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Reinspirement Replaces Retirement – 2013
“Age means nothing to me. I can’t get old; I work. I was old when I was twenty-one and unemployed. As long as you work, you stay young. Retirement at sixty-five is ridiculous. When I was sixty-five I still had pimples.“George Burns 1896-1996
Have you ever seen the sticker,”RETREAT: I was tired yesterday and I’m tired again today?” I have, and I found it deeply interesting because I am in the “retirement zone”. Maybe the real story is that isolation is tired and nearing its useful end.
The conventional understanding of retirement is based on the premise that one’s earnings will stop when work ends and a new lifestyle will be made from the ingredients of Social Security, company pensions and personal savings to pick up the slack. Once the transition is made, time and money will at least be enough to do many of the things that were not possible during their working years.
Like the mouse after the cheese at the end of the tunnel, most Americans work their primes with one eye on that magical moment when they can leave it all behind to golf, fish and garden. Even though people might suffer from jobs they hate and spend hours away from their families, shouldering the stress of professional responsibilities, they persevere to the rewards of their golden years. They hope not to lose their job due to outsourcing or downsizing and finally get their company pension. That is if they are lucky enough to have one!
The only problem is, this tried and true retirement formula has fallen apart before our eyes and especially since the economic meltdown of 2008.
Millions of Americans are now “maxed out.” They find they have to increase credit use simply to make ends meet to cover the rising cost of living for basics like health insurance, transportation, energy, food and housing costs. Moreover, the idea of saving more money has become a complete joke for most middle-class and formerly middle-class families in the New Normal of the 21st century.St century According to the Department of Commerce in October 2005, the total personal savings rate (not including pre-tax savings instruments such as 401k) was mapped as 0.07% and 8 years later, April 2013, it rose to a whopping 0.1 percent.
The result of all this? Passive income, whether from pensions, savings, Social Security, stocks and bonds or some combination of them, is no longer as reliable as it once was to meet the financial needs of later years. Social Security checks have become insufficient for most to depend on other sources of income. While 40% of companies offered pension plans to their employees in 1980, in 2006 only 21% did and in 2013 much less.
Even so, most people hold fast to the same model of 40 years of employment to retirement; one that today seems more like a fantasy and less a ticket to post-year security.
You are probably wondering what choice do we have? Actually, you do have a choice. As part of the latest transformation of American society, the conventional concept of retirement is in the process of reinventing itself. Reinspiration replaces retirement! REINSPIRE: I was inspired yesterday and I’m inspired again today!
Although certainly a transformation of necessity due to economic reality, re-inspiration speaks to the overriding value of remaining productive and begins the moment you choose it (not just for older people). Those who choose to be refinanced enjoy the benefits of ongoing private cash flow to support their financial plan. They apply creative thinking to their unique situation to make it happen.
Re-inspiration is an idea whose time has come. Similar to the conventional wisdom that tells us to start saving for retirement when we’re young, re-inspiration offers a similar journey of life. To access a comfortable independent life in later years, we must be willing to change how we think about money and plan for the future.
Reinspiration affirms that you (with the help of friends, colleagues and professionals) can design and implement a career path to meet current and future needs starting from where you are today. Lifetime cash flow is the name of the game, but it doesn’t necessarily mean a lifetime of hard work. The challenge of re-inspiration is learning how to leverage your hard assets (not fancy digital numbers in a statement) to work for you in the future. Your talents, interests, assets and skills offer the key to revealing your unique re-inspirational strategy.
America and the world are already full of re-inspiring pioneers who lead by example. Undoubtedly, generations of young people will need these examples to help them formulate their own post-year strategy.
Change is the way of the world. As the economic landscape changes, so too must we change the way we think and behave when it comes to our financial security and well-being in our later years.
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