Today’s discussion is on why I want you NEVER to retire…
To challenge you to ELIMINATE the word retirement from your vocabulary and replace it with FINANCIAL FREEDOM.
For many, the only exposure to the concept of financial freedom they have HAD, is the concept of retirement. Retirement is the thing most people spend their entire working career savings for, stressing about, and planning for, all because that is what society tells them they should do.
But what if we REDEFINED retirement as financial freedom? And then we took away the expectation that it had to happen at the end of your career.
What kind of mental freedom could you find in this? What can you dream up for a free future before your late 60s? What if you could reach this at any age with the right goal-setting and planning?
Let me throw another truth at you. The average retirement age in the US is 65. The average life span is 76 years. If we do the math, that means the average retirement is 11 years.
Let me say that again! THE AVERAGE LENGTH OF RETIREMENT IS ONLY 11 YEARS LONG!
For me, this realization is what lead me to change my vocabulary to financial freedom.
There is also a much less talked about, darker side of retirement. It is a time in your life when you forfeit your working identity, the thing that is the most defining factor of your persona. You lose your routine. You lose access to the most regular social network you have. All this can lead to depression and boredom.
In fact, a 2020 study published by the National Library of Medicine concluded that almost one-third of retirees suffer from depression. I don’t know about you, but that’s not my dream retirement!
There is also the planning phase of retirement. A place where people become overwhelmed and intimidated by all the money they believe needs to be saved. It can also cause fear, stress, and anxiety about being behind in the planning and savings stages.
For women especially, there is the concern that they will likely outlive their spouse. This could have grave consequences if they are not confident in managing their money or are not included in the planning with their significant other.
So how can financial freedom look different than traditional retirement?
It could give you the confidence to move jobs when you need or want to. To pursue a higher-paying opportunity or something that offers more flexibility to be with your family.
It can give you the confidence to push back on management for deserved promotions and raises. It could provide you with the means to get more support in your life so you can fast-track your career.
It could mean that your family could live off one salary so you could become a stay-at-home parent. But, on the other hand, it might drive you to fill your entrepreneurial calling, start a side hustle, and fill your creative needs.
You could have the freedom to travel more. You could take a few sabbaticals throughout your career to enjoy what life has to offer before you are too old to enjoy it.
You could get out of debt. It could allow you to be more altruistic.
This vantage point of Financial freedom makes me excited about the possibilities and not stressed out about where I’m not.
Financial independence is a JOURNEY, not a destination. This is why I encourage everyone to define their life goals and create a budget and plan to achieve them. Tomorrow is not guaranteed, and I want you to enjoy as much time as possible.
If you want more information on your next step, click HERE to book a free call to learn how financial coaching is the answer you’ve been looking for!