic, remote work has been increasing in popularity for quite some time. Is it possible to take advantage of a growing trend and make it a part of your retirement strategy? Possibly, but it takes planning so you’re ready when the opportunity presents itself. 

Estate Planning: Remember Your Digital Life

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artwork surreal facial features representing digital life

We recently wrote about estate planning, discussing what an estate is and our important takeaways from the planning process. If you are new to estate planning or want a refresher on some of the key aspects, be sure to check it out. We definitely had some eye-opening moments and many others that required some serious and informed discussion.

I mentioned previously that we are working with an attorney to create our estate documents. One of the things that struck me when reading the drafts was the volume of legal wording that covers your digital life. You know, Facebook and Twitter accounts, registered web addresses, and even just your Amazon account to name a few. And what about your Apple ID and password managers?

The point is, 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.

Good news – just about every web-based operation has already considered this and address it in their FAQ, help section or forums. In fact, many digital suppliers even include ownership information in their end user license agreements (EULA) or Terms of Service (TOS). You have carefully read all those, right?

It shouldn’t be a surprise that entire industries have cropped up around digital estate planning. Companies like AfterVault, Clocr and Everplans offer one-stop estate planning for your digital assets. Most of these are fee-based services which can help you sort through your digital life and document your plans in one place. Keep in mind that this will really be a separate place, different from where you document the rest of your worldly goods.

Which brings me back to our original estate planning process. We ultimately wanted a single place where we could document all of our financial, physical and digital holdings and plan for them when we’re gone. And we wanted to make sure all of that aligned with state and federal laws so that our heirs weren’t burdened with probate dispositions. For us, that meant working with an attorney who knew all about these things.

Digital estate planning has become so important that AARP wrote about it last year. The article is a great place to start to plan for after your digital life because they include a very helpful do and don’t section for crafting your digital estate plan. From there, you can decide if a digital vault is a good option or maybe research the pros and cons of online wills on Consumer Reports.

If you choose to look for an estate attorney, check out this Investopedia article with 10 questions to ask before engaging their services. They also include a few questions you should ask yourself after you have an initial conversation. Estate planning can be legally complex and emotionally challenging for you and your loved ones. Put in a little time researching your options and remember to include your digital life. Making informed decisions now will lead to peace of mind.

Retirement Planning Bot: A Unique Solution for Unique Times

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wall art bot representing a retirement planning bot

We’ve all seen the terms recently – unique, unprecedented, even surreal or seismic. Whatever you call these pandemic times, most of us can agree that they often require equally anomalous ways of dealing with them. Depending on how close you are to retirement, that could apply to your retirement planning too.

I was excited to see that Michelle Singletary, personal finance columnist for The Washington Post, has introduced a retirement planning bot to “see us through the coronavirus pandemic and beyond”.

If you aren’t familiar with bots, they are software applications which are programmed to complete certain tasks. In this case, the bot collects information about your financial situation and retirement plans and makes recommendations relative to both. I had the opportunity to run through the bot program and see first-hand some of their suggestions.

The good news is that this is all completely anonymous. While they ask specific questions about your finances, they don’t know who you are, and they don’t save any of your information. Along the way, you can hear advice and commentary recorded by Michelle. I’ll be candid: I didn’t always find them helpful, but I thought they were good reminders and could offer a little effective guidance, particularly for some people who may be early in their planning.

On the downside, the program doesn’t factor whether you’re planning as an individual or a couple. That can make a huge difference when they ask for retirement or bank account balances and earnings. The bot also doesn’t ask your expected retirement age. It just makes the assumption that you will retire as soon as you reach the age for full Social Security benefits.

The best thing about this particular retirement planning bot is that it provided a step-by-step guide with as much hand holding as you can expect from a robot program. And there is a little encouragement along the way provided you are doing something to fund your retirement. They even have some FAQs at the end.

A couple important things to focus on:

  1. This is not a replacement for your professional financial advisor. A single source of information is rarely enough for something as important as retirement planning.
  1. You may not agree with the assessment of your financial situation and your retirement plans. That’s okay. It doesn’t mean you are doing a bad job of funding your retirement.

