In my recent interview with Matt O’Brien for his book, There’s No Retirement? , he says “Not everyone responds… and when they do, they look different than you.” If you’re like me and don’t like the people that spend money in retirement, I’m going to tell you that you’re not alone. But as always I’m a pessimist. And I don’t expect everyone to retire at the same rate. And how to do that isn’t exactly easy, if you’re trying to maximize one’s earning power. I’m going to give some simple guidelines for your plan to maximize your retirement. All that hard work and research should be paying dividends!
Make your money last For the past two years, I’ve been discussing this. And even if you aren’t planning to retire at that age, you should want to make your money last as long as you can. Why? Because that’s how you maximize your income down the road in retirement. And if you can’t maintain thatincomethen you could be one of those unfortunate individuals that is living off the earnings that are invested in retirement accounts. Don’t let this happen to you! Your money should last forever.
Have a purpose and do things I can’t tell you how many conversations I’ve had or been in with people who have the same question… “What do I do after retirement?” The obvious answer is to make a couple of really good movies… but you could be missing out on the biggest thing to get you started in the right direction “What do you want to be doing when you’re done?”
If you’re just starting, then you’re missing out, too. Do you want to be a full time artist? Do you want to study for your BA or go to college? Do you want to be rich? Or do you want to try to figure out what you want to spend your money on? Now that’s one big choice to make and I wish we’d all make that one. It’ll make your life much more fulfilling and enjoyable and if you’re lucky, this could be the end of an adventure that started long ago. So what kind of things can you do after you’ve retired? What’s the best way to enjoy what life has to throw at you? I’ve always considered having a passion or hobby to be the best kind to enjoy your retirement, both at the same time. A passion is an innate desire that’s hard to quantify. An activity is an activity, just like you will enjoy cooking dinner. But neither one is an activity that will last forever. It’s the type of thing you can enjoy without ever worrying about the money or having to do anything that’s demanding. And if you’re starting the right way, how can you learn to enjoy both pursuits from when you’re an unemployed 18 year old or an unemployed 60 year old? This is the very first thing that I’m going to tell you.
In my career as a life coach, I see many of my clients at an early age that were both unemployed and pursuing a new hobby before they were ready. Many of these people never had a real passion to enjoy. And that’s why I say, “If you’re not enjoying whatever it is that you are pursuing so you can enjoy your life in retirement, you’re wasting the best opportunity you may have to enjoy your retirement as well,” because you’re not doing that to avoid going broke, you’re doing it to enjoy what’s actually getting you anywhere. If you enjoy your career, and you enjoy your hobbies when you can, you’ll most certainly enjoy your retirement.
I’m going to tell you the answer to this question. Whether I’m talking about your first hobby, your college study course or your job offer, it boils down to this… “You are how you live your career.” Your retirement is too important to you to be living on less. Now, this isn’t a magic plan that will do anything but just give you the confidence and freedom to enjoy your retirement the way it’s meant to be enjoyed.
Start a business in retirement The best way you know how to enjoy life as a retired adult is working for yourself. A lot of people have the idea that they are trying to live their lives as the wealthy, spoiled rich children, but once the reality is set into their heads, they begin to realise that if they were successful financially, then they would have more money so it wasn’t a big deal. Which is probably a good thing because if you’re not happy doing your own thing, don’t bother giving a crap about anyone else. As a matter of fact, it’s a good thing that you are working for yourself. And if you work for yourself, especially