Orbiting Retirement

Change of Mind-graphic(created by vknecht)

I am a little bit older than Sharon. She just turned 55 and I will be turning 58 this year. One of the reasons our partnership works well, in my humble opinion, is that our lives are similar and yet very different. You get two perspectives for the price of one.

I was surprised to see though that our younger selves had very close dreams of how we would retire. A hut on the beach was ideal in my naive teenage brain. Doing something creative and being able to supplement retirement income would be a bonus. 

I always thought I would do something with art or music. I never considered banking or corporate life as a permanent thing. It lasted almost 40 years and became my priority. It also funded my ability to explore spirituality, art and music at leisure which kept my soul fed. 

Now, I find myself having a desire to explore the potential and benefit of reconfiguring retirement. A liberation to shed a traditional path most of us feel compelled to follow.

What if there was another path to a sense of freedom you never knew existed?

Simplifying life, opens your mind to new possibilities. I ask myself what parts of my life hold me prisoner? Can I let them go in order to find a new orbit?

Fear is an interesting four letter word. It can seem to have a bigger hold when looking at the unknown future. Knowledge of gained experiences helps me to dispel fear. The more things I try the less control fear keeps me chained down. 

Can you create a new world within your mind of what retirement should look like for you?

I have been working through the Kundalini system. The 7 Cakra’s to liberation. In the space of the 6th Cakra there is a new definition of mind that functions within two realities. The manifested and the unmanifested. 

As I get older I have the gift of experiences to help guide my decisions. The knowledge of how actions I make impact my intuition to alter my choices and the truth that remains once the journey is completed. The more aware I become of my ability to control my intended orbit, the easier it gets to become insightful and intentional with my directions. To plot a path and trajectory that will land me in the spot I desire is first imagined in my mind. 

What if I was able to maintain a “skylike mind”? A mind that welcomed new experiences that bubbled up from unmanifested parts of me. Those parts had been stored for later and are now showing themselves to be key tools for my current journey.

I am building a new world in which to accommodate a new version of me. The material is drawn from a well of known experiences instead of a well of intellectual conditioning. There is power and energy I can intuitively draw on that knows how to balance the flow. 

If all of my experiences are a creation of my mind then what do I have to fear?

My desire to be liberated puts me on a path towards a freedom I never knew existed.

Retirement Planning

I’m sitting on the lanai of a rented condo in Maui on the eve of my 55th birthday and wondering how I can make it happen so I live here.

It’s funny how retirement planning takes on different meanings throughout our lives. My son will be 20 in a few weeks. I’ve been talking to him about saving money for retirement. His attitude, “Mom, if I haven’t made enough to live on by then, I don’t want to live”. Ah….the arrogance of youth, but I get it. At his age, 30 seems like forever.

When I started my teaching career, I imagined I’d be three years retired at this age, maybe with a grandchild or two to keep me occupied. I’d have a teacher’s pension and would likely do some substitute teaching to keep myself busy.

Little did I know, I’d give up teaching and work through being an educational psychologist before landing in instructional design. I have a small teacher’s pension, but not the one I planned on because I don’t have 30 years in the profession.

I’ve got RRSPs and investments, so I know I’m in good shape for retirement. I won’t be retiring in 4 years as was planned 10 years ago because I’m now on my own. My ex had significantly more RRSP savings, and the agreement was I’d support more of our life while we were working because I made more money, and he’d support more of our retirement. That worked so long as we were married. When your husband realizes he’s gay, that plan changes.

I’ve gone through my travel journals and have noted, many times, “All I want to do is live in a yurt with wifi, indoor plumbing, and volunteer for the Pacific Whale Foundation.” There was a time I looked at purchasing property on this island, but it wasn’t feasible. My financial advisor pointed out that – besides all the taxes, laws, estate issues – I could do a LOT of renting for the same amount of money.

He was right, of course. There’s so much world to see – why limit myself to just one spot? Well, because I love Maui. I feel at home here. I’ve been to the islands 18 times, and every time, I feel inspired, creative, at peace. Until the pandemic hit, I was planning my vacation for the following year as soon as I got home.

My 20 year old self had no idea the dream of living in Hawai’i would be something in my future. My 30 and 40 year old self saw it as something I’d very much like to do, but couldn’t afford. Twice, I’ve been approached by Hawaiian Airlines to interview for a position with them, and twice I had to turn it down. A family of three cannot live on an instructional designer’s salary down here (and truth be told, I much prefer Maui or the Big Island to Oah’u).

My 50-ish year old self now has a boyfriend who said he’d happily come visit me if I chose to be here part of the year, and an adult son who loves it here as much as me. I have a job I can do from anywhere in the world as long as I have a strong wifi connection.

My retirement planning doesn’t look the same as it did 20 or 30 years ago. I have the means to live as I’m currently living until the ripe old age of 98 – at which time I will run out of money and become my son’s problem. 🙂 Given my genetics, that lifespan is very likely. It didn’t factor in a love for travel in general, and a specific love for Maui – which has gotten more expensive to visit year after year.

To those who are just starting out, retirement age will come faster than you think. Plan for what you need, and add more for what you might want but don’t realize yet.

For those who are my age, we can still achieve our dreams. We may have to get creative in how we get to them, but it can happen. Maybe living here full-time isn’t achievable, but maybe 3 months a year is realistic. I don’t want to buy a timeshare, but maybe there’s a way to rent a two bedroom place and sublet the second bedroom for additional income and keep it free when people want to visit. Maybe I can rent out my condo at home for people who want to be close to the mountains for skiing during the winter months to help pay for me wanting to be close to the ocean during winter.

Where there’s a will, there’s a way, right? I’ll be 55 years old tomorrow and I’m still planning my retirement. I guess the take-away is to remain open; you never know what life is going to throw your way, and you need to be ready for all of it.

Are You Retirement Compatible?

When it comes to retiring are you and your significant other on the same page?

In life and relationships we talk about a lot of things in regards to goals, religious beliefs, values, children and who is going to clean the toilet…lol. Most often, we gloss over at what age we are going to retire as it seems so far away when we are young.

These days though, many partners are talking about taking a break from their jobs for a year or two fully expecting they will find another job eventually. Some are trying to catch up with retirement funds, paying off debt that was unexpected and dealing with the cost of relationship breakdowns. Life can get complicated and a large amount of people put time away from working on the back burner. We live in a world now where you could be working into your seventies.

So, have you had the talk with your partner? Are you retirement compatible? What if you aren’t aligned on timing, expectations and lifestyle?

I remember thinking in my twenties that I would retire at 65. I would work, most likely, at one maybe two jobs. I would have a pension and some savings and life would be awesome when I turned 65. Well, we all know what happens to life while we are living. So many things are unexpected and not planned for. You wake and realize that those you love and expected to grow old with or around have either passed away or in bad health. You feel older. You slow down when you are hiking. You are weaker and feel pain in your joints. When did I start to get older? I thought all those things happened in your seventies not your fifties. I watch those around me and I realize my window of opportunity to live with abandonment is shortening. I can’t rely on being in good health when I am 65. I know my abilities today and I feel that if I can continue to build strength and endurance now that as I get older the longevity should hold. At least that’s my theory and I am sticking to it.

I have been talking to many friends and family about their plans. Some wanted to take time off to travel now and then maybe go back to work when they get tired of doing that. Others plan to work until they can’t work anymore well into their seventies or beyond. Others plan to work and play and juggle the two. What has been a common theme though is that most find themselves in a bit of a pickle when it comes to agreement from their partner as to both being on the same page.Life throws us curve balls. I am a firm believer that the universe shakes things up when we get too complacent. 

My universe is telling me to squeeze the lemons now. Get as much juice as you can out of this existence. My husband is planning on working another 9 years or so.I am hoping he will decide that there is more to life than stock piles of money and things. You can’t rush someone else’s discoveries. You shouldn’t wait though to “do you”. It’s scary to venture out on your own. It’s even scarier to sit and wait for someone else to get on board.

Life’s obstacles are constant and ever coming at you. I had journeyed with an eagle in the past and it had shown me to put the chaos in my palm and squeeze out order and decisions from it. It’s an exercise I can do physically to help me focus on which direction to follow. Mistakes will be made, that’s how we move forward. It takes more courage to act than to stand still and watch.

Next week I am taking a break from van renos to hang out in Banff with my sister in law. We have decided to go tandem skydiving and caving. The waivers are signed and the deposits are given. I am making lemonade with the sweetest ingredients I can find. I am not saying that finding common ground with your partner isn’t important. It totally is. Respect for each other and practical goals are key. Time away from work doesn’t have to be expensive. I find a balance of things I do that are free and things that are epic adventures that may cost me a bit. It’s the doing that counts. The sharing of the experience. We all relied heavily on our memories during COVID of things we had done in the past to get us through the rough patch. I thank my lucky stars that I was blessed with so many adventures in my life so far.

It’s funny how the biggest regret in life is usually the ones that involve not doing something rather than taking the leap and trusting you will land safely. The journey is worth it!

