Daniel H. Pink, the American writer, speechwriter, and motivational speaker, cited significant research that challenged a very popular workplace notion: rewarding behavior we want in the workplace will result in more of it while punishing behavior we don’t want in the workplace will result in less of it. Instead, the research showed 3 factors consistently lead to better performance and personal satisfaction:
1. Autonomy: being self-directed, to direct our own lives
2. Mastery: urge to get better at what we’re doing, especially if it’s challenging, fun, satisfying and makes a contribution
3. Purpose: having a transcendent purpose that makes each day better and also attracts colleagues with great talent
For people after 50 the predominant career culture has included a schism between the workplace where one does work for money and away-from-the-workplace (weekends, vacation, retirement) where fun occurs. Our use of language has perpetuated this schism including Work/Life Balance as if Work and Life were separate. Balance is essential. But what is it we’re really wanting to balance?
Which brings me to my objection to retirement as an institution we have fantasized about: golf, volunteering, little or no stress, summer days, interesting projects, time to read, time with the grandchildren. As if we’ve worked our tails off and our entitled reward is an end state of lots of leisure and few demands. Is this good for us?
I know from my research and writing that many people are totally enjoying their retirement. I also know that many, many people – after the initial retirement thrill has worn off – fall into depression and the desperate need to keep themselves busy as if “doing” were the antidote to death.
Assuming that autonomy, mastery, and purpose are key ingredients in a rewarding after 50 life – regardless of employment, marital, geographical, financial, wellness, and social status – how much better off might we all be if we began to really look at what we need to balance and how to go about it?
I was given the gift of a sabbatical about ten years ago and decided not to join some program designed by others. I was initially concerned that I would get bored, but that worry quickly receded. I thought about the things I love to do and organizations that I value. I gave the year to volunteering, online learning, some travel and spending quality time with people I love. The year was a delight and I know I will bring what I learned to my choices about retirement.
Hi Terry. What a great and informative blog response! Thanks very much. How have your thinking, efforts, and expectations progressed since then? As for your retirement, what is your plan? We can all learn from your experience. Thanks for your sharing. George
Wife and I retired at age 50, now both age 52 and tipromarely living in Arizona SF rental, after selling our paid off home 2 1/2 yrs ago.Both receive total of appx 90k per annum in corporate pensions with excellent, (virtually no cost), health and dental plan. Liquid assets of slightly more than $2 mil, actually cash with no tax liability, bringing income, along with our part-time mickey-mouse fun jobs, at almost 225k per year. Also own a debt free small mixed use building in the Chelsea neighborhood of Manhattan, where I spent first 40 years of my life.Social Security never was a factor in our retirement plans, but if we live long enough, will take it at 62.Spent over a year traveling overseas and USA extensively to finalize a new home base/retirement spot. Florida,Carolinas,Hawaii,New Mexico and few other warm spots were explored in detail,and decided no way. California which we know well, still has appeal in certain parts (SoCal). Probably can swing something in our favorite spot, town of Rancho Santa Fe, (north San Diego),if motivated enough but would pin us down in one house with maybe a 500k mortgage and other high carrying costs which is counter to my “pay cash for everything” lifestyle. Was thinking a two-home solution for retirement would maybe work for us by paying about 500k cash for each, and shuttling between two locations. Not quite sure yet, still want to visit the other half of the world and the last 5 US states that are on my list.Living overseas is starting to sound better and better.
1) Enough money? Inflation is a big problem. At some point I will have to buy eihter land or house, but of course not now. I save roughly $4000 a month and it’s not as much as you think it is (or, it is as little as it sounds, depending where you stand). I did have paid off RE but left it (willingly) to my ex-wife. Why? I just don’t like to leave woman out in the cold. Fool, you’ll say. Maybe, will not argue.2) Benefits from the Gov? I will take anything, no questions asked. How much it’s worth, is another question.3) Savings? $4000, or about 55% (after tax)4) Place to retire? SoCal (where I live now), or Buenos Aires. Some place with nice weather.5) I am 39. Maybe 60? Despite people wishing their own business (I had one, made millions but then lost millions…), most people never make it big, get a lot of headache, never live their lives and get really ill… Watch out people, watch out your health, it’s the only thing really worth something. I am happy to be strong and healthy. Everything else I will work out one way or the other. Don’t stress out about inflation or stocks or RE. All you have is today and that sunshine outside. Yes, really that’s all you have. And I have been bankrupt and lived homeless at somepoint in life, it’s not just the good times. Believe me I know.
I don’t think Social Security will survive beacuse the US congress pretty much has trash the dollar to weasel out of it’s medicare and medicaid obligations.There is no way they will cut the nominal benefits, but if it costs $700 a day for a nursing home and the Medicare reimbursement is only $200 a day, and congress has no more money to allocate…You can just imagine what is going to happen to hospitals and nursing homes during the transition. I am guessing they will have a tough choice to go bankrupt, or somehow make their charity (medicare) cases “disappear”.Social Security may nominally remain, but that $1500 benefit will have no more than 20% of it’s current buying power. Maybe none, if we end up with full hyperinflation.It kind of pisses me off that the few public officials that out there that talk about future medicare obligations either stop at saying the current situation is unsustainable, or actually pretend that congress is going to select one of the options on the “Menu of pain” rather than just inflate away those obligations. There is no way congress will raise taxes by 30% and simultaneously cut entitlement benefits by 50%. No way. 51% of congressmen vote to be thrown out of office???? HAHAHAHA!PS I’m 43, technically a baby boomer (barely), but we have small kids and so have more in common with most genXer’s.
to me being a young person, “You think about retmreient too much for someone your age. You’ll live just fine if you save some money and don’t think about it.”1) Yes, but only because I don’t require alot. Waste alot on restaurants today…2) They had better. Maybe it won’t keep up with inflation, but there are just too many old people stimulating the economy with their government checks today. What would happen to our economy if that stopped? How much does social security stimulate currently. I bet the retirees spend just about everything the get.
3) Have three kids so we are saving for their education and can’t put as much away for retmreient. Total is 6% for retmreient, but the wife goes back to work next fall so it should get way better. Of course, we’ll get phased out of the wonderful world of government give me’s. No plan to change lifestyle so we’re good. 4) Here in MN. Plan to go to 81 baseball games a year and spend spring training down with the team. Hopefully the children will stay in Minnesota so we don’t have to fly around to see them.5) We’re in our mid thirties. The wife plans to retire at 52. I hope I always having something going for other income. I’m just a tech right now, and don’t do side work. As I get older I hope to spend more time figuring out ways to give big gifts to friends and family without impacting our retmreient accounts.
4. 6 mtonhs in Europe (Greece) and 6 mtonhs in the U.S. – plan to leave California for good and live a nomad life in the U.S. once the kids are out of the house – renting/living in different cities in the U.S. with my primary home in Greece.———————————spent a month in Greece this past summer,(know the country very well well & have inherited a home there). Upon returning to USA spent a couple of weeks in NYC area and realized how everything was so much cheaper that in Greece! ..and I’m talking NY metro area prices too!…the further west I traveled, the US seemed like a bargain.Point: Greece has been savaged by the euro and is more expensive than Northern EU countries in many categories, if not all, if you figure in the value proposition in goods and services. Another major shortcoming is the horrendous health care system that an older retiree might be dependent on.From a purely financial angle in today’s world, USA is one of top retirement choices.