I think the best way to view this tool can be found in their own description:

“We may not be able to capture everything about your financial situation, but it’s a place to start”.

Many people are very concerned about their financial situation right now regardless of when they plan to retire. This retirement planning bot may help relieve some of the stress as you think of future plans. Who knows? You may just be better off than you think. And, if not, you could get some ideas on how to get back on track.

Image captured by Sharlyn Lauby while exploring the streets of Fort Lauderdale, FL

Job Seekers: The 7 Skills You Need For Your Search

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job seekers skills for new job

Job security is on people’s minds today. We’re all seeing the same news about unemployment rates at historic highs. Whether you’re one of the job seekers currently looking for a new opportunity or not, it does make sense to always be thinking about your career and what options you have. 

One of the most important aspects to consider is how you would go about a job search. Let me dish out some tough love here . . . a job search in today’s technology driven world may require a unique approach. Here are a few skills for job seekers to consider:

  1. Goal Management. Careers are about goals. It might be to work for a certain company or in a specific field. You could have a goal to achieve a particular job title (like vice president). We also have career goals surrounding compensation, benefits, and perks. Or maybe the goal is to learn something like “graduate from the Culinary Institute of America” (also known as the CIA). Once we achieve one career goal, then we set another one. 
  1. Organization. We achieve our goals through planning and preparation. It’s possible that, to achieve some of the goals mentioned in #1 (goal management), job seekers need to save money, schedule time off from work, or take some classes. This could involve doing some research. For example, if one of your goals is to obtain HR certification, then you might need to research the requirements, ask your boss for reimbursements, schedule time to study, etc. All of this takes organization. 
  1. Prioritization. I wish I could say that once we set a goal, that’s it. But it’s simply not true. Fortunately, and unfortunately, we have other opportunities present themselves. Some of them won’t sway us from our goals. Others could be so tempting that we need to evaluate them alongside our existing goals. Understanding priorities is incredibly important in figuring out which path to pursue. No one wants to miss out on a once in a lifetime opportunity because they didn’t have their priorities established.
  1. Networking. Speaking of opportunities, you’re not going to get them if you don’t network. I know virtual networking can be hard, but job seekers have to find ways to stay connected. It’s one of the big pluses of social media. Having a network is critical for career development. Your network can help you find new job opportunities. It can also serve as an informal board of advisors. So, being able to build positive trusting relationships is the cornerstone of your future career.
  1. Curiosity. It’s possible that we will miss out on building relationships with interesting people and being a part of exiting opportunities if we’re not curious. I totally agree that there’s no rule that says we must say “yes” to every request but listening can be very beneficial. It can present us with options we never thought of AND it can confirm that the goals we’re currently pursing are the right ones. Understanding our priorities (see #2) can help job seekers constantly re-evaluate the new options being presented.
  1. Risk-Awareness. At first, I had labeled this paragraph Risk-Aversion, but then I changed it. Because it’s not always about taking fewer risks. Sometimes our careers will require us to make bold moves – maybe a relocation or an extra assignment. It’s about understanding the risks associated with the decision and being okay with them. It could also involve having a Plan B (see #1 – goal management) available in case you have to make a change in plans.
  1. Communication. Of course, you knew communication had to be on the list, which is why I made it last. All of the skills we’ve discussed involve having excellent communication skills – both verbal and written. You might want to journal your goals to remain focused. Or chat with a family member or mentor about the risk and rewards associated with a new opportunity. Either way, being able to communicate clearly AND being able to truly listen to feedback and guidance from others will be valuable.

While this list of skills might impress an employer during an interview, that’s really not what it’s for. It’s designed to be a reminder that, whether you’re currently an employee or one of the job seekers, you need to have some ownership of your search. And these are the skills that will help you be good at it. 

Social Distancing: 5 New Things You Can Do

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bar sign saying it's 5 o'clock somewhere for the purpose of social distancing

Depending on where you live, you’ve probably been practicing social distancing for at least a week or two. Maybe longer. It’s important for us to help flatten the curve and I’d like to believe that, by now, everyone knows that. 

