“Age means nothing to me. I can’t get old; I’m working. I was old when I was twenty-one and out of work. As long as you’re working you stay young. Retirement at sixty-five is When I was sixty-five I still had grain.George Burns 1896-1996
Have you ever seen the bumper sticker, “REDACTED: Was I tired yesterday and am I tired again today? I do, and I found it deeply interesting since I’m in the “retirement zone.” Maybe the real story is that Retirement he is tired and nears his useful end.
The conventional understanding of retirement is based on the premise that one’s earnings will cease when work ends and a new lifestyle will be created with the ingredients of Social Security, company pensions, and personal savings to cover the future. relief. Once the transition is made, the time and money will at least be enough to do many of the things that are not possible during the working years.
Like the mouse after the cheese at the end of a tunnel, most Americans work through the prime of their lives with one eye waiting for that magical moment when they can leave it all behind to play golf, fish and garden. Even though people may suffer from jobs they hate and spend hours away from their families enduring the stress of professional responsibilities, they persevere toward the rewards of their golden years. They hope not to lose their job due to outsourcing or downsizing and eventually receive their company pension. That is if they are lucky enough to have one!
The only problem is that this tried and true retirement formula has collapsed before our very eyes and especially since the economic crisis of 2008.
Millions of Americans are now “maxed out.” They realize they must increase their use of credit simply to make ends meet and cover the increased cost of living for basic needs like health insurance, transportation, energy, food, and housing costs. Furthermore, the idea of saving more money has become a complete joke for most middle class and ex-middle class families in the New Normal of 21.St. century. According to the Commerce Department, in October 2005, the general personal savings rate (not including pre-tax savings instruments like a 401k) was pegged at 0.07% and 8 years later, April 2013, it had risen up to a whopping 0.1%.
The result of all this? Passive earnings, whether from pensions, savings, Social Security, stocks and bonds, or some combination thereof, are no longer as reliable as they once were for meeting financial needs in later years. Social Security checks have become insufficient for most people to rely on, without other sources of income. While 40% of companies offered pension plans to their employees in 1980, in 2006 only 21% did so and in 2013 much less.
Still, most people stick with the same 40-year employment model until retirement; one that today seems more like a fantasy and less like a ticket to safety in later years.
You are probably wondering what choice we have. Actually, you have a choice. As part of the latest transformation in American society, the conventional concept of retirement is in the process of being reinvented. Rebreathing replaces retirement! REINSPIRE: Yesterday I was inspired and I am inspired again today!
While it’s certainly a transformation of necessity due to economic realities, re-inspiration speaks to the paramount value of staying productive and it starts the moment you choose (not just for seniors). Those who choose to be inspired again enjoy the benefits of continued private cash flow to underpin their financial plan. They apply creative thinking to their unique situation to make it happen.
Re-inspiration is an idea whose time has come. Similar to the conventional wisdom that tells us to start saving for retirement when we’re young, re-inspiration offers a similar journey for a lifetime. To access a comfortable independent life in later years, we must be willing to change the way we think about money and plan for the future.
Rebreathing states that your (with the help of friends, colleagues, and professionals) you can design and implement a work path to meet current and future needs starting from where you are today. Cash flow for life is the name of the game, but it doesn’t necessarily mean hard work for life. The challenge of re-inspiration is learning how to leverage your tangible assets (not fancy digital numbers on a statement) to work for you in the future. Your talents, interests, assets and skills offer the key to unlocking your unique re-inspiration strategy.
The United States and the world are already full of renewed pioneers who lead by example. Undoubtedly, generations of young people will need these examples to help them formulate their own strategy for the years to come.
Change is the way of the world. As the economic landscape changes, we must also change the way we think and behave when it comes to our financial security and well-being in our later years.