{"id":8443,"date":"2017-04-18T06:43:36","date_gmt":"2017-04-18T13:43:36","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=8443"},"modified":"2017-05-12T08:34:47","modified_gmt":"2017-05-12T15:34:47","slug":"retiring-on-purpose","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/retiring-on-purpose\/","title":{"rendered":"Retiring On Purpose"},"content":{"rendered":"

I ran into a friend recently who\u2019s a hairdresser.\u00a0 He\u2019s been in the business now for 50 years and has seen it all from the bouffant to the bob.\u00a0 After owning his own salon for as many years, he\u2019s looking to sell it\u2014on one condition:\u00a0 He stays as an employee.\u00a0 Despite being nearly 75, he has no plans to retire.\u00a0 Like he says, \u201cWhat would I do every day?\u201d<\/p>\n

His story\u2019s not that unusual.\u00a0 According to a June 2016 Pew Research Center analysis of employment data<\/a><\/span><\/strong> from the federal Bureau of Labor Statistics, more older Americans \u2013 those ages 65 and older \u2013 are working than at any time since the turn of the century, and today\u2019s older workers are spending more time on the job than did their peers in previous years.<\/p>\n

This is a new era of retirement revolution.\u00a0 Pensions and corporate stewardship have gone the way of the dinosaur.\u00a0 For some, not working isn\u2019t an option; however, many are choosing to stay in the workforce\u2014and thriving.\u00a0 As someone who\u2019s been helping people retire for the past 25 years, I\u2019ve witnessed the change in attitudes first-hand about retirement.\u00a0 Today I\u2019d be negligent if I planned a client\u2019s retirement assuming that he or she will be leaving the workforce at age 65.\u00a0 As a financial planner, I must get a sense of a client\u2019s true age.\u00a0 By that, I mean his biological age, not his chronological age.\u00a0 For instance, I may have a client who\u2019s 62, but he feels more like 50.\u00a0 He\u2019ll have no intention of retiring in a few years. \u00a0Like my hairdresser friend, he refuses to be defined by his age.<\/p>\n

For me, the planning has evolved from retiring to retiring on purpose.\u00a0 We\u2019re living longer, and we want to stay relevant.\u00a0 If you\u2019re 5 to 10 years out from retiring, finding a reason to get up in the morning will be as important as the financial planning.\u00a0 Think about it:\u00a0 What if every day was a Saturday?\u00a0 Sure, the first several might seem blissful with days spent on the golf course or shopping at Target, but after a while, you\u2019d probably get bored. Carlos Santana, the famous guitarist said, \u201cThe only thing that has ever made me feel old is those few times where I allow myself to be predictable.\u00a0 Routine is death.\u201d<\/p>\n

Besides keeping you alive (That\u2019s true. Oregon State University found that people who continue to work past 65 have an 11% lower chance of death from all causes<\/a><\/span><\/strong>), the benefits of working into an older age are numerous.\u00a0 Of course, there are the financial benefits.\u00a0 The more years you work, the less money you\u2019ll need take out of your retirement accounts.\u00a0 And you can delay taking your Social Security.\u00a0 For each year you delay between the ages of 62 and 70, your benefits grow by 8% annually.<\/p>\n

The mental benefits are just as important.\u00a0 Working longer keeps your mind sharp.\u00a0 Like the saying goes, \u201cUse it or lose it.\u201d\u00a0 It also keeps you connected to other people, decreasing the chance of isolation.\u00a0 Moreover, and perhaps most important, working can give you a purpose, a sense of identity, a reason for getting up in the morning.<\/p>\n

If you still need a little inspiration or motivation to retire on purpose, just look to some of these stars in their 70s:\u00a0 Helen Mirren, Robert DeNiro, Betty White, Morgan Freeman, Dick Van Dyke, Al Pacino, Mick Jagger.\u00a0 Like Mick said, \u201cHow Can I Stop?\u201d<\/p>\n

To learn more about Jeffrey Bogart at Sila Wealth Advisory<\/a><\/span>, view his Paladin Registry research report<\/a><\/span>. \u00a0<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

I ran into a friend recently who\u2019s a hairdresser.\u00a0 He\u2019s been in the business now for 50 years and has seen it all from the bouffant to the bob.\u00a0 After owning his own salon for as many years, he\u2019s looking to sell it\u2014on one condition:\u00a0 He stays as an employee.\u00a0 Despite being nearly 75, he has no plans to retire.\u00a0 Like he says, \u201cWhat would I do every day?\u201d His<\/p>\n","protected":false},"author":89,"featured_media":8501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-8443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"\nRetiring On Purpose<\/title>\n<meta name=\"description\" content=\"For me, the planning has evolved from retiring to retiring on purpose. 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