But let’s be realistic. Social distancing is hard. Keith and I work from home, socialize very little, and even we think this is hard. We’re cutting back on the few things that we enjoyed going out and doing. So, I can only imagine what others who are used to much more active social lives are feeling right now. 

Like many, when we first heard about social distancing, it was an opportunity to dust off the to-do list and tackle some projects. We cooked at home. Started organizing the garage. Watched a few movies we’ve been looking forward to seeing. After that, a little bit of social distancing boredom sets in. We still need to stay at home but now we need some new activities to occupy our time and our mind. So, I’ve come up with a list of five things you might want to consider working on while you’re still at home.

  1. Take a MOOC (massive open online course). If you’re not familiar with MOOCs, these are free online courses taught by some of the best universities in the world. In the past, I’ve taken a course on the science of happiness from Yale. Keith and I just finished one from Harvard on meteorology. Think about a topic that you’ve been saying that you want to learn more about – like investing – and see if there’s a course available. BTW – there is an interesting financial markets course offered by Yale.
  1. Update your social media accounts. This is the perfect time to update your social media profiles, avatars, etc. Think of it as a social media audit. Be sure to also review the privacy settings for each platform as well. In addition, if you’ve been waiting for some free time to learn newer social media platforms like Instagram, this could also be a good time to slowly ease into it. That could lead to discovering even more activities such as Instagram’s “Photo A Day” – which is very fun.  
  1. Research the candidates running for office in 2020. Oh, and sign up for a mail ballot. For some, the last thing you might want to do right now is pay attention to the news but let me toss out another point of view. Now is when we get to see how political candidates handle the tough times. We get to see if they really act effectively and in our best interest. In addition, it will only take a few moments of your time, but find your supervisor of elections website and sign up for mail ballots. That way you know that you will be able to vote in the primaries and in the general election. 
  1. Attend a virtual event. Everything I’ve mentioned so far you can do on your own. If you’re missing human interaction, consider attending – or even hosting – a virtual event. You can sign up for a free account from Zoom and coordinate a virtual coffee meeting or happy hour. Netflix has a “party” feature where you can watch shows or movies with friends. Social distancing doesn’t mean we can’t see our friends, we’re just going to have to wait a little longer to be in the same room with them. 
  1. Stay healthy. Finally, don’t forget about your own health and wellbeing. I know that in many places, we can’t go to our hair stylist or a day spa. Keith and I have found it challenging to get fresh fruit and vegetables at the grocery store. Gyms, health clubs, and exercise studios are closed. But that doesn’t mean we’re not trying new foods and new ways to get activity. We just discovered an app called “The Walk” (available for Apple and Android devices) that coordinates activity with a story about saving the world just by walking. Oh, and you will ultimately be walking the length of the United Kingdom. 

My hope is that today’s post offers a bit of creative inspiration to keep your social distancing activities interesting. This is a tough time – even for a mega introvert like me. If you have some tips or resources for keeping things from getting too boring, share them in the comments. We’ve love to hear them.

Image captured by Sharlyn Lauby just off Duval Street in Key West, FL

Older Drivers: Learning Technology Can Extend To Your Car

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drivers and their old cars on the streets of Havana, Cuba

At some point, Keith and I are going to have to think about getting a new car. Years ago as drivers, we became a one-car household. And our current car is over 15 years old. Having a reliable vehicle is important so we shouldn’t wait until we have to buy a car.

But you can see where I’m going with this. Today’s automobiles have a lot of technology! Our old car has a GPS system. Which of course we don’t use because it’s easier and more accurate to use our phones and Google Maps. But 15 years ago, GPS technology was fancy and a luxury! Since we tend to keep cars for a while, it’s important that we get the right technology that’s going to help us have a better driving experience. And what I mean by that is drive more safely.

If you’re not aware, AARP has a 90-minute self-guided online workshop about today’s smarter vehicles. It covers technologies like assistive parking systems, blind spot warning systems for drivers, and crash mitigation systems. The purpose of the workshop is to help people understand what these technologies do (and don’t do) so we can make educated decisions about the types of technologies we want to include in our vehicles.