Hopefully your partner agrees that taking breaks sooner rather than later is the way to go. If they don’t then it’s up to you to decide whether you stay put and wait for them or…

Get into that harness, secure the lines and find someone who is compatible with the here and now of your awareness.

What Is Enough?

Thoughts on lifestyle through retirement years

I am about half way through my “66 weeks to find myself” adventure. In January I have to choose to “officially” retire or find a job. I have been exploring how I could maybe manage both scenarios at once.  In my previous life, I used to give advice about budgeting, investments and living within your means and now I find myself in a place of decision.

How much monthly income do I need to be comfortable?

That’s a tricky question. I use the  word “comfortable” on purpose. You can get by with minimum funds. I see seniors whose only source of money is Canada Pension and Old Age Security. They get by and if they are resourceful they can manage with some support.

I have a philosophy on this topic I want to share with you. Have you ever tried one of those “How much do I need to retire” calculators? The outcomes are usually very depressing and, in most cases, out of reach for people. It usually tells you that you will need to invest thousands of dollars a month to keep up your current lifestyle into retirement. What it doesn’t tell you is to think about how you see yourself aging. I am active at age 56. I do some lite hiking, I went on 2 (pre-COVID) trips a year most years. Our house is paid for, my kids are grown and moved on with no financial support from us, except for gifts. I spend money on plants, garden things, my spiritual practices (classes and tools). I have saved a bit, not as much as I probably should have but I have some funds put aside. I have a pension to look forward to which I am grateful for.

The literature I have read says you should plan for about 70% of your pre-retirement income to ensure you can still maintain your quality of life. Most articles don’t talk about how long you should look at sustaining the 70%. I think the key is that while you are in good health, young enough to want to explore and travel you should plan to have a larger amount of available funds. I am pretty sure that if I am lucky enough to live into my 80s or 90s that I won’t need the same amount of excess cash that I might in my 50s or 60s. The high pressure sales that exist saying that you need to support a lifestyle that you don’t have now doesn’t make sense to me. I found that when working with seniors and discussing their finances they did in retirement  the same things they did in earlier years. If you saved most of your life you were unlikely to start spending all your money when you stopped working. If you spent thriftly you didn’t start going on shopping sprees in your 80s. We are creatures of habits and we tend to stay consistent no matter what age we are. I would rather maintain a healthy balance of starting to draw from my income resources in my late 50s. Use up my retirement funds to give me the best scenario of quality of life while I can. Then in my late 60s and through til my late 70s I can start to reduce my spending. I believe I won’t require as much to live on then as I do now. I know you think there are some holes in this plan. Also, I should mention that I am a two income family and my husband does plan to work until 65. If the place where he works is still around until then we will have health benefits that are not “out of pocket”.

So, the question remains: How much money is enough to sustain a comfortable existence in retirement?

If you have been lucky enough to have saved for retirement in your younger years and you have a pension to look forward to, I say retire as early as you can. Use the 70% of your income as a guideline but remember you probably will only use that amount for the first maybe 10 years of retirement then slowly reduce it as you get older. When that magic factor (80 in my case) is reached, push the button. I am going to take the maximum allowed annual withdrawals and then reduce them as I get older. Supplement my income with my registered funds and then take early CPP (Canada Pension Plan) at age 60, then activate OAC (Old Age Security) at 65. Even if my husband’s plant shuts down before he is 65 there are many insurance plans we can explore for health benefits. 

My parents passed away in their 80s, my sister passed away at 62. Mortality puts things in perspective. I am not saying working is like dying because that’s not true. What I am saying is that by setting myself up with enough income to sustain my lifestyle I can choose when and how to work. Look for projects and work that brings me fulfillment. I know many seniors that are working into their late 70s even early 80s. The world has changed in this regard. As long as you are productive and have a sense of contribution to a community or company then why not enjoy it.

There are so many scenarios and options available when it comes to finding a mix that works best. I wish I would have started to explore it more in my 20s. I know that the options are greater now though when it comes to working virtual or online as opposed to when I was 20(there wasn’t an internet for the regular population when I was 20).

Next time you look at the retirement calculator and the result says you need to invest 10K a month to meet your goals, remember that it is not taking into account your resourcefulness. Plug in the worst case scenario for yourself then explore how you can supplement that amount through other means. It helps to calm the anxiety attached to not having enough. 

Maybe the commercial is true? You are richer than you think. The more you think the richer you become as an active mind has the ability to create the best possible outcomes.

Namaste.

PS-These thoughts are my own on retirement and may not be your scenario. Find a financial advisor that can give you good advice based on your circumstances.

%d bloggers like this: