Investor Minute
Don’t Be Fooled by These 4 Big Retirement Myths
At age 52, George Jerjian thought he was immortal. He was at the height of his career in marketing, having won an Emmy as a producer. Then his doctor gave him the bad news. He had terminal cancer with perhaps six months to live.
Jerjian quit work immediately, an unplanned early retirement.
But he survived his diagnosis. And ten years later, at age 62, he launched a second career using what he’d learned about retirement to help others better prepare for their post-work years.
Having retired early and then unretired, Jerjian learned that many people (including himself) believed things about retirement and aging that just aren’t true. Here are four misconceptions to keep in mind:
Myth #1: Life follows a linear path
We often assume that our lives will unfold in three simple chapters: Get an education, get a job and get married, and then retire and enjoy downtime.
But real life is much more elastic, progressing with many twists and turns. And the outcome is often unexpected. “Don’t wait for retirement to live the life you want,” says Jerjian. “Tomorrow is never guaranteed, so take time to do activities you enjoy every day.”
Myth #2: You can’t teach an old dog new tricks
Learning is not just for the young. There is no reason you can’t master new skills, take up new hobbies, or even start a new career after you retire.
Myth #3: Your 20s and 30s are your best years
Our society seems to be obsessed with youth. And yet many people report the greatest life-satisfaction in their later years. If you maintain good health, plan your finances, and invest in close relationships, your happiness can actually increase as you age.
Myth #4: There’s no point in thinking about death
We don’t like to dwell on the fact that one day our life will end. But Jerjian discovered that the bad news from his oncologist was the wake up call he needed. “I found that, remembering death could come at any time,” he writes, “eliminated my mindless pursuits and worries. It allowed me to be more present and do more things that were actually important to me. ”It’s hard to imagine what life will be like when you retire. In some ways it will be very different—you won’t be going into work every day. But in other ways it will be similar to your life now. To enjoy these years to the fullest, it’s best to prepare now. Have a specific plan for your finances, and definite goals for how you will spend your extra time. But also build in some flexibility and resilience, because life seldom turns out exactly as we expect. Your trusted advisor can help you map out a path designed to address your specific needs. Click here to schedule time with me. Give me a call so we can design the best plan for your future.