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Do Your Retirement Strategies Account for 6 Stages & Community? – Ted Carr

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Retirement Wisdom · Oct 13, 2019 ·

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In this edition of our retirement podcast our guest is Ted Carr, a thoughtful and interesting blogger and podcaster on early retirement who we enjoy following. People often think of retirement as a single phase of life, but Ted describes how there are 6 distinct phases of retirement. He shares his personal experiences with the different phases after he retired early from a career in Silicon Valley. You’ll come away with an appreciation of why your retirement strategies should take the different phases of retirement into account if you want to retire smarter.

One of the big questions people face in retirement is where should I retire to? And that decision is often not a ‘one and done’ type of call as needs, and priorities change over the life course. Ted discusses the decision that he and his wife recently made to move to a retirement community and the key factors that led to their decision. Our conversation shifts to the importance of community in retirement and the risks of isolation.

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Follow Ted Carr:

Twitter

Website

Check out his new podcast:

FIREwalkers

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Wise Quotes:

On Retirement as a Stressful Life Event

“So, I think back to the time before I retired – the pre-retirement stage. What I found is that it’s really, really essential that you have a detailed retirement plan and that it includes not only a financial plan, but also the non-financial side of retirement. And as we’ve alluded to already, the adjustment to retirement can be difficult. Now there’s something that I’ve come across, I’m sure you’ve heard of it too. It’s called the Holmes and Rahe Stress Scale. And on that stress scale, retirement comes in as the 10th most stressful event on that scale. Now, if that wasn’t stressful enough, the other stressors that are on the top 10, shall we say, can occur at the same time as retirement – which only exacerbates the challenges around adjusting to retirement – and some of those things where you have divorce, separation, illness, loss of jobs.”

On Planning to Move in Retirement

“So, us being inveterate planners said, well, you know, we need to be intentional about our future old age. And so, we looked at some of these options and after looking at the CCRC model, we decided that that probably wasn’t for us…And we’re not near that age and the entering cost of buying into a CCRC is very expensive. And so, we just said there are other options that are coming down the road. Maybe we should take a timeout from thinking that way and look at something different. So my wife, who’s extremely social, came up with the idea to look into a 55 plus community because her feeling, and I concur, is that where we live today, there’s really not a sense of belonging. Like I say, she just doesn’t feel that she’s made enough friends over the course of nine years and she doesn’t want to see the next nine to 10 years be equally as frustrating. So, we started looking at 55 plus communities.”

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Resources Mentioned on this Retirement Podcast Episode

The Holmes & Rahe Stress Inventory

What’s Your Retirement Personality Type? by Dave Hughes

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About Retirement Wisdom

We help people who are retiring, but not done yet, discover what’s next.

A long retirement is a terrible thing to waste.

And a meaningful retirement doesn’t just happen by accident.

We help you design the life in retirement that’s uniquely right for you.

Retire smarter. Schedule a call today to discuss how we can help you make yours great.

Retirement Wisdom · Oct 5, 2019 ·

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How Can You Stay Sharp?

We all want to stay sharp. Cognitive functioning is a key part of healthy aging. But is working longer helpful or harmful to your brain health? Well, it depends. In this episode of our retirement podcast, Dawn Carr of Florida State University discusses her insights from new research on the impact of working into retirement with different types of jobs on healthy aging. She also talks about what may happen when people unretire and return to work. Dawn also shares her advice on aging well and how to stay sharp based on research. Listen in and expand yiur knowledge of healthy aging.

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Bio

Dawn C. Carr is an associate professor at Florida State University in the Department of Sociology and faculty associate at Pepper Institute for Aging and Public Policy. Carr’s expertise lies in understanding the factors that bolster older adults’ ability to remain healthy and active as long as possible. With Kathrin Komp, Carr published “Gerontology in the Era of the Third Age: Implications and Next Steps” in 2011, a text dedicated to exploring the relevance, purpose, and factors that contributed to the emergence of a new period of life following one’s career but prior to onset of frailty in later life.

Her recent work focuses on understanding the complex pathways between health and active engagement during later life, including the impact of key transitions in health, productivity, and caregiving. Before joining Florida State University in 2016, she was a researcher at the Stanford Center on Longevity, a postdoctoral fellow in the Carolina Program for Health and Aging Research at the Institute on Aging at The University of North Carolina at Chapel Hill, and a researcher at Scripps Gerontology Center.

