Do a simple Google search for the phrase, satisfying retirement, and you will find 13 million references. That seems like a lot. But, wait. Try "retirement calculator" and the results soar to 933 million results! I guess I shouldn't be surprised at nearly one billion options for a two-word search since the financial aspects of retirement are top of mind to many.
Today, a true retirement calculator is likely to be found on the Internet. The user enters the numbers of various investments, savings, pensions, Social Security, and the like and predicts how much will be available upon retirement age. Or, it is possible to input your age and lifestyle information and determine how much money you will have to save to be able to retire.
Bear with me. I'd like to take the retirement calculator phrase and give it a different meaning. I'd like to input the things that tend to make up a satisfying retirement and predict what my life will be like. My dear friend, Galen Pearl, had a sentence in a post several years ago that sums this up quite well:"Balance sheets work with money, but not always with life." Instead of 401(k) or IRA numbers, investment and savings amounts, inheritances, and home equity I'd like to be able to input:
...My passion index would be a measure of my ability to truly enjoy the time and opportunity retirement gives me. Would I wake up each morning ready to fill my day (and night) with activities and events that light my fire?
...My relationship status. How healthy are my primary relationships? How about friends...do I have any? Like too many men, did I leave all my male relationships back at work? Do I have a mentor, someone I can learn from?
...My health and physical status. In addition to a BMI number, height weight, and overall heart health, am I following a path that will give me as many healthy years as my body is programmed to give me? Will my desire to eat pretty much what I want and relax cost me years of active, productive life?
...My attitudes and demeanor. Will I become like the stereotypical crabby old man...the one who gripes at everything and everyone, the one who believes the world has gone to hell in a handbasket? Will I approach change as a possible good thing?
...My spirituality and belief in a higher power. How can I calculate my place in the universe if I don't believe in something greater than me? What effect will my faith have on my future happiness? How will I handle adversity..as a personal affront or simply a way for me to test my faith and belief system?
...My risk-taking profile. Do I think change is good, or will I fight it? Will I be content to say "I wish I had..." or will I say "I'm glad I...." Will I shy away from a challenge because I might fail, or will I embrace it as a true measure of my aliveness?
No such retirement calculator is available. Converting emotions, knowledge, attitudes, spirituality, and relationship health cannot be quantified. I'm afraid we all have to do these calculations the hard way...by hand, one at a time, for the rest of our lives.
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| If only this were real |
Well said Bob. Occasionally I have a discussion with people that starts out as a retirement financial discussion but I end up saying "Sometimes it's not about the money". Often there's too much focus on maximizing your retirement cash horde and not enough on happiness and bringing meaning to your retirement years.
ReplyDeleteIn thinking back, I don't believe Betty or I were all that money-focused during our working years. Except for the normal anxiety right after the checks stopped, our 21 years of retirement have been much more focused on non-money issuses. That may be a bit unusual, but it has been a very helpful mindset whenever the financial world has been wacky.
DeleteMoney is not the only issue, as long as there is enough money to support our basic needs. We live in the luxury of having enough excess funds to allow contemplation of other retirement desires. I do believe it is possible to find folks that live a very satisfying retirement while stone cold broke. I just don't think the vast majority of us would be able to navigate a destitute retirement that well. Take care of providing for basic financial needs in retirement or face a very daunting uphill climb towards satisfaction.
ReplyDeleteIt certainly can be done, and lots of folks do, but living one emergency away from serious financial problems is stressful.
DeleteThat said, satisfaction rarely comes from a bank account. A full life requires a "can do" approach and a belief that what I have is enough. There are so many ways to live a fulfilled life that don't require money.
Thanks for reminding me of what I said. Sometimes I need to remember to take my own advice -- ha!
ReplyDeleteI loved this post so much. You list all the aspects of a truly satisfying life along with questions to aid self-inquiry. And your last paragraph sums it up perfectly. I hope all your readers take this to heart.
I kept several idea starters and insights from your older blog! Recycling works just as well with thoughts as it does with paper or plastic.
DeleteHi, Bob. As I read your article, it struck me that one factor which impacts many of us is the near inevitability of declining health on quality of retirement. Are there calculators that take into consideration the ranking of how vital various retirement options are to one's overall satisfaction. Should we consider doing the most rewarding stuff soonest before time removes our ability to handle them?
ReplyDeleteI doubt there is a calculator but this is something I always try to keep in mind. None of us know what the future holds or even how much future there is. Personally I think we all should use the early and most healthy years of our retirement well. I often say: "When you are retired that future you were saving for is now".
DeleteMy oldest sister retired at 64.5 (her hub died when she was 57). She was/is determined to travel as much as possible using a good bit of her retirement funds just in case. She doesn't want to be 85 and be sorry she missed out nor did she want to hit 75, have an accident or illness that precluded active travel. She'd rather live "tight" for the remainder of her years. She is 72 and doing well as are her funds and her health so she is continuing (covid permitting) 4 major trips per year! She just returned from 17days in Greece :-)
DeleteAs for me, covid hit my first year of retirement at age 58. 3 trips and 4 local concerts cancelled. I did take a 2w vaca last summer and thoroughly enjoyed myself. Another coming up in August. I've got $ burning a hole in my wallet LOL ;-) My financial expert says I can make it to 105yo!
There is the "Go-Go, Go-Slow, No-Go" idea that fits the question of doing what we can before health inssues slow us down and then stop us from participating in many activities.
ReplyDeleteAt the moment I have one foot in ths Go-Go lane and one in the Go-Slow category!
What you say about "Go-Go, Go-Slow, No-Go" seems to be about the way it works. From what I've seen, and depending on when you retire, all going well, you have about 10 years in each.
DeleteIf I am to be truthful, the insecurities and anxieties in my life have extended into the money issue. Even at 74 and having had an independent financial planner advising us for 37 years, I still worry about unnecessary spending and fret about having enough, given our good health.
ReplyDeleteWhat's obvious to me is that tomorrow may be my last breath, or the next day, and it won't matter a bit how much money I have or don't have. And it won't matter if I took expensive trips and cruises and did extravagant things because I'll be dead! So I tend to favor the comfort and security of having relative financial independence and, as we all know, having STUFF doesn't really matter by this age. Some will say I am really missing out. What I feel I'm missing is peace and contentment due to my own insecurity.
You won't get an argument from me. Experiences over things are the way I count satisfaction.
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