The big question on everyone’s mind seems to be, “Where is this economy going?”
All this talk of tariffs, inflation, and the R word (i.e., “recession”) has folks in their 50s and 60s wondering, “What does all this mean to those of us who are waiting to retire?”
I don’t have a crystal ball. But for some, I would guess the wait for retirement might be a bit longer than they hope.
We hate to wait, don’t we? For us, “wait” is one of life’s foulest four-letter words.
But consider the difference between waiting in line at, say, Disney World vs. waiting in line at the Department of Motor Vehicles. Both involve waiting, but it’s NOT the same experience.
One involves a sense of anticipation and delight. The other involves a dull and dreary dread.
Let’s say because of the economy, you end up having to work a year or two longer.
Your attitude towards your work while you wait to retire is everything.
Here are four ways you could view your job:
- I HATE to work. Some hate their work because, well, they hate work, period. Many hate their work because they work in a terrible setting, for low pay, or for an abusive or incompetent boss. Either way—whether due to a lazy attitude or lousy work conditions—the message is the same, something needs to change.
- I HAVE to work. This is most people. Unless you’re independently wealthy, you don’t have a choice. You’ve got to work to pay the bills. You might love your job, or hate it, or fall somewhere in between. Whatever the case, you’ve got to work.
- I USED to work. For the person who goes through life enduring but never enjoying their work, this joyless statement is the most positive thing they can say when it’s over: “I used to work.” No positive memories to speak of…only relief that their “career” is behind them.
- I GET to work. If you can say this with a straight face, you are truly blessed. You love your work. You feel a sense of privilege to be able to do what you do where you do it, for whom you do it, and with whom you do it.
A fortunate few stumble into jobs like this. The work is so enjoyable, meaningful, and rewarding, they can’t wait to show up each day! That’s rare. Be especially thankful if you have a situation like that.
However, most of the people I know who enjoy their work (even when they don’t have their ideal job) do so largely because of what they bring to the job. They actively determine to transform their work and workplace.
They bring an attitude of gratitude. They resolve to demonstrate excellence. They wholeheartedly serve their colleagues and customers. They work on their work…and THAT makes everything work.
Approach your job like that and one day you’ll be able to say…
I DID my work. With head held high you’ll be able to leave your company, desk, or job site. You’ll take with you a deep sense of accomplishment. You’ll know in your heart that you were a blessing to your employees (or employers), to co-workers, vendors, and customers.
Might today’s unique economic circumstances require some—maybe many—of us to work a bit longer than we imagined?
It’s possible.
How you experience that extra time on the job, that “wait”…is largely up to you.
One last thing…while you’re watching economic trends and waiting, maybe you’re wondering, “How will I turn my retirement nestegg into regular retirement income?”
If so, I’ve got a helpful, free tool for you. It’s called the RISA (i.e., Retirement Income Strategy Assessment).
In less than 10 minutes, it can show you what kind of retirement income plan best aligns with your personality, resources, goals, and lifestyle. There’s no obligation, and you can access it by emailing me (bmoore@argentadvisors.com).
Afterwards, if you want to discuss your RISA results further, reach out.
Argent Advisors, Inc. is an SEC-registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information here.
