Your Retirement Day May be Nearer than You Think

“Are you ready for retirement?” I asked myself that question last week at my dad’s retirement reception. Of course I’m not ready for retirement. Unless someone drops a couple of million into my bank account, it will be years before that day arrives in my life. But, preparation for retirement begins long before actual retirement. The question, “Are you ready for retirement?” has to be asked with a measure of urgency, and the sooner the better. In a sense, we have to get in the retirement mode, which is difficult for most of us. Someone said it like this: “When you retire, think and act as if you were still working; when you're still working, think and act a bit as if you were already retired.”

When we fail to plan for retirement we plan to fail in retirement. This past year millions of Americans awoke on their retirement day with some sobering news: apart from either government assistance or family support, they do not have the resources to survive their retirement years, much less enjoy the fruit of their labor. For thousands, this is the direct result of the 2009 financial collapse; for others, simple negligence is the cause.

The truth is, less than half (43%) of Americans have calculated how much they will need to retire. I’ve learned it’s much more than I thought. One reason it will take more than many anticipated is because of the simple fact that we are living longer. The average life expectancy in the US was 72.6 years in 1975; by 2007, it had increased to 77.9. For many people who will live into their 80s, 90s, and even 100s, this means they will be retired longer than they worked, says Carl Macko, CFP, president of Synergy Capital in Smyrna, Georgia. But there are other reasons, according to Forbes.com reporter Lisa LaMotta. Adult children can have money problems, which can quickly drain the parents’ financial resources. In addition, health care costs and taxes, inflation, and home repairs are all potential problems just waiting to absorb your retirement fund. Financial advisors, I hasten to add, strongly recommend not touching retirement savings to address these unexpected situations.

But, the question still remains, “Are you ready for retirement?” Let’s suppose I did win the lottery, and won millions. Would I be ready for retirement? We can have all our financial “ducks in a row” and still be “sitting ducks,” unprepared for what awaits us. Our inner lives will not suddenly be different at retirement than now. A good retirement begins with a good today.

Each today leads to another tomorrow; each day is filled with whatever we choose to put into it, which is the condition for what we receive from it. How we live each passing moment will bear the fruit we will eat in later years.

The day after Dad’s retirement reception, Dad, my two brothers and I, met for coffee. I couldn’t help but overhear a worker say at mid-morning break, “I just can’t wait for this day to be over.” I understand, I’ve had days like that. But then again, I wondered if that was her life, one day at a time.

The retirement reception for Dad was outstanding. My sister-in-law, Joy, had been there to make it happen. All I had to do was show up, and then at the close, help Dad up the steps. It was there, holding his hand, that I caught his smile again, and as he glanced my way with that smile, it was quite suddenly early Saturday morning, December, 1962. I could feel my dad’s steady hand lifting me into the air between steps as my seven year old feet, striving to keep in step with his fast pace, were lifted by the strength of his arm. Hurrying alongside Dad, left hand warm in my coat pocket, right hand secure in his, I was afraid of missing the moment, in this case, arriving at Art’s Boot Shop before he closed at noon, anxious as I was for a new pair of Christmas cowboy boots. And in that moment, looking up at Dad, I felt his smile, as he too anticipated what lay ahead.

Now on this day, 45 years later, as I slow my walk to match his hobbled, uncertain ones, I embrace that same smile, grasping the adventure of walking together. Retirement day is only the culmination and continuation of life’s crooked, meandering, and thrilling uphill climb. The walk is as much the adventure as the arrival. And retirement is just another step in the mystery of this life we live, even as it reminds us of our boundaries, our limitations, and our expiration date.

Life Matters by David B. Whitlock, Ph.D., is published weekly. You can contact David @ drdavid@davidbwhitlock.com. or visit his website, davidbwhitlock.com.