Like most people, you’re probably thinking about retirement entirely wrong. It’s critical for you to rethink both your future – and your life today. What do you really want? Does what you’re doing now really make sense? Should you be rethinking how you spend your time – your energy – your work-life balance – and your money? There is an entirely new way you should think about retirement — starting right now.
How You should Retire the Concept of Retirement
In Derek Coburn’s exciting new book “Let’s Retire Retirement – How to Enjoy Life to the Fullest – Now and Later” which will be published in June, he makes the key point: Stop overly focusing on the future. Instead, focus more time and money on the people and things that are important now. He explains that most entrepreneurs make too many unnecessary short-term sacrifices for their business. They postpone living until “retirement.” Entrepreneurs have their own version: “after we exit,” or ”once we close this round,” or “when I hire my replacement.”
Derek says these arbitrary milestones become permission slips to put off what may matter most today. He shows that even though entrepreneurs intuitively know they’ll likely never stop working (or will work much longer than average), they don’t give their future earning potential enough weight when making short-term decisions about their health and relationships. What good is it to be old and rich if you have no family or friends or your health?
Why You Should Die With Zero
“Retire Retirement” meshes well with a much talked about book that had a profound impact on me: “Die With Zero: Getting All You Can from Your Money and your Life – A Commonsense Guide to Living Rich Instead of Dying Rich” by Bill Perkins. He makes a similar point, that people put off spending money – or helping their kids financially when they need it – or taking vacations – or doing meaningful philanthropy – because they want to leave money to people that matter to them when they die.
Bill Perkins explains how misguided this is. Assuming you will die in your 80’s — your kids will be in their 60’s. And your kids don’t need money then like they need money when they’re in their 20’s and 30’s — when they’re trying to buy their first house, when they’re trying to pay tuition at their kids’ school. Why deny them — and yourself — the opportunity to help them when they need it? And for both them and you to be able to enjoy having them use your gift?
“Die With Zero” also talks about the mistake people make by waiting until they die to make philanthropic gifts. It shows that giving money throughout your life provides a much more meaningful impact for many years on both the giver and the recipients. It’s basically the same point that Derek Coburn is making about not putting off life until you retire: Don’t wait your entire life to be generous, to give gifts to your family, to spend money on vacations, to spend time with your loved ones, to give to charities, to help others, to do meaningful things. Waiting until you die — or until you retire — misses the opportunity to create positive change throughout your life. Live life to the fullest. Now.
Does Retirement Mean an Ending or a New Beginning?
Tennis legend Roger Federer made a similar point about retirement in his commencement address to the Dartmouth graduates last year. He said, “I know the word is ‘retire.’ ‘Roger Federer retired from tennis.’ Retired, the word is awful. You wouldn’t say you retired from college, right? It sounds terrible. Like you, I finished one big thing, and I’m moving on to the next. Like you, I’m figuring out what that is.”
He goes on to explain that today retirement means an ending, where it should mean that you’re beginning a new chapter, you’re starting something different. He says, “From one graduate to another, I can’t wait to see what you all do next. Whatever game you choose, give it your best. Go for your shots, play free, try everything, and most of all, be kind to one another, and have fun out there.” Which is another way of saying live life to the fullest now.
Maybe it’s not so important to save that money, to miss family meals, to work through what should have been your vacation, to keep putting off prioritizing your health and fitness. As Derek Coburn says, “This isn’t about making you feel bad. It’s about awakening you to the wealth already surrounding you — moments that no amount of money could buy back once they’re gone.”
These three thought leaders are all making the same point, although each with a different emphasis. Of course you have to make plans for tomorrow. But that shouldn’t be all consuming. You don’t want to put off life for a far away goal. You want to live each day to the fullest. Don’t wait until you retire. Live your life today.
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