Retirement Wisdom

Retire Smarter

Personal Development

Should I Stay or Should I Go? What’s the Right Move?

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By Joe Casey

Is it time for a new career? Can I do it?

It’s inevitable that you will approach a crossroads in your career in mid to later life.

Questions bubble up.

Sometimes from within. Sometimes from others. Or both.

The questions are around your path.

          Should I Stay With What I’m Doing?

          Or Should I Pursue a Different Direction?

A Chorus Of Voices

It’s an invitation to tune in to that little voice inside that’s easy to mute in the hustle and bustle of daily life.

Practical considerations quickly come to the fore. Stability. Financial security.

And then the ‘What If’s” join the conversation.

Often, it’s the negatrons that jump in first. They tend to be the louder ones.

           What if I switch direction and fail?

Are You Tuned In?

But you usually have to concentrate on hearing the quieter voice. But it’s worth it. There’s usually a dream in there.

          What if I could do x?

          What if I started my own business? The one I’ve always thought about.

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The practical considerations are real and important. There are challenges and risks that have to be weighed and considered.

So what’s the right answer?

Staying the Course

I encountered two examples this week that answered the same question differently.

First up is Pete Carroll, coach of the Seattle Seahawks. In his case, the questions have been swirling. From others.

He is clearly passionate about what he does. His answer is:

“Somebody said, ‘You’re 65, are you thinking of retiring?’ 

….Who says at 65, you have to retire?

 What does that mean? It means nothing to me.

I’m not old enough to retire.”

       – The MMQB – Sports Illustrated | June 11, 2018

He loves his job. A key theme in his coaching is to Always Compete. For him, the choice to stay the course seems clear. In spite of

the strident voices around him who suggest otherwise. Maybe that will be the right choice for you. But for others, there can be a

sense that there’s more, something else to pursue, something left to do.

Will You Be Ready to Seize an Opportunity?

Next, meet Melissa Davey. In the midst of a successful career as a senior leader in healthcare, a chance detour led her to move to a new career,  a seismic career shift to filmmaking. Melissa joined us on our podcast, The Retirement Wisdom podcast, to discuss her story, her new career, and her documentary feature-film titled Beyond Sixty Project.  The story of her film is fascinating, capturing the life experiences of women across the country who are crafting their own stories of “resilience and relevance.”

Like Pete Carroll, she loved her job, too. But a focal point of her story is being open to new experiences that could open up a new

avenue. Perhaps most of all, her story is about listening carefully to that inner voice, having the courage to pursue a dream Second

Act – and then creating and executing the right plan to make it happen.

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You can listen to our conversation with Melissa here.

You’ll hear the inspiring story about how she became a filmmaker at 65 and the role of a pivotal encounter with M.Night Shyamalan.

It could help you tune in to your inner voice at just the right time – and it could lead to a new career.

Joe Casey is a former senior HR executive pursuing a Second Act career as a retirement coach.

Why Do We Need Reminders of What Matters Most?

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By Joe Casey

A colleague, executive coaching client, and friend died two weeks ago. He was suddenly stricken with an illness, fought valiantly, but, sadly, died three months later.

One week before his retirement date.

One month before his 69th birthday.

His brother delivered the eulogy at his funeral and spoke about how he had been looking forward to being able to spend the whole summer at his beach house, for the first time in his life. He had bought a new convertible, parked right outside, to make the most of it. He had put his retirement off, several times.

Listening to the eulogy, you heard a story of a life well led. There was a clear arc from humble beginnings and through perseverance, life-long learning;  professional success. Most of all,  there were long-term commitments and relationships with family and friends. He was a devoted husband and father.

He had done things right in preparing for his retirement. He had planned, saved and invested wisely. And he was a man of purpose and conviction. He was not one who spoke about purpose, he was one who walked the talk. He had changed his career ten years ago at 58 from financial services to health care. In preparation, he had gone back to school and earned a Master’s degree in the field. He then went to work at a not-for-profit organization in the substance abuse rehabilitation field, an area that he was deeply passionate about.

If you follow Retirement Wisdom on Twitter, you know that we follow the literature on retirement closely. There’s no shortage of articles on longevity, working longer and even never retiring each week. Lots of stats and projections of increased life expectancy and longer careers.