Carr received her Ph.D. in Social Gerontology and Master’s in Gerontological Studies at Miami University, and Bachelor of Arts in Music Performance at Arizona State University.

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For More on Dawn Carr, PhD:

Dawn Carr’s Website

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Wise Quote

On Staying Sharp

“What we know is that there are three really important ingredients for maintaining cognitive function, not just in later life but across our lives. And one is staying physically active.… The blood flow in our brains is affected by physical activity and we know that this has a beneficial effect on cognitive function. And the more regularly we stay engaged in physical activity and avoid sedentary behavior, this seems to be very beneficial.

So, you don’t think about staying mentally sharp by exercising, but there’s a certain amount of evidence that suggests that just continuing to stay physically active matters. The second…surprising thing that we know in research about maintaining cognitive function is the importance of social interactions.

People who have very active social lives are able to keep their cognitive function longer. So, they’re able to not only arrive in later life with higher levels of cognitive function, but they also seem to maintain it longer if they continue to stay socially active.”

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Articles Referenced

Brains age better among retirees with complex jobs – Florida State University

Carr, D. C., Willis, R., Kail, B. L., & Carstensen, L. L. (2019). Alternative Retirement Paths and Cognitive Performance: Exploring the Role of Preretirement Job Complexity. The Gerontologist.

Sims, T., Reed, A. E., & Carr, D. C. (2017). Information and communication technology use is related to higher well-being among the oldest-old. The Journals of Gerontology: Series B, 72(5), 761-770.

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Related Retirement Podcast

How Can You Be Better with Age?

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Tools You Can Use

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About Retirement Wisdom

We help people who are retiring from their primary career and are not done yet, discover what’s next.

A long retirement is a terrible thing to waste. And a meaningful retirement doesn’t just happen by accident.

Schedule a call today to discuss how we can help you make yours great.

Retirement Wisdom · Aug 13, 2019 ·

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What Trends Should Baby Boomers Be Aware of?

Richard Eisenberg, the Managing Editor of PBS’ Nextavenue.org joins our retirement podcast to share his insights. Next Avenue is the PBS site for people 50+, where he is also the editor of the Money and Work & Purpose channels.

Previously, he was Executive Editor of Money magazine, Front Page Finance Editor of Yahoo! and Special Projects Director/Money Editor at Good Housekeeping. He is the author of two books: How to Avoid a Midlife Financial Crisis and The Money Book of Personal Finance.

We talk with Richard Eisenberg about Next Avenue, older workers, and employers, the key trends Baby Boomers should be aware of, and what he’s learned from his research on Blue Zones.

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Wise Quote

Q. What’s the one thing that people who are planning for retirement may not be thinking about but really should be?

Richard Eisenberg: “If it’s okay, I think I’ll give you two. One of them is will I be able to keep working part-time if I want to. There’ve been some interesting studies that show a lot of people in their fifties and sixties expect to work part-time in retirement. And yet when you look at the surveys of retirees, you find that a very small percentage of them are working in retirement and many of them aren’t because of health reasons. So I think people just need to think, well, is it realistic that I’ll be able to work in retirement? Partly, you know what, I’d be healthy enough to do it, but also will I be able to find work? Will I be able to get hired or will I be able to start a business? So I think that’s one thing I would tell people to think about.

And the other is if you are in a long-term relationship and have a spouse or partner are the two of you on the same page about retirement? We’ve done a few articles on Next Avenue about couples and retirement and have seen some studies that show that frequently couples don’t talk with each other much about what they expect retirement to be like for them. How they plan to spend their time and their money. And then what happens is they get retired and then one of them is planning to travel a lot and the other is not planning to travel at all? And they don’t want to be living differently, but they hadn’t really thought it out because they never had to. So I’d suggest couples talk about this more.”

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Bio

Richard Eisenberg is Managing Editor of PBS’ Nextavenue.org, the PBS site for people 50+, where he is also the editor of the Money and Work & Purpose channels.

Previously, he was Executive Editor of Money magazine, Front Page Finance Editor of Yahoo! and Special Projects Director/Money Editor at Good Housekeeping.

He is author of two books: How to Avoid a Midlife Financial Crisis and The Money Book of Personal Finance.

