Retire, But Don’t Stop Working!

Some thoughts on retirement from employment

by Dr. Farid Muna
March 2011

And in the end, its not the years in your life that count. It’s the life in your years.

- Abraham Lincoln

Life is no brief candle for me. It is a sort of splendid torch which I have got hold of for the moment, and I want to make it burn as brightly as possible before handing it on to future generations.

- George Bernard Shaw

There is nothing you can do about your early life now, except to understand it. You can, however, do everything about the rest of your life.

- Warren Bennis

It is always important to know when something has reached its end…what matters is to leave in the past those moments in life that are over.

- Paulo Coelho

Its a special occasion; its their 35th wedding anniversary. They are at their favorite restaurant, the maître d seats them at their favorite table, with a sunset view; the weather is gorgeous. They order their favorite meals and drinks, everything seems perfect.

Then, she asks: “What are your plans for next week? ”. And he replies: “I dont have any. What about you? ” And she replies: “I am not sure. I might have to get together with the ladies next door for a neighborhood function they are organizing. ” A minute later she adds, “Well, you should go see the doctor about these pains you are having. ” “Yeah, I should. I wonder if the insurance covers such things. ” She replies: “Either way, go see the doctor next week. ” Sounds familiar? Depressing? Well join the club—the millions of baby boomers and the retirees.

Let us begin by asking a few basic, but important, questions. Are you really, really looking forward to retirement? Have you carefully planned the non-financial aspects of your retirement? And, are you and your partner in sync about each others roles, values, activities, and allocation of time during retirement years? And if already retired, are you enjoying your retirement to the fullest? If the answer to any of these questions is in the negative, then you should read this article—and start planning your retirement. It may save your marriage and your life, figuratively and literally! Better yet, it will bring happiness and fulfillment to both partners.

Start by asking yourself: “Does one live to work, or does one work to live? ” My own motto/mantra is: Work to live. Dont live to work. If you think otherwise, then this article is not for you.

I believe that one should work until one is unable to do so, even after and throughout retirement. And, by work I dont necessarily mean employment; I mean that retirement requires work, very hard work. In many ways retirement entails harder work than the work in jobs you held during your working career. After and during retirement you should be working harder than ever to achieve the main and nobler purposes of your life be they spiritual, social, physiological, artistic, or whatever they are. This needs careful planning and execution, using a balanced scorecard to achieve the desired objectives of reaching an enriching, fulfilling, and quality lifestyle.

To reiterate, retiring from a paying job does not and should not mean the end of work. In brief, one works long and hard to earn money during the first journey of life. Later, one works even harder to enjoy the equally rewarding next journey into retirement years. For some, to stop working means the end of life; for others, it is the beginning of a new life. Retirement is hard work, but it is satisfying work, the kind of work you have always dreamt of doing. It is pleasurable work, which gives true meaning to life on this earth.

In this context, conventional work means being employed or self-employed, using your talent, knowledge, and skills to earn a living, day-in, day-out in a very competitive environment. A very wealthy person, for example, may continue to work on the activities that gives him or her pleasure (consider Warren Buffet or Bill Gates), but a wealthy person may also choose to work on a farm, or to go fishing, or tend a garden, write software programs, engage in charitable activities, cook, write, and so on. For this wealthy person, doing these activities may well be enjoying a hobby or an undergoing an enriching experience, but not always so for a framer, a fisherman, a gardener, an IT specialist, a social worker, a cook, or a journalist who have to do the same work year in year out—for decades, just to pay the bills and survive. The key here is choice. The wealthy person chooses to do these activities at his or her leisure; with considerable breaks for travel, reading, sports, or just loitering around.

The bottom line: To really enjoy life after employment requires one to work hard at planning his or her retirement. The planning process never ends, it is an ongoing process: you plan before retirement, and you re-plan during retirement.

In the “Retirement Planning” seminar that I conduct for our clients we begin by exploring ways to retire gradually. It is unhealthy to retire abruptly—doing that could be psychologically and physiologically harmful.

Next, we go on to plan the first years of actual retirement using the following 5 steps:

• Visit the Past (to get a better, long-term perspective on life)
• Examine Present & Future Values (and make a Wish List)
• Statement of Purpose (incorporates the new and changing values)
• Action Plans (short and long term plans)
• Balanced Scorecard (to measure progress on agreed plans)

Here are a few samples of hypothetical plans in the first three of these ten underlined areas or values: health, family and friends, finance, self-development, spiritual growth, work/profession, hobbies and sports, entertainment and travel, charitable and community activities, and other items from the “Wish List ”:

Health

• Exercise regularly
• Improve diet
• Reduce stress
• Lose weight (if overweight)
• Make periodic medical check-ups.

Family and friends

• Ensure that you and your family go out to dinners, theaters, sport events, etc.
• Arrange to visit with children and grandchildren (if any)
• Visit extended family members
• Organize periodic reunions for the extended family, at a different location for each reunion
• Organize a reunion with high school or university friends.

Finance

• Start better budgeting practices (or better control on spending)
• Learn how to invest and how to manage your own portfolio
• Make prudent and diversified investments
• Increase saving.

For each plan, set specific, detailed, and measurable targets and goals; track progress; and revise when necessary. By now you may be thinking that all of this is hard work. Well, yes it is; hence the title of this short article: “Retire, But Dont Stop Working! ” Believe me, it is well worth it—I know because I am now doing it on a regular basis!

Finally, enjoy the best part of your life—youve certainly earned it!