retirement life Archives – Unretirement Project

Is It Possible to Flunk Retirement

August 8, 2018 by Sharlyn Lauby Leave a Comment

A friend of mine recently recommended the book “Don’t Retire, Rewire!” by Jeri Sedlar and Rick Miners. The focus of the book appears to be very similar to the concepts of unretirement, meaning that when we stop working full-time in Corporate America, we don’t have to sit around and do nothing.

I haven’t finished reading it, but one of the early sections that captured my attention was a list titled “The Top 10 Reasons Why People Flunk Retirement”. My initial reaction was “Can you flunk retirement?!” For me, the word “flunk” conjures up the idea that we failed, and we can’t recover. There were two interesting things about the list.

Beyond “didn’t have a plan”, there was no mention of money, finances, insurance, estate planning, etc. While I don’t believe that retirement is all about the Benjamins, we do need to be realistic about having the means to live and take care of ourselves during retirement. Even if that involves living with a family member. And I could see individuals who don’t feel they’ve prepared enough financially for retirement feeling like they’ve flunked that aspect.

There were several reasons that fell into the category of “assumptions”. For example, I assumed my partner would be my social life. Or I assumed that rest and recreation would be enough. And finally, that I didn’t know myself very well. I’m not sure these are mistakes that an individual can’t recover from. Now, I’m not saying it will be easy. The process of self-discovery can be hard. Not only do we have to come to our own conclusions, but we might have to share our feelings with friends and family.

But the real takeaway for me wasn’t to focus on the flunking part. It’s to figure out how to move forward.

In today’s business world, we appear to be much more accepting of failure than ever. Billionaire business people like Sir Richard Branson and Spanx founder Sara Blakely remind us that it’s okay to make mistakes. But I can see how people could feel different about flunking at 20 than flunking at 60. They also might choose to handle the situation differently based on their circumstances.

We have to view our unretirement and retirement as a journey. A journey that starts early in life. Will there be stumbling blocks and changes along the way? Absolutely. But that doesn’t mean we’ve flunked life or our retirement. It does mean that we need to find ways to adjust.

Image captured by Sharlyn Lauby while wandering the streets of Miami, FL

Employee Retirement Programs: Employers Need To Do the Right Thing

August 1, 2018 by Sharlyn Lauby Leave a Comment

I ran across this article in Talent Economy titled, “The Long, Winding Road to Retirement”. The article starts no differently than other articles about the predicament with Boomers and retirement: lack of company sponsored pension plans, dwindling employee savings, Great Recession impact, etc. But what surprised me about this article was the author’s feeling that it was a leap of faith that organizations would get around to doing the right thing because of their pressure to deliver profits.

I certainly hope that’s not the case.

I do agree that organizations are under pressure to deliver results – financial and otherwise. But the way that organizations will deliver those results is with people. Let’s add that the numbers tell us that there are more jobs than people to fill those openings. So, organizations need to find ways to keep older workers engaged and, in the workforce, longer.

Now, I’ll also admit that this challenge doesn’t completely lie with companies. Employees need to think about their retirement plans. They need to find ways to save and take advantage of plans like 401(k), individual retirement accounts (IRA), and Roth IRA. Individuals approaching retirement should be researching how Medicare and Social Security work, so they file for benefits at the right time.

But the way employers and employees can do the right thing is by being authentic and transparent.

Employers need to start thinking about their staffing needs and whether they will act to retain older workers beyond traditional retirement. If that’s their plan, they should have conversations with employees ahead of schedule, so employees can start thinking about their plans and whether they want to stay in the workforce longer.

In turn, employees need to start thinking about their retirement strategy. Do they want to consider working part-time or as a freelancer? Employees need to start building skills for that transition. Is that something they can do on their own or would it make sense to ask the company for assistance?

This isn’t an easy fix. Or an overnight one.

Organizations looking to meet and exceed their goals will need talent. Some of that talent will be individuals approaching retirement age. But if companies want to keep talent, they have to start thinking about offering jobs, salaries, and benefits that that are going to do that. Frankly, that means doing the right thing.

Image captured by Sharlyn Lauby while exploring the Wynwood Art District in Miami, FL

What We’re Up To – July 2018

July 25, 2018 by Sharlyn Lauby Leave a Comment

Disclosure: Occasionally we receive free products for review or include advertising links in posts, but no one impacts the honesty of our opinions.

Watching| The Marvel Cinematic Universe

> Ever since Avengers: Infinity War came out, we’ve been catching up on older Marvel movies we hadn’t seen. We finally watched Avengers: Civil War, Thor: Ragnarok, and Spider-man: Homecoming. I love how Marvel is tying the storylines together. Next on the list for us later in July is Ant-Man.

Reading| Common Financial Sense

> I’m not a financial advisor, so I make it a rule not to tell people how to spend their money. That being said, I do feel it’s okay to say that we have to think about our financial future. I received a copy of the book “Common Financial Sense” by Harris Nydick and Greg Makowski. Both are certified financial planners. The book delivers on the title and will give readers who are thinking about their financial future a few things to consider.