We all know that there are no guarantees. But standing in the pouring rain at the funeral of a colleague, client and friend, I wonder why we sometimes need a reminder to return our focus to what matters most. At least, I do.

Carpe diem.

 

Joe Casey is an executive coach and retirement coach with Retirement Wisdom®.

Follow us on Twitter @RetiremntWisdom and connect on LinkedIn at www.linkedin.com/in/joecasey21

Is Your Attitude in Shape for Retirement?

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By Joe Casey

There’s a lot of uncertainty we face in planning for retirement. On the financial side, we can’t control the direction of the markets, interest rates or unexpected events (Lions and Tigers and Bears, Oh My!). On the non-financial side, there are important questions to resolve (Where will we live? What will we do?) and many things we can’t fully control, like our health and longevity. There is one thing we can control in retirement – our attitude.

In my HR career, I  remember meeting with an internal client who prominently displayed a sign on his desk that was impossible to miss: Attitude is Everything. It rang true then, and still does today. A great conversation with Fritz Gilbert (The Retirement Manifesto) helped me appreciate what a difference it can make in transitioning to retirement.

Retirement brings opportunities and choices, along with challenges and losses. What makes a difference in pursuing the former and persevering through the latter? The attitude you adopt. How you look at things essentially determines how you experience them. If you have an opportunity to talk with former colleagues who’ve retired, you’ll see it right away. (I had dinner with two just last night). Listen to how they describe their life in retirement. Most, if not all, have faced some sort of challenge. It’s a funny thing though. Often, the ones who have had the most difficult challenges describe their experiences differently. You can hear it and feel it in their attitude. They are more resilient. There’s a different outlook – and it matters.

You may be thinking, “Some people have always been that way.” True. But the change of pace in the transition to retirement can test even the best attitudes. There’s an adjustment period. It is one of those rare times in life where you really do come upon a fork in the road.  You can make different choices. It’s up to you. It can be a real turning point. (Despite Yogi Berra’s advice).

You may discover that the attitude that helped make you successful in your working years needs some fine-tuning in your retirement years. With a significant shift in how you spend your time, this can be important. How do you ensure that your attitude is in the right shape for retirement? If you’d like to adopt the type of attitude that will be helpful to you (and to the people you care about) there’s a great place to start.

A Matter of Attention 

Begin with gratitude. It doesn’t take much time and it can pay huge dividends.

Gratitude is a practice of taking time to notice, acknowledge and appreciate the good in life. Three Good Things ,developed by Martin Seligman at the University of Pennsylvania, is a simple daily practice that’s very effective. Keeping a daily gratitude journal is another. It changes what you pay attention to. After a while, you’ll automatically begin to look for the good – and savor it more.

Why work on gratitude? It’s extremely good for you. A 2018 study by Robustelli and Whisman found that higher levels of overall life satisfaction were correlated with higher levels of gratitude. And in times of loss and adversity, Chopik et al. (2017) found that gratitude can help people see and appreciate the positive sides of life and it encourages greater resilience.

And it might just be a game-changer. Why? Psychology professor Barbara Fredrickson notes that positive emotions “broaden and build” and can create an “Upward Spiral” of other positive emotions, in contrast to negative emotions which can narrow our range.

Prepare for the Soft Side of Retirement

We had a great discussion recently with Fritz Gilbert for our podcast. Fritz is a corporate commodity trader, who is just weeks away from a well-researched and well-planned early retirement at 55. He created his outstanding blog, The Retirement Manifesto, three years ago. At first, he focused primarily on the monetary aspects of creating financial independence and early retirement (FIRE). Over time, he’s written many excellent pieces of the “softer” side of retirement emphasizing how important it is to proactively plan for both sides of retirement. I often retweet his work – it is exceptional and practical. I highly recommend his post on The Ten Commandments of Retirement. You’ll benefit greatly by following his posts.

Listen to our discussion with Fritz on The Retirement Conversation podcast to hear his insights on the softer side of retirement planning. In addition to his wisdom and useful ideas, you can hear and feel his attitude. I  sense that it is one of the most important assets he’s bringing to his retirement. It might give you some ideas on continuing to cultivate your own so you’re in good shape for retirement.

