My partner and I were discussing this the other day, talking about when we’d like to retire.
He thinks he wants to call it quits in about 5 years, and for me, I am not sure. Maybe in 10 (I’ll be around 40 then).
But the real question, is not so much the money. Why?
YOU DON’T NEED AS MUCH AS YOU THINK
I heard on this podcast I’ve been dabbling with by the NY Times called “Tell me something I don’t know”, where a financial advisor stated a few things:
- People who think about saving, actually save too much money when they retire
- People who don’t think about saving, don’t save enough money for retirement
- We spend less money every year in retirement, no matter our social class, status and net worth so we don’t need as much as we think
OK, so all personal finance nerds will pretty much be fine in retirement.
Everyone else? Get to work, you dreamers.
What was more interesting of what he said was that we need less than we think when we retire.
We assume 4% withdrawal bla bla bla.. but he said there was a serious body of research that proves consistently that at any income level or social class, we spend less each year we are in retirement.
I guess that makes sense.
As you get older, you can’t move around as much, so traveling is not really on the list any more unless it’s slower and easier on the body. Sports, except for golf, same deal, and status shopping like for cars, jewellery and clothing become less important because you… don’t care as much. You care, but not like you used to when you were younger. If you aren’t going out as much, you derive less pleasure from pretty outfits, perhaps, and would probably like a nicer lounge-at-home getup than a fancy high-heeled one.
(Wonder if that’ll hold true for me, as I age… )
Anyway, all of this is partly why my partner and I already did our worldwide traveling before we had Baby Bun and plan on traveling every year to make the most of it before we’re too old to want to, or to care to do so.
SO WITH MONEY OUT OF THE WAY….
The big question is:
What the heck am I going to do in retirement?
My partner has it figured out. He wants to take care of Baby Bun, help him through his schooling years and maybe go back to school himself.
Me, I just want to spend money. You know, travel. A lot. Hang out in Europe for months on end, stuffing my face with food but that just doesn’t seem like the thing to do in retirement if Baby Bun will be schooling and my partner is in school, himself. :\
Not only that, traveling is tiring. It’s fun, but then you just want to come home.
Perhaps we could move to France for a while, put Baby Bun in their schooling system and kill two birds with one stone.
I have no idea what I am going to do in retirement. I need ideas. School is out, I have been there and done that so I am not as keen on that.
I also thought about maybe starting a non-profit for financial literacy but I have no “credentials”, although I’d love to go to schools (elementary & secondary), and teach classes on this stuff.
But…. I’d really just be replacing work.. with MORE work.
So since I happily find that my own career does afford me a lot of great satisfaction, sense of agency, and pride, what would be the point?
Knowing myself, I’d end up starting a company. Doing what? No idea. I’d start another one. And of course, keep blogging.
I’m thinking maybe if my partner retires and Baby Bun is up for it in his early years, we could use my job to take jobs in other parts of the world & live there like ