Lifeworks Home Page
Date: October 1999 Volume: 8 Issue: 8
Retirement: Make it meaningful Until recently, looking ahead to retirement meant the anticipation of a quieter lifestyle: Time for elderly folks to spend afternoons rocking on the porch, fishing, knitting or playing cards. Planning for this distant time may have focused on finances or health care, but very likely, little else. Perhaps Robert Browning's wisdom is even truer today than it was in the last century when he wrote, "Grow old along with me; the best is still to be. The last of life for which the first was made." Making the transition from a job or career to the next phase of life is one that should be done with thoughtful planning. Retirees who have done their homework frequently realize that the best and most satisfying period of their life is about to begin. In Beating the Age Game, authors Jack and Phoebe Ballard redefine retirement and encourage mid-lifers to begin creating a framework for the future or their "third half of life." They suggest that a personal vision of this lifestage should encompass a balance of leisure time, learning, and a lifework to passionately pursue. The Ballards' model of retirement is rooted in the new longevity of Americans. Thanks to medical advances and better health habits, especially nutrition and exercise, life can begin at 60 and extend well into the 80s, 90s, and 100s. Outmoded stereotypes of older people are collapsing. Even the definition of "aged" is changing; the old aren't as old as they used to be. At 80, Helen Hayes declared, "If you rest, you rust." Approaching the third half of life may be retirees' first real chance to stand back and consider the available options. Opportunities are unlimited! Far from being finished, people in the third half are in their prime. They know what they're good at - and what they're not - and they know what they enjoy. They are mellower, wiser and more mature. The challenge for prospective retirees is directing their energies and knowing how to work toward an avocation that is both productive and rewarding. The Ballards suggest that retirement work is most fulfilling when it is focused beyond the individual and their family. To provide service for others in a supportive environment strengthens relationships and enhances self-esteem. Staying active and involved is not a matter of going out to pasture, but instead - staying in the swim of life! Retirement may appear to be a distant goal, but time passes much too quickly. Start planning now for the time when "school's out" and you're free to fulfill your dreams and expectations. The future is just around the corner. by: Ann Clutter, Family & Consumber Sciences Specialist, Southwest District, Ohio State University Extension LifeTime Tip If you are not already saving for retirement, start now. According to the College for Financial Planning, if you save in a taxable account early vs. late in your career, you will reap the benefits: Early career (age 22-30)
Later career (age 31-65)
Tax deferred accounts grow even faster. According to the Financial Management Workbook (Emerald Publications, 1995), $2,000 earning 8 percent interest in a tax-deferred account will be worth about $518,000 after 40 years, almost twice as much than the $274,000 that would accumulate in a taxable account earning the same interest rate. by: Susan Crusey, Logan Co, and Marilyn Sachs, Williams Co, Family & Consumer Sciences agents, Ohio State University Extension New-fangled vacation time Competition for good employees has sparked some new perks in the workplace. Vacation, or paid leave, is one that is taking many forms. For instance, a company in Georgia offers current employees an incentive to refer new people to the company. For each five referred new hires, the employee gets a free $5,000 vacation. Workplaces are also finding creative ways to make taking vacation days more enticing. A Michigan company offers "twice-paid" vacations. A five-year employee earns three weeks paid vacation per year. Just before the employees leave for vacation (for at least a week), they receive a bonus check equal to a two-week paycheck. A Columbus, Ohio, company has another tactic - a $1,200-a-year vacation allowance. In addition to the paid time off, the employee also gets the allowance. The only restriction is that it be spent in one "shot." According to the company CEO, the employee is more likely to remember the company helped make possible a specific vacation or destination. Another workplace, in Atlanta, gives employees paid vacation time plus $500 for vacation travel. "Time-off banks" are springing up in many workplaces. Employers are realizing that employees need time off for many reasons. Pooling all paid leave time (sick, vacation, personal) gives employees more control over their time and serves as an effective tool in resolving work/life conflicts. According to human resources spokesperson in one company, "This is a more mature approach to the workplace." Ten years ago Hewlett Packard replaced the traditional sick and vacation categories for "flex time off." Every employee gets 15-30 paid days a year to use at their discretion. Some workplaces also offer a way for employees to give paid time off to others. Employees donate paid time off hours to a bank that can be accessed by other employees in times of emergency. According to a company spokesperson, "It's like giving blood - it's emotionally uplifting and you hope you never have to use it." by: Jan Thompson, Work/Life/Health Issues, Ohio State University Extension Make love last Mutual understanding and consideration nourish a marriage. But what does that mean in day-to-day life? Here are a few ideas:
When will you be ready for retirement? By the time you read this, I'll be retired, ready or not. What is "ready"? Does ready mean you are flowing on smoothly into the next stage of life, or does it mean getting away from the stress of now while you still have a shred of sanity? Ready for my father-in-law meant lying on the death bed. For me it's more like making a change that will allow me to try new activities_ even sleeping in! Lots of friends and colleagues tell me they want to retire but their money bags aren't fat enough. That is a major consideration, but when is enough, enough? Consider the things you truly value to decide when your income will be enough. I've had a full life of travel and varied experiences, and now crave using that background to create some new art and new thoughts to leave as a heritage for my grandchildren. That means I'll have to support food, shelter, and paper. If inflation goes out of control, that may translate to stone soup, a tent and birch bark. Already bought the tent, just in case. Getting ready for retirement means to simplify. Plan your housing so it will take less upkeep, but still allow you to enjoy your lifestyle. If you've always had a vegetable patch, don't fall for a condominium. Plan a space for tea cups and linen napkins if you enjoy having the "girls" in. I worked a few extra months to finance my sewing and art room, potting shed, and Pooh corner for the grandkids. That should just about do it. Continue or try hobbies that are affordable and don't tax your particular physical weaknesses - we all get them. Hobbies may lead to another career, but above all should give you peace and satisfaction. Share your hobby with at least one child. As much as I would enjoy living my retirement in a beach house on the ocean, I decided to spend at least six months a year here in Butler County because I believe in that 4-H camp song, "Make new friends, but keep the old. One is silver and the other gold." by: Joyce Fittro, Family & Consumer Sciences
Agent, Delaware Co., Ohio State University Extension
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Issued in furtherance of Cooperative Extension Work Acts of May 8, 1914 and June 30, 1914, in cooperation with the U.S. Department of Agriculture, Keith Smith,Director of Ohio State University Extension.
Updated: January, 1999