Fritz Gilbert, @RetireManifesto, joins The Retirement Conversation podcast:  Listen here.

 

References

Chopik, W. J., Newton, N. J., Ryan, L. H., Kashdan, T. B., & Jarden, A. J. (2017). Gratitude across the life span: Age differences and links to subjective well-being. The Journal of Positive Psychology, 1-11.

Fredrickson, B. L. (2013). Positive emotions broaden and build. In Advances in experimental social psychology (Vol. 47, pp. 1-53). Academic Press.

Robustelli, B. L., & Whisman, M. A. (2018). Gratitude and life satisfaction in the United States and Japan. Journal of Happiness Studies, 19(1), 41-55.

Millennials & Baby Boomers. Can We Talk (about Retirement)?

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By Joe Casey

There’s a lot of ongoing chatter about Millennials & Baby Boomers. A Knowledge@Wharton article last week posed the question Can Baby Boomers Succeed in a Millennial World?

It noted that next year Millennials will become a larger share of the US population than the Boomers. It also pointed out that in today’s workplace there are many unhealthy stereotypes about each generation. Another recent article noted that there is “Millennial fatigue” and highlighted that the cohort is more diverse than is often thought. I’m skeptical about sweeping characterizations about generational cohorts. My education tells me that there are common experiences and influences shared by a generation, but there’s also a great deal of heterogeneity.

So, who are the Millennials exactly? It’s often thrown around as an all-encompassing term for anyone younger. Millennials were born between 1981 and 1999, so they are now between 19 and 37. The Baby Boomers were born between and 1946 and 1964, so we are currently between 56 and 72.

With five generations in the workplace today, each generation brings a different perspective and mindset. Older Baby Boomers grew up in a world where there were clear rules and the paths were defined. It was a world with pensions and a “traditional” retirement date. On our retirement podcast, Jim Frawley, a Leadership and Retirement Coach who works with both Boomers and Millennials, says that Millennials come to the issue of retirement with the recognition that there are No Rules. It can create a sense of empowerment and freedom, but it also means that there are no pathways. You have to build your own roadmap, create your own milestones, and keep yourself on-track.

It appears that both generations are essentially after many of the same things, but think about the timing differently. According to Frawley, many Millennials want independence and they’re unwilling to put off living until retirement. Having the time and flexibility to live an integrated life to the fullest – sooner rather than later – is paramount.

It turns out both generations can learn specific and valuable lessons on retirement from each other.  If you’re a Baby Boomer or a Millennial – or a parent or child of one – you’ll find something of interest. You can listen to our conversation with Jim here

Joe Casey is a former senior HR executive who’s in his Second Act career as a retirement coach.

Related Content:

The Exciting Potential of Intergenerational Mentoring – our podcast conversation with Charlotte Japp, founder of CIRKEL

What Story Are You Writing? 6 Lessons to Fuel Your Next Chapter – my experience at a CIRKEL event

Outdated Principles on Retirement on Your Belief Window?

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By Joe Casey

They say when the student is ready, the teacher appears. But sometimes the teacher shows up early and plants a seed.

Twenty-five years ago, I was introduced to a concept that I wasn’t ready to grasp. I was in my mid-thirties, a mid-level HR manager on the way up, with two kids and a long To-Do list. Big plans. Busy schedule. Many irons in the fire. Getting lots of things done. A whirling dervish. You know the type.

Are You Open to a New Idea?

One day, my manager and her manager asked if I’d meet with Hyrum Smith, who was then CEO of the company that made Franklin Day Planners, which we used in a big way in our company. They wanted my opinion on a new idea he had that may be useful in our management training programs. Would I hear him out and opine on how it would fly with our managers?

It was great to meet Hyrum and hear his new idea. He explained that we all have a belief window through which we view the world. Think of it as an invisible windshield in front of your face. On the windshield, we have our beliefs and principles and they alter our view of the world. The problem comes when some of our principles become outdated or inappropriate to our circumstances. They can distort our vision. It’s like trying to drive in a heavy downpour with broken windshield wipers. It’s hard to get an accurate view of what’s in front of you.