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For More on Richard Eisenberg and Next Avenue

Read his Series on Blue Zones mentioned in this podcast

Follow Richard Eisenberg on Twitter

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Related Podcast Episodes You May Enjoy

Why People Make a Career Change with Purpose Top of Mind – Chris Farrell

Retirement Planning Includes Getting Good at Getting Older – Rabbi Laura Geller

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Related Book Review You May Like

IKIGAI: The Japanese Secret to a Long and Happy Life

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Free Tools

Tap into access to free tools on our website to assist with your retirement planning, including retirement calculators, a longevity calculator, and an Am I Ready to Retire? quiz at retirementwisdom.com

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About Retirement Wisdom

We help people who are retiring, but not done yet, discover what’s next.

A long retirement is a terrible thing to waste. And a meaningful retirement doesn’t just happen by accident.

Retire smarter. Schedule a call today to discuss how we can help you make yours great.

Retirement Wisdom · Jul 26, 2019 ·

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What advice from well-meaning friends and colleagues will help you in transitioning to retirement? Well, this journalist shares the view that because every person’s retirement is different, it’s best to find your own path. As an author and journalist, Carol Hymowitz has a unique perspective on the world of work, longevity, and how some savvy employers are wising up and leveraging older workers. Recently a visiting scholar at Stanford’s Center on Longevity, Carol was formerly an Editor at Large at Bloomberg, and a Senior Editor and columnist at the Wall Street Journal, where she spent most of her journalism career.

Reflections on Transitioning to Retirement and Working Longer

When you begin to contemplate how to retire, there’s no shortage of advice from well-meaning colleagues and friends. But every retirement is different. It can quickly become clear that you need to discover your own path.

In this episode of our retirement podcast, we talk with Carol Hymowitz on her observations on older workers today – and what she’s learning since retiring in 2017 and continuing to work as a freelance journalist. She shares her insights on her journey, what’s surprised her so far and how a co-worker played a role in her decision-making.

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Wise Quote:

On the Value of Experimenting in Retirement:

“I think experimenting was crucial. There was no way not to do that unless I was going to get myself into one lane and rigidly stick to that. But by experimenting, it gave me a chance to try different things out and see how I felt about it and then make changes faster. I mean going from a full-time job in one organization where your days are very structured, you pretty much have an order to what you’re doing. You have instructions about what’s expected of you (and you go to) to not having that.

It’s a big transition and the best advice I got was don’t make too many final choices or set choices quickly. Take your time to play around because it’s the only way to find out how do I really want to spend your time? And if there’s one thing that most people who hit 60 and over feel, it’s that time is precious, it’s obvious, it’s maybe a little cliche, but you do feel it. How do I want to spend my time?”

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For more on Carol Hymowitz:

The article mentioned in this episode:

Looking for a Road Map for Retirement? Good Luck With That – The Wall Street Journal (subscription)

Additional articles on Older Workers by Carol Hymowitz:

How Health Care Employers Are Welcoming Older Workers: And Why Other Industries May Wind Up Following Their Lead – Next Avenue

Retiring (Again and Again) in America – Bloomberg BusinessWeek

Follow Carol Hymowitz on Twitter:

@carolhymowitz

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Bio:

Carol Hymowitz researches, writes and speaks about the challenges and opportunities of living longer, including lengthening careers and work transitions, retirement savings, health, and lifestyle and was recently a visiting scholar at Stanford’s Center on Longevity.

She formerly was an Editor at Large at Bloomberg, where she wrote and edited award-winning stories about the longevity economy, gender, and racial inequality and global business leaders. Previously she was a Senior Editor and In the Lead management columnist at the Wall Street Journal, where she spent most of her journalism career, and she also was Editorial Director of Forbes Media’s Forbes Woman website.

She is the co-author of A History of Women in America and a contributing author of Getting Older: How We’re Coping with the Gray Areas of Aging. Carol is a board director at the Women’s Refugee Commission.

She received a B.A. with honors in literature from Brandeis University and an M.S. from Columbia University’s Graduate School of Journalism.

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About Retirement Wisdom

We help people who are retiring, but not done yet, discover what’s next.

A long retirement is a terrible thing to waste. And a meaningful retirement doesn’t just happen by accident.

Retire smarter. Schedule a call today to discuss how we can help you make yours great.

Retirement Wisdom · Jul 18, 2019 ·

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The gig economy continues to grow in importance. Whether it’s to create a second act career as a consultant, to gain greater flexibility or to generate extra income in retirement, the gig economy offers both opportunities and challenges. In fact, today it’s relevant for virtually every age group and career stage. The demand for freelance talent continues to grow and it may offer new options to leverage your skills and experience. But the challenges and transition issues are real and it’s wise to be prepared. Becoming savvy about how to navigate it well will enhance your chances of success.

