Have you seen the movie, BLENDED with Adam Sandler? This is a predictable, yet funny movie about blending two families. One take away was the message that although the parents prioritized their kids, their careers and everything else, we should still leave 1% for ourselves. Today’s blog written by Gwen Kennedy, Ph.D. and owner of Kennedy and Associates, invites us to use our 1% to explore what you want your retirement to look like. Whether you are 30 and just starting to save for that nebulous goal or 60 and can see retirement around the corner, this blog is for you.
Are you one of the 70% who expect to do some work during your retirement years?
The baby boom generation is reinventing retirement. We want to help you navigate this transition. Join us on September 30th at the Petroleum Club, an APCM hosted event.
As many of us reach the artificial retirement milestones established through our company’s policies or by Social Security, we begin to wonder what’s next? We likely don’t want to work our usual long hours or yearlong. Yet we don’t want to give up work completely.
We want something new. Perhaps a new focus. Or a new way of working. We want meaningful work. We want a way to give back.
What’s the trend?
- Americans ages 65 to 74 are expected to represent 31.9% of the nation’s workforce by 2022 (Pew Research Center)
- By 2022, nearly a third of those between 64 and 75 will continue to work a regular 40-hour workweek. That up from 20% in 2002 and 26.8% in 2012. (US Bureau of Labor Statistics).
What are other options?
Many are choosing part-time work, volunteering, entrepreneurship, or consulting.
- Rising entrepreneurs: In 2011 individuals ages 55 to 64 accounted for nearly 21% of new entrepreneurs, up from 14.3% in 1996 (Ewing Marion Kauffman Foundation).
- Rise in volunteerism: About 1/3 of adults ages 55 and older volunteer their time.
- Going back to school: non-credit courses for students age 50 and older or those preparing for a new career.
My birthday gift: When I turned 60 this year, I thought about what I wanted to give myself for my birthday. I landed on a weekend retreat with friends who were also wondering what is next for them. We took time to share our stories, explore our purpose and passion, and develop a plan. We had dinner together and even had cooking lessons. We had a great time! And we continue to support each other.
Time to reflect: I encourage you to take time to reflect and choose what you want next. Otherwise your time will fill quickly with activities and other’s to-do list.
Support System: Build a support system. A cohort group can help hold you accountable to follow-through on your action plan. They can help with referrals, challenge you, relax you, and give you ideas and resources.
Unless you are intentional, you may miss out on an exciting new adventure in the next third of your life.
We are honored to have Gwen as our next Empowered Women, Smart Money speaker on September 30th at the Petroleum Club Alaska. Your 1% time is precious, we promise to make it worth your while.