Remembering| Old HR Bartender posts

> I recently read an article on Darren Rowse’s ProBlogger about “How to Update Old Posts on Your Blog (and When You Should Consider Doing it)”. First off, if you’re considering blogging in your unretirement, you should definitely start paying attention to ProBlogger. Second, if you have a blog, Rowse makes a good point about keeping older content fresh. HR Bartender has been around over ten years. We have thousands of posts. It’s worth a look at our older content.

Working On| Scheduling More Fun

> I enjoy reading the “Yes and Yes” blog authored by Sarah Von Bargen. One of her recent posts was titled “A Weird Tip for a More Fulfilling Life: Make a ‘To Do for Fun’ List”. It’s exactly what the title says. We spend so much time making lists for the work things we need to complete. Or the errands we need to do. Why not have a list of fun stuff? And for a planner like me…it’s the perfect July project!

Feeling| Like a Homebody

> I don’t mind traveling at all, but I’ve been doing a lot of it lately. It’s nice to be home for a few.

Planning| Doctor’s Appointments

> When you move to a new city, there are so many people you have to find – like an accountant, hair stylist, and doctors! I must admit that social communities like NextDoor have been very helpful in getting recommendations. We’ve received some excellent information so far.

Loving| Inside Trader Joe’s – a Podcast

> I’m a fan of Trader Joe’s and after listening to this 5-part podcast seriesabout the store, I’m becoming an even bigger fan. The show talks about how the store started, their food tasting panels, why employees wear Hawaiian shirts and much more. Check it out wherever you listen to your favorite podcasts.

Geeking| Amazon Cloud Cam

> We picked up one of these during the July Amazon Prime Day sale. It’s an indoor camera that works with Alexa. You can control it from a mobile app. Very easy to set up. Just direct it at the area you want to monitor and turn it on. You can watch the activity from your phone. If you’re in the market for a security device, this might be worth consideration.

What’s UP with you? Let us know how your summer is going so far.

Image captured by Sharlyn Lauby while exploring the streets of New Orleans, LA

Retirement: Is It About Money or Happiness

July 18, 2018 by Sharlyn Lauby Leave a Comment

Years ago, I started reading a blog called Get Rich Slowly. The blog was written by a guy named J.D. Roth who started blogging his journey to dig himself out of massive debt. Along the way, he got divorced, moved, sold his blog, and eventually bought it back. The reason I’m bringing this up is because he was the guest on a podcast recently for NewRetirement, which is a retirement planning tool.

Quick side note: I don’t know anything about the NewRetirement platform. That’s not an endorsement or a slam. Maybe someday I will…but that’s not the reason for today’s post.

Today’s post is about something Roth said in the podcast. “Even though I’m writing about money, I’m actually writing about the pursuit of happiness.” This sentence made me wonder. Is retirement about money or the pursuit of happiness?

Yes, of course, we need money to live. But as we’re planning our retirement, should we be so focused on the money that we’re not thinking about what makes us happy? It reminded me of a few things.

There are many low-cost and no-cost things that make me really happy. Like a cuppa tea in the morning (or evening). Watching football on Sundays. Reading a good book. Happiness isn’t always about buying things or taking expensive trips. I need to keep that top of mind in my retirement plans.

Prioritizing expensive things that I’d like to do could be helpful. It’s true – there are once in a lifetime trips I’d like to take. And maybe see Hamilton, which appears to be expensive. But if I prioritize and save, hopefully I can make those splurges happen. Which would make me very happy.

My wants and needs will change over time. It’s possible something that makes me happy today will become “meh” in the future. And that’s okay. Hopefully, I won’t spend money on a “meh” experience nor do I want to experience regret in not doing something I could have.

While we’re saving money and getting ourselves ready for retirement, it’s equally important to ask ourselves, “What will make us happy?” Keep in mind part of that answer could be to have a semi-retirement or an unretirement. The good news is that we can have what makes us happy if we plan for it.

Image captured by Sharlyn Lauby while exploring the streets of Key West, FL

5 Unretirement Skills That Everyone Needs

June 6, 2018 by Sharlyn Lauby Leave a Comment

I was reading an article in Workforce Magazine titled, “Meeting the New Faces Who are Shaping Employee Retirement”. It’s an interesting read you might want to check out. My takeaway from the article is that employees thinking about a phased retirement strategy need to start thinking about the skills that they will need to make this transition. So, I decided to come up with a list.

This list isn’t just for individuals. Organizations looking to build a phased retirement strategy and encourage employees to transition from full-time to part-time could use this list to develop a training program that will help employees get those skills.

Financial wellness: Let’s face it, money is a consideration when we’re talking about any employee transitioning from full-time to part-time. Budgeting is an important skill. In addition, there are opportunities to educate workers on retirement programs, government programs, and the timing of benefits so employees maximize their earning potential.

Time management: One of the reasons that organizations are becoming more open to phased retirement strategies is because they need employees. Which means they need productive workers. Employees need to be prepared to be productive in a part-time status. That involves managing your time well. If employees haven’t had to worry about deadlines and project plans for a while, it might be time to get some training in that area.

Wellness and well-being: Another moment of reality we must face is that as we get older, we must think about our health. Possibly more than we did when we were younger. Both organizations and individuals should think about the opportunities available to educate about being proactive with our health – exercise, nutrition, mindfulness, etc. We will be able to work longer if we’re physically and mentally capable.

Technology: You knew technology would be on the list. But I’m not talking about “how to learn Facebook” type of technology, although that’s important. Employees considering phased retirement could be asked (or make the request) to do remote work. This means employees need to know about computer security, basic troubleshooting, logging into networks, etc.

Mentoring: Employees need to be realistic and realize that at some point they won’t be working anymore. And that the organization would like for your knowledge to be passed along to another worker. One way to do that is through a mentoring relationship. But being a good mentor takes some skills – good communication, patience, etc. It would be a win for everyone to teach employees how to be good mentors.

Phased retirement strategies – whether they’re initiated by the organization or the individual – need preparation. They will be successful because employees are prepared for the reduced income, schedule change, new responsibilities, and more. Learning and development programs can help employees get ready.

Image captured by Sharlyn Lauby in Las Vegas, NV

Retirement: Should We Focus on Age or Finances

May 30, 2018 by Sharlyn Lauby 2 Comments

I ran across a very interesting CareerBuilder survey recently which indicated that 53 percent of workers age 60+ are postponing retirement. Four in 10 workers (40%) said they don’t anticipate retiring until age 70 or older.

At first glance, I thought this could be very good news. Employees might feel engaged in their work and feel no need to retire. Organizations could be thrilled that workers with skills and knowledge are staying in the workforce and they aren’t facing labor shortages. Unfortunately, that wasn’t the reason that CareerBuilder cited in their survey.

The survey said that workers were postponing retirement because they were unsure about how much money they needed to retire. When asked how much money workers think they’ll need to save in order to retire, they said:

Honestly, I wasn’t very surprised by these numbers. According to the latest findings from the Federal Reserve, nearly half of Americans don’t have enough cash on hand to cover a $400 emergency. If that information is true, then it’s not surprising that people don’t know how much money they need to retire.

Even if we’re relying on Social Security (and many of us are), it’s important to start working on our financial plan for retirement. The CareerBuilder survey said that only 1 in 4 workers contribute to a 401(k) or retirement type plan. Again, how will we know what it takes to retire if we aren’t saving?

It also raises the question; how will we know when we are ready to retire? Is it when we turn a certain age OR when we have the money? More importantly, what will we do if the answer isn’t in our control. For example, what if our physical health requires us to “retire” before we have our financial plan in place?

I’m not sure that I have all the answers. But I do know these are questions that we have to start asking ourselves. How will we know when we’re ready to retire? What’s the measurement? And once you determine that, do you have a plan in place to get there?

Image captured by Sharlyn Lauby in the Wynwood District of Miami, FL

More Individuals Are Choosing Freelancing in Semi-Retirement

May 23, 2018 by Sharlyn Lauby 4 Comments

I ran across an article recently on LinkedIn talking about the latest statistics for the gig economy. It’s worth checking out. My takeaway from the article is that an increasing number of Baby Boomers in senior level roles are opting into freelancing or consulting as a transition to their semi-retirement.

Think about it. Instead of going from a regular full-time job to retirement, individuals are making several smaller moves toward retirement. Full-time job TO full-time freelancer TO semi-retirement THEN unretirement AND retirement.

The good news is that I believe organizations are very open to this type of new career transition plan. Granted, it’s very different from what they’ve done in the past. And, it will probably involve some sort of trial and error in terms of getting the conversations right with employees and coordination in making it happen. Nonetheless, I think with the challenges that companies are having in finding and keeping talent, it makes a lot of sense.

But for individuals looking at the next decade of their careers, it means they need to think differently too. It’s a big enough decision going from full-time to retired. Now, we’re talking about several small moves, all of which need some level of planning.

We should start thinking about career transitions earlier. You can’t just flip a switch and become a freelancer or consultant. It’s true that you would have the knowledge and skills to do the work. And it’s pretty easy to set up a home office. The part of freelancing and consulting that takes time is building a network. So, if consulting is in your future, you must start building the marketing plan.

Lifelong learning has never been more important. When you become a freelancer or consultant, you are in charge of everything. If you’re used to calling the technology department every time your computer goes on the fritz or having someone proofread all of your communications, those things go away when you leave Corporate America. Sure – you can hire someone to help you but that can get pricey.

It will be necessary to financially plan for these transitions as well. Freelancing can be terrific in terms of having time to travel, pursuing a hobby, or spending time with family. On the other hand, freelancing means you’re responsible for all of your income, including benefits like healthcare and vacation. So, moving to a lifestyle where you have more control also means you’ll want to make sure you can afford it.

One of the ways that individuals can transition toward their retirement lifestyle is by spending some time as a freelancer or consultant. Organizations seem to be very willing to consider these arrangements. But it needs to work for everyone. Companies want individuals with knowledge and skills. Individuals want flexibility and fair compensation.

To make this successful, both companies and individuals will need to start planning earlier and communicating more often.