As we age, one of the things that remains important to our wellbeing is having the ability to still get around. I think it’s fair to say that we don’t want to have to rely on people to drive us around for errands, etc. While those activities aren’t the most exciting, they do represent being mobile. And I’m sure we want to be independent as long as we can.

The Center for Disease Control and Prevention (CDC) talks about how older drivers need to be aware of the changes that happen to our driving skills as we age. Falls and motor vehicle crashes are the two leading causes of injury and death in older adults. The good news is that the latest technologies can help. They’re not designed to be a replacement for our driving skills, but they can offer assistance. If you know about them and you know how to use them properly.

While we’re talking about driving, there are other resources out on the Interwebs that can help you with your driving skills as you age.

  • AAA has a Senior Driving site which includes each state’s licensing laws, a driving health check-up, and how to have a conversation with an older adult about their driving.
  • The National Highway Traffic Safety Administration offers something similar to AAA with videos and resources to support older drivers including how certain medical conditions can have an impact on driving abilities.

Having a conversation about driving is very difficult. Many of us have been driving for decades. Maybe we haven’t had a traffic ticket in years. That doesn’t mean we can let our guard down about our driving skills – or those of other drivers on the road. And when it comes time to replace our current vehicles, we need to understand the latest automobile technologies so we buy features that make sense for our situation.

Image captured by Sharlyn Lauby while exploring the streets of Havana, Cuba

Smart Home Technology Helps Aging in Place

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Las Vegas sign robot waiters cheers to good times with smart home technology

I ran across this article in ReadWrite about “The Key to Smart Home Success; Safety and Security”. It’s an interesting read that you might want to check out. Even if you’re not thinking about aging in your home.

Keith and I still have a few years before we’re of official retirement age (i.e. meaning we can sign up for Medicare and Social Security). But that doesn’t mean we’re not thinking about the home we plan to age in and how we can make that home as “senior” friendly as possible.

Obviously, that includes things like downsizing and making bathroom renovations to include grip bars in tubs and showers. But another area that we’ve been reading a lot about is using smart home technology. Hence, my mention of the ReadWrite article above. We’re using smart home technologies now to make our lives easier. Why not think about how smart home technologies can help us age in place?

But here’s the thing. We need to be deliberate when it comes to using smart home technologies. This isn’t simply about buying some gizmo and hooking it up to our home internet. Here are a few things to consider:

Learn how the Internet of Things (ioT) works. The Internet of Things (aka IoT) is a system of interrelated devices that connect with each other via the internet. A common example would be that I can view what’s happening in our home on my Apple Watch and iPhone using my Amazon web camera. The idea is that all of these devices work together to give me – the user – a more valuable experience. 

Think ecosystem. Keith and I were big holdouts when it came to the Apple ecosystem. We had iPhones and iPads but held back on iMacs and other devices. We had no idea how great the benefits were of being in the ecosystem. I’m not saying you have to buy Apple products but do think about how your devices will “speak” to or work with each other. Remember, the goal is to make things easier.

Research companies and services. Once we know how IoT works, then it becomes easier to identify those companies that might provide products and services that will be helpful. We can research who has ecosystems and who doesn’t. I hate to say it but the last thing we want to do is invest in products and services that won’t get along with other technologies. Or they sound cool, but they might be out of business in a couple of years.

Know how your home network is set up and functions. Getting internet at home is so easy today. Just call a service provider and they show up with a box and some wires. Just a couple hours later…poof! We have WiFi. But if you’re planning to use smart home technology to help with your aging strategy, then it’s important to know a bit more. Get educated on how the system is set up and how to do basic troubleshooting.

You don’t need to get a degree in engineering to become proficient with smart home technologies. But for all of those people who might be saying, “Ah, who needs the internet?!” keep in mind that smart homes are the wave of the future. It’s what people want. And it’s what companies are making. At some point, it is possible that all we might be able to buy are smart home technologies. No one wants to age behind a steep learning curve.