Reinvent, Re-inspire, Don’t Retire

Key Takeaways

  • The word retirement came about as a political move in 1889 by then German Chancellor, Otto von Bismarck.
  • The definition of retirement is the opposite of what retirement is actually all about, which is reinvention or re-inspiration, and it’s a transition in to a new phase of life, not the end of life.
  • Writing down a vision for your future and what motivates you can help you prepare to be that 90-year-old that lives life to the fullest.

Love Golf? Read this before buying a dream home on the golf course

Understand generational shifts in hobbies and leisure time before you retire

21 years ago, I was asked to participate at a golf fundraiser for a faith-based organization in the western suburbs of Chicago. In the weeks leading up to the event, I frequented the driving range so I wouldn’t embarrass myself. The day of the event I didn’t do so well. My frustration affected my behavior, which was so bad I could have made Happy Gilmore blush. After that episode my wife told me never to golf again. I gave away my clubs and have been golf-free ever since!

I am an early member of Generation X (1966-1980). My generation is different from the generations ahead of me, the Baby Boomers (1946-1965) and Traditional (Pre-1945). What I have noticed is that many members of those generations truly enjoy the game of golf.  They will take the time and pay green fees to play round after round. They will plan vacations around it, and when nearing retirement, they will pay a premium to buy in to golf communities in Naples, FL or Scottsdale, AZ.

Five great reasons to work beyond 65 (only 1 is financial)

Quitting at 65 might be too soon even if you are financially secure

Key Takeaways

  • More people are working well after the official social security retirement age of 65.
  • Factors such as using our minds more than our bodies, being invaluable to our companies, needing more retirement income, not feeling fulfilled yet, and age being just a number, are all things that contribute to this shift in this view of retirement.
  • While an official retirement age may be arbitrary, it’s important to have a plan in place to ensure you have the money you need when you do decide to retire.

Hidden Benefits in the Sharing Economy

Key Takeaways

  • 34 percent of the workforce is now doing independent, self-employed work—up from 6 percent 20 years ago.
  • The majority of workers in the sharing (gig) economy are NOT taking advantage of all the saving and tax mitigation benefits they’re entitled to.
  • A Solo 401(k)/Profit Sharing Plan can help many sharing economy workers save for retirement and reduce their taxable income.