We talk with Diane Mulcahy, author of The Gig Economy about how it’s expanding, changing the world of work and impacting retirement. Before it was even a thing, Diane created the first course in the U.S. on the Gig Economy and teaches it in the MBA program at Babson College. The course gained immediate traction and was named by Forbes as one of the Top Ten Most Innovate Business School Courses in the country.

If you’re considering working longer or pursuing a second act career in the gig economy, you’ll want to hear Diane’s perspective on how to plan ahead.

Wise Quote:

On Planning Ahead

“I would offer two tactical steps. The first is, (and I have this exercise in my book as well) …The first is to develop an exit strategy. And what I mean by that is develop a real and concrete tactical plan for leading your job. So the exercise that I have my students and my readers do is this, imagine that you knew that you are going to be laid off in six months. What would you do to prepare? What would you do professionally? You know, what conferences would you go to? What colleagues would you reach out to? What kind of networking would you do? What kind of skills would you make sure were up-to-date on certifications, things like that? What kinds of financial things would you, do you know what? What expenses would you cut down on? What would you save?”

“How much would you contribute to your retirement? What corporate benefits would you take advantage of, whether it’s, you know, 401k contributions or education or professional development, and what would you do personally? How would you think about the impact of a layoff on your personal domestic situation? What about your living situation? Is there something there that you would change in terms of where you would rather live or what you would think about in terms of your commute or how this affects your household?

So think about that, all of those different dimensions, and make a list kind of a to-do list of what you would do if you knew you were getting laid off in six months. And then I would suggest really talking about that with other people, particularly if you know people who have been laid off or who are already retired and have negotiated that transition successfully. Find out what can you learn from how they made the transition and things that they did to make it successful.”

For more on Diane Mulcahy:

Diane Mulcahy’s book The Gig Economy: The Complete Guide to Getting Better Work, Taking More Time Off and Financing the Life You Want

Diane’s website

Bio

Before the Gig Economy was even a thing, Diane created and started to teach an MBA class called The Gig Economy at Babson College. The class gained immediate traction and was named by Forbes as one of the Top 10 Most Innovative Business School Classes in the country. Diane is an active and enthusiastic participant in the Gig Economy.

In between full-time jobs and consulting gigs in private equity and venture capital, Diane has been a Visiting Fellow at Trinity College in Dublin, an Executive-in-Residence at Babson College, and an Eisenhower Fellow. She has taken two different years off to travel around the world. Diane is currently a Senior Fellow at the Ewing Marion Kauffman Foundation and an Adjunct Lecturer at Babson College.

She has previously written and published two books and a widely-read report on venture capital. Her work has been featured in The Economist, The Financial Times, Forbes, Fortune, Harvard Business Review, The Irish Times, The New Yorker, The Wall Street Journal, as well as numerous industry publications.

Diane speaks and lectures at conferences and universities worldwide. When not working, Diane enjoys reading (mostly non-fiction), writing (only non-fiction), food (eating and cooking), wine, film, yoga, and running. Diane holds undergraduate and graduate degrees from Harvard University. She is a dual EU (Irish) and US citizen. She lives in Boston with her husband Kevin.

Are You Ready for the Gig Economy in Retirement?

Want to stay current on planning for the non-financial side of retirement?

Free Tools

Tap into access to free tools on our website to assist with your retirement planning, including retirement calculators, a longevity calculator and an Am I Ready to Retire? quiz at retirementwisdom.com

Do Your Retirement Strategies Account for 6 Stages & Community? – Ted Carr

Resources Mentioned on this Retirement Podcast Episode

Tools You Can Use

How Can You Stay Sharp?

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Bio

For More on Dawn Carr, PhD:

Wise Quote

Articles Referenced

Related Retirement Podcast

Tools You Can Use

What Trends Should Baby Boomers Be Aware of?

Bio

For More on Richard Eisenberg and Next Avenue

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Free Tools

Reflections on Transitioning to Retirement and Working Longer

Wise Quote:

Bio:

Related Podcasts

About Retirement Wisdom

Wise Quote:

For more on Diane Mulcahy:

Bio

Related Post

Want to stay current on planning for the non-financial side of retirement?

Free Tools

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