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Reinspirement Replaces Retirement – 2013
“Age doesn’t mean anything to me. I can’t get old; I’m working. I was old and out of work when I was twenty-one. You stay young as long as you’re working. Sixty-five is retirement. Ridiculous. I was sixty-five. Even then I had acne.George Burns 1896-1996
Have you ever seen a bumper sticker,”Retired: I was tired yesterday and tired again today?” I have and since I am in the “retirement zone” I found it very interesting. Maybe that’s the real story Retirement is tired and nearing its useful end.
The traditional understanding of retirement is based on the premise that a person’s earnings will cease when work ends and a new lifestyle will be built from the elements of Social Security, company pensions, and personal savings. Once the transition is made, there will be at least enough time and money to do many things that were not possible during the working years.
Like the rat after the cheese at the end of the tunnel, most Americans work their entire lives waiting for that magical moment when they can leave it all behind to golf, fish, and garden. Even though people suffer from jobs they hate and spend hours away from their families under the stress of professional responsibilities, they persevere for the rewards of their golden years. They hope not to lose their jobs due to outsourcing or downsizing and ultimately their company pensions. If that’s lucky!
The problem is, this tried-and-true retirement formula has fallen apart before our eyes, and especially since the 2008 financial meltdown.
Millions of Americans are now “maxed out.” They should increase their use of credit to meet the rising cost of living for basics like health insurance, transport, energy, food and housing costs. Furthermore, in the New Normal of the 21st century, the idea of saving more money has become a complete joke for most middle-class and formerly middle-class families.St In October 2005, according to the Commerce Department, the total personal savings rate (not including pre-tax savings vehicles like 401k) was charted as 0.07%, and 8 years later, in April 2013, it had risen to a whopping 0.1 percent.
The result of all this? Passive income, whether from pensions, savings, Social Security, stocks and bonds, or some combination thereof, is no longer as reliable as it used to be to meet financial needs in later years. Social Security checks have become insufficient for most to rely on other sources of income. While 40% of companies offered pension plans to their employees in 1980, only 21% in 2006 and significantly less in 2013.
However, most people stick to the 40-year job-to-retirement model; One that seems more fanciful today and less of a ticket to safety in later years.
You may be asking what option do we have? Actually, you have a choice. As part of the latest transformation of American society, the traditional concept of retirement is in the process of reinventing itself. Retirement takes the place of revival! REINSPIRE: I was inspired yesterday and inspired again today!
While economic realities certainly change the need, the resurgence speaks to the overriding value of being productive, and it only starts when you choose to (and not just for older people). Those who choose to refinance take advantage of ongoing private cash flow to fuel their financial plan. They apply creative thinking to their unique circumstances to make it happen.
Resurgence is an idea whose time has come. Similar to the conventional wisdom that tells us to save for retirement when we’re young, reinvigoration offers a similar journey throughout life. To enter a comfortable independent life in later years, we want to change how we think about money and plan for the future.
The resurrection asserts that you (With the help of friends, colleagues and professionals) you can design and implement a work path to meet current and future needs starting where you are today. Lifetime cash flow is the name of the game but it doesn’t have to mean a lifetime of hard work. Learning how to leverage your hard assets (not imaginary digital numbers on a statement) to work for you in the future is the challenge of re-motivation. Your talents, interests, assets, and skills provide the key to uncovering your unique inspiration strategy.
America and the world are already full of revivalists leading by example. Undoubtedly, younger generations will need these examples to help them strategize for the years to come.
Change is the way of the world. As the financial landscape changes, so must the way we think and act when it comes to our financial security and well-being in our later years.
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