I believe I was very polite,  but my reply was that I didn’t think it wouldn’t be right for our managers. (I believe I was thinking about my next three meetings and my To-Do list and starting to hyperventilate).

The truth is I wasn’t ready for the concept.

I was a complete dolt. It took a while for it to dawn on me (years, actually) that my managers didn’t need my opinion on this idea. They thought it was an idea I needed to hear.  Once I finally got it, this became a valuable concept.

Over time, I got used to asking myself “Am I seeing this situation accurately? Or is it because of an incorrect principle or outdated belief on my windshield?” In my primary career, it helped me become more open, less defensive, and start to build a broader perspective beyond my To-Do list.  Today, I often recommend it to my executive coaching clients.

 

What Incorrect Principles Can People Have About Retirement?

Sometimes, we haven’t always reflected on what our beliefs are about retirement. And sometimes they are outdated or incorrect. Here are some that I hear:

 

1. “I Just Need Financial Security”

For years, the message has been clear. People are not saving enough for retirement. Pensions are a relic of the past. Social Security may not be there for you. You’re on your own. Many people have heeded these warnings and diligently saved and wisely invested for their retirement. Yet, this can still be an incorrect principle on the windshield. How? It’s necessary, but not sufficient. You have to plan for how you’ll manage both your money and your time in retirement. Since retirements today can last 20 to 30 years or more, the time element presents an enormous opportunity – or a big risk.

2. “I’m in Control of the Timing of Retirement”

Picture your Retirement as a 4-year-old with his or her hands on the hips, defiantly explaining to you that “You’re not the boss of me!”

In some ways, that can be true. One of those ways is when you retire. There are often circumstances beyond your control that may lead you, or even force you, to retire far earlier than planned. According to the 2017 Retirement Confidence Survey by the Employee Benefit Research Institute, 48 % of retirees surveyed retired earlier than planned, mostly due to hardships, illness, caregiving or downsizing.

Keep in mind that you may not be the boss of the timing of your retirement.

3. “I’ll Figure It Out As I Go”

After a long career, kicking back for a while is appealing. After all, you deserve a break. The question is: How long a break?  Without a solid plan on how you’ll start to invest your time, it’s easy to drift. After a while, the vacation mindset can become your default mode. There’s nothing wrong with that, but it can make your transition harder, if you do decide that work, in some way, is part of your life in retirement. It’s better to stay engaged in some way, leverage your contacts and experience while they are still fresh. You can always leverage a freelance project, consulting role, or volunteer opportunity down the road. While you’re immersed in your primary career, the idea of simply not working is seductive. But as the saying goes, it’s not what you retire from, it’s what you retire to that matters most. It’s a better idea to think that through a bit before you jump. You can be the boss of how you use your time in retirement.

 4. “My Spouse/Partner Wants the Same Things I Do”

We think we know our partners well. And we probably do. But it’s easy to forget that they change too. When you’re leading busy lives, it’s easy to not be fully in synch with their hopes and dreams.

In their excellent book Refire! Don’t Retire, Ken Blanchard and Morton Shaevitz point out that partners may often be at very different phases of life and want very different things in the retirement years. One may be interested in more travel and leisure while the other, after having taken primary responsibility for child-rearing, may now be ready for more career or achievement type of pursuits. It’s important to discuss this openly, without any assumptions getting in the way.

 

The Takeaway

There’s a clear pattern here. All of these incorrect principles are based on assumptions that were probably correct and useful at an earlier time. But if they’re not updated as things change, they can become obstacles. It’s like trying to run your iPhone 8 on IOS 2.3.

What beliefs do you have that might be ready for a Software Update?

 

Postscript

After I started writing this, I discovered that Hyrum Smith recently published a new book, Purposeful Retirement. I’ll be reading it shortly and will post a review on our website. It’s safe to say that I’ll be trying to absorb his wisdom right away this time around.

Joe Casey is an executive coach and retirement coach who also helps people think through and create their Second Acts, at retirementwisdom.com

References

Lisa Greenwald, Craig Copeland, and Jack VanDerhei, “The 2017 Retirement Confidence Survey—Many Workers Lack Retirement Confidence and Feel Stressed About Retirement Preparations,” EBRI Issue Brief, no. 431 (Employee Benefit Research Institute, March 21, 2017).