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Retirement Planning: It’s About More Than Just Not Working Anymore

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wall art everything is figuroutable like retirement planning

The COVID-19 pandemic is forcing older workers to examine their job options. In an article on CNN.com, an economist mentions that young workers’ participation in the labor force has almost fully recovered, while older workers and women are recovering more slowly. I’m sure this has prompted individuals to say to themselves, “Am I ready for retirement?”.

Making the decision to retire involves more than simply deciding not to work anymore. It includes financial planning (Do I have enough money?), healthcare planning (Can I take care of my medical needs?), and emotional planning (Am I emotionally ready?). Over the past year, we’ve written about some of these topics and we thought it might be helpful to have them as a reference in one place.

Retirement Planning: 5 Reasons to Have a Stop Working Date

It’s very easy to simply pick the government’s age for collecting Social Security as your retirement date. But if I had a dollar for every person who turned 62 or 65 and said, “I’m not ready yet.” I would be retired right now. LOL! No one is holding you to that date. It’s simply a placeholder for planning. And retirement planning is important.

Retirement Success: We Need to Learn About Happiness

Happiness means knowing what will make us happy. In our retirement life, we will often have to deal with trade-offs. For example, we can travel often but our accommodations might be economy. Versus traveling less but more luxuriously. Or we can retire earlier but it means downsizing and paying off a mortgage. Or we can work longer, but it means becoming a freelancer or contractor without corporate healthcare insurance. For us to make good decisions, we need to truly understand what makes us happy. 

5 Ways We Can Bridge Our Retirement Gap

Statistically, we know that people are living longer. The challenge is that we’re not financially preparing to live longer. The financial shortfall between how much we need for retirement and how much we have has been labeled “the retirement gap”. The retirement gap is a global retirement planning issue and it’s growing, especially in the United States. The bottom-line is that individuals need to prepare for retirement because Social Security wasn’t designed to cover 100% of our retirement expenses. 

Is It Possible to Flunk Retirement

In today’s business world, we appear to be much more accepting of failure than ever. Billionaires 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. 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.

The Pros and Cons of Being a One Car Household

One of the things to consider in retirement planning is transportation as in, “How much do you want to drive?” The answer might prompt you to take some action like moving from the suburbs to a more walkable community. Or maybe downsize vehicles to something smaller and/or more fuel efficient. Or you might do what we did and simply become a one-car household.


Should You Keep “To-Do” Lists After You Retire

As a person who likes to plan, I make lists. Granted, all of my lists aren’t created equal. For example, I plan our meals using lists. It helps us save money on groceries and we don’t waste food. I also have a list of small tasks that I need to complete during the day like “buy tickets to see Bohemian Rhapsody on Friday”. I can’t imagine when I retire that I would stop making those types of lists.

Regardless of where you are in your retirement planning process, making sure to think about all of the aspects involved in retirement is important. I’d like to think that anyone considering retirement wants to know they’re as ready as they can possibly be for the future. 

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. 

Why Voting Matters – #Election2020

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wall art about voting saying just do it

I’d like to think that everyone knows there’s an election coming up in the United States. And like all elections, the outcomes are important. Some might argue that this year is even more important. I’m not going to get into that today except to say that even if you vote regularly, I hope you will take the time to finish reading today’s post.

I was a political science major in college, so I like reading and staying up on politics and the news. Which I will admit can be a bit challenging at times. A few months ago, Keith bought me a book titled “OMG WTF Does the Constitution Actually Say?” by Ben Sheehan. Whether or not you’ve read the Constitution, this is an educational and fun read. It contains both the actual text as well as a casual interpretation. I hadn’t read the Constitution in a long time and it was a good refresher. 

Shortly after finishing Sheehan’s book, I heard about another book…this one about voting. Kim Wehle is a professor of law and legal expert. She wrote the book “What You Need to Know About Voting and Why”. Needless to say, I had to get a copy.

While I’ve been voting for a long time, I really enjoyed this book for a few reasons. It’s a book that talks about both the mechanics and complexities of voting. The book delves into whether or not we have a “right” to vote, how to qualify to vote, and how voting impacts government. I’ve never questioned my ability to vote ever nor have I ever had anyone question my ability to cast a vote. (Yes, my white privilege is showing.) That’s not the case for everyone and this book does a good job of explaining how voter suppression has happened over time and still exists today. It also talks about money in elections and if you ever wanted to know the difference between individual contributions, political action committees (aka PACs), and Super PACs…this book will clarify it for you.

The book was also helpful in sharing how older Americans who need assistance can have a caregiver help them vote and how individuals with disabilities can make sure they’re able to vote with accommodations. Finally, the book offers suggestions about what to do if for whatever reason you’re turned away from a voting precinct (and it could be because of what you’re wearing – and, yes, they can do so legally). 

Voting is important. Our votes elect individuals who create laws that impact our personal and professional lives. I’m not just talking about major pieces of legislation like the Americans with Disabilities Act (ADA) or the Family and Medical Leave Act (FMLA). Right now, an elected school board official is deciding whether or not our kids or grandkids should go back to school in person or online. That’s pretty darn important. 

I’m not trying to give you the hard sell on buying this book. I did think it’s really good and it will have a permanent spot on my bookshelf (next to Sheehan’s book about the Constitution). That being said, there is one quote from the book that I want to share.

“As far back as 1886, the Supreme Court has repeatedly declared that the right to vote is ‘fundamental’ because it is ‘preservative of all rights.’ Without the right to vote, individuals can’t hold government officials accountable for breaking other laws.” 

Wehle suggests thinking about our ability to vote as an accountability tool. Without it, government officials could feel – and act – as if they’re above the law. 

A recent AARP study showed that Americans 50 years of age and older would be the world’s third-largest economy if they were counted as their own country. You can imagine the economic impact of this demographic and the power they have in the voting booth. I’m not here to tell you how to vote. But I do hope you will take the time to learn the voting laws in your state, get educated on the issues, and make a plan to go vote. What happens on November 3, 2020 will have a long-term impact on us as individuals as well as our plans for retirement.

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

Estate Planning: 3 Important Takeaways

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let's have a conversation about estate planning nothing is accomplished alone

In our last “What We’re UP To” from a few weeks ago, we mentioned that we’re updating our wills and health care directives. We didn’t expect anything out of the ordinary but surprisingly, there are a lot of moving parts in most estates than you might realize. So, we wanted to share some of our findings with you. To get us started with a conversation about estate planning, let’s start with a definition. Investopedia defines an estate as:

Everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in.

According to that definition, we all have an estate to some degree. That’s what an estate is, but there are basically three important documents that help spell out how you want your wishes carried out when you are no longer capable of doing so:

  1. A will
  2. Durable power of attorney for financial matters
  3. Health care power of attorney

As I mentioned, we’re in the process of updating these documents right now. Even though we’ve been through this process before, we’re realizing that things can change over time and wanted to share our takeaways.

Takeaway No. 1 – Your Estate Plan Should Not Be “Set It and Forget It”

Years ago, we did like most people and, with the help of an attorney, created a simple will that was signed and perfectly legal. Then, we immediately placed it in a safe deposit box for 15 – 20 years. The thing is, life has a habit of changing over time and you will want your will to keep up. I would still recommend a safe and secure place to store your official will. But, keep an electronic copy and schedule a regular review every 6 – 12 months and make changes as needed.

I mentioned that we created our original wills through an attorney, and we are doing that again now. Which leads us to takeaway number two.

Takeaway No. 2 – Doing Everything Yourself to Save Attorney Costs May Not Work Very Well 

Yes, you can do that, and it may be just fine. Or, it may not. I’m not an attorney or a certified estate planner so the best advice I can give is this – know if and when to engage an attorney. That might depend on how involved your estate is or how complicated local and state laws are for your estate plan. Just don’t make assumptions that could result in costly headaches for your loved ones.

Speaking of assumptions, the worst assumption you can make brings us to the last takeaway.

Takeaway No. 3 – No, Everyone Does Not Have to Carry Out Your Final Wishes

We found out pretty 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.

Hopefully this article doesn’t seem full of doom and gloom. On the contrary, think of this as caring for those you love when you are no longer able to do so. Yes, it takes planning and dealing with a few decisions that could be a little uncomfortable. That helps avoid pitfalls and provide some peace of mind for everyone. 

5 Ways We Can Bridge Our Retirement Gap

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wall art hands reaching toward each other implying a retirement gap

I ran across an interesting TEDx video on the Center for Retirement Research’s Squared Away Blog. Kevin Bracker, a finance professor at Pittsburg state university in Kansas was talking about “The Retirement Gap”. While the video is from 2019, it does have some really good takeaways for retirement planning. 

Statistically, we know that people are living longer. The challenge is that we’re not financially preparing to live longer. The financial shortfall between how much we need for retirement and how much we have has been labeled “the retirement gap”. 

The retirement gap is global and it’s growing, especially in the United States. So why do we have a retirement gap? There are two primary reasons. First, we don’t save enough. There are people close to retirement who do not have enough saved. Bracker says 40% of the population doesn’t have a retirement account and the majority of individuals do not have enough in savings to last them a year. Second, Social Security, which is supposed to be our retirement safety net, doesn’t have enough funding. 

Whether you believe Social Security is funded enough is a topic for another day. The bottom-line is that individuals need to prepare for retirement. Social Security wasn’t designed to cover 100% of our retirement expenses. Here are five things that could help individuals bridge their retirement gap:

  1. Save more. I realize this is very difficult to do in general. Even more so when people are facing unemployment or taking a job that pays less than the last job. Toughness aside, are there ways we can set a little bit aside? I’ve mentioned before that we have monthly budget meetings and ask ourselves, “Is there something we can cut from our regular expenses?” Sometimes we amaze ourselves with what we can live without. 
  1. Understand the tax code. I’m not saying don’t pay your fair share. But there are ways to legitimately reduce your tax burden. One thing I immediately think about are 401(k) plans where you can save pre-tax. According to the Investment Company Institute, 50% of all employees have access to a 401(k) plan. And over half of those plans include an employer match. As a HR professional, I’m amazed when people don’t take advantage of this benefit. It’s a way to automatically save, pre-tax, and get a savings match from your employer.  
  1. Become financially literate. In addition to taking advantage of the savings opportunities from your employer, it’s possible to invest on your own. I think it’s important if you’re going to invest to understand key financial terms. For example, knowing how inflation impacts the market. Also, individuals should know how to read an organization’s financials to determine whether or not to invest in them.   
  1. Think about professional help. Most of us are not full-time market fund managers. At some point, we might want to consider the services of a financial advisor. Keep in mind these services are not free. Individuals should know how to select the services of a financial advisor and what their fee structures are. A financial advisor can be a huge benefit but it’s important to have trust in their abilities. 
  1. Play the long game. It can be frustrating to save and not see immediate results. Or not see big results. Those small increments can and will add up if we play the long game. I’m reminded of the saying, “If it seems too good to be true, it probably is.” It definitely applies here. Retirement planning happens over time. In small increments. It happens when we’re patient. 

Toward the end of the retirement gap video, Bracker talks about creating some systemic changes like “opt out” 401(k) plans versus “opt in” and automatic savings increases but I think most of us aren’t in a position to implement those changes. The five actions above are things we can do now. 

 I know for some people these financial strategies aren’t anything new. It is a good reminder to stay focused and look for opportunities to do more. After all, we want to enjoy those extra years ahead.

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

How to Create Your Retirement Vision Board

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brainstorming rules to help create a retirement vision board

One of the best things that Keith and I started doing to help our retirement was to start talking about it. What do we want our retirement to look like? It helped us realize that we want a period of “unretirement”. It’s one of the reasons that we started this blog. 

But there are times when simply talking about future goals isn’t enough. And even writing down goals isn’t enough. I want to see more than the words. I want to see what the future may look like. Visualize it. 

A vision board can be a good way to do that. Vision boards are a tool used to help clarify, concentrate, and maintain focus on a specific life goal. Literally, a vision board is any sort of board on which you display images that represent whatever you want to be, do, or have in your life. 

There are many ways to create a vision board. Maybe you keep it in a journal. Or a bulletin board. For me, I’m finding the perfect place to keep a vision board is Pinterest.

A few years ago, I wrote a 5-day plan for learning Pinterest on HR Bartender. Since then, I continue to see activity and engagement on the platform. My experience with Pinterest is that it’s less of a dialogue or conversation platform and more of an inspiration, utilization platform. Think of it like a digital bulletin board. 

If you’re looking for a way to stay focused on a goal, consider creating a vision board to help make that happen. Here are five things to note:

  1. You can make it secret. Not ready to share your vision board with the whole world. No problem. Pinterest has a feature that allows you to make a board “secret” so only you can see it. 
  1. Section it to fit your needs. Pinterest has a nice feature where a “board” can have “sections”. So, your vision board could have a personal AND a professional section. For example, your retirement vision board might have sections for your encore career, where you’d like to live in retirement, and places you’d like to visit. 
  1. Pin images, articles, and quotes that help you achieve your goals. One of the things I like about Pinterest is that I can pin a variety of things – images, articles, quotes. I can pin stuff from the internet and photos I’ve taken or articles I’ve written. Bottom-line: it’s flexible.
  1. Change it when you want to. After pinning something, you can move it to another board, or delete it completely. Let’s say you pin a list of the top cities for retirees. Couple of months later, you see a better list. Delete the old one and replace it with the new one. 
  1. Delete what doesn’t work. One of the downsides to vision boards can be a feeling that you look at it and say, “I’m not getting to my vision fast enough.” Or “I’ll never achieve the goal.” It’s important to remember that our goals change regularly, and we have to be willing to let go of some goals in order to make other ones happen. Vision boards must be flexible to be effective.
  1. Your vision board can be portable. I’m not against the bulletin board type vision project, but there’s something nice to me about having my vision board with me all the time. If I’m at a conference or out at dinner, and I hear something, I can immediately post it. Versus going home, then finding/printing/posting it. 
  1. When you’re ready, you can share it. There might be components of your vision board that involve coworkers, family or friends. Maybe you want to start a business. Or move to a different city. Pinterest allows you to share boards with others.

Vision boards can help us with our career goals, life goals, and maybe even retirement goals. We have the flexibility to create something that fits our needs. Because the goal with a vision board is to make it happen. So, if it works, take advantage of what Pinterest can offer.

Image captured by Sharlyn Lauby somewhere in Fort Lauderdale, FL

Your Career: Development Strategies To Consider

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mall sign careers success starts here with development strategies

I mentioned a few weeks ago that I wanted to share a few career development resources given the state of the current job market. I hate to say it, but ageism still exists. A recent article on Next Avenue mentioned that many older workers have lost their jobs due to the pandemic and it’s possible they will not be asked to return to the workplace because of their age. 

Traditionally, many workers have relied on their employers to provide professional development opportunities. And I agree, they should. It’s important for organizations to make investments in an employee’s career and future with the organization. If they don’t, it could result in high turnover.

But that doesn’t mean employees are off the hook. Employees need to have their own personal career development strategies. They need to be able to articulate to their managers what they want in terms of a career. In addition, employees should have an honest opinion about the knowledge, skills, and abilities they need to work on. And when the company isn’t ready or willing to provide career development strategies, employees need to figure it out on their own. 

If you’re looking for a little creative inspiration when it comes to developing your own career strategy, here are a few articles that you might find helpful:

The Top 5 Soft Skills That Employers Should Look For

Soft skills are in big demand. Employers want to identify them in candidates. Learn the top soft skills that employers look for when hiring.

Networking: 7 Proven Ways to Grow Your Career

Whatever stage you’re at in your studies or career, networking can connect you with exciting opportunities. Learn to network successfully.

How to Get Better Results in Your Work

Results at work can lead you to career success. But delivering a great outcome doesn’t just happen. Learn 7 steps that will help you get better results at work.

Integrity: 6 Ways to Improve Trust and Values

Integrity is the foundation of trust and respect. Good leadership needs strong values. Here are 6 things to focus on to improve organizational integrity.

10 Ways to Be a Better Team Player

Being a better team player can be a boost for your career. Companies look for it in promotions. Learn 10 ways to be a better team player.

Innovation and Leadership: 7 Qualities Organizations Need for Success

Leadership is needed more today than ever today. Innovation is key to success and growth. Here are 7 qualities in strong organizational leadership.

Understanding what companies are looking for can help you define where you’d like to see your career now and in the future. It can help you identify the resources you’d like when negotiating with the company. It can also help with your overall work performance (which often helps with your paycheck and future opportunities, if you know where I’m going).

Career development strategies benefit both you and the organization you work at. While those conversations should be happening on a regular basis, don’t miss out on opportunities to develop yourself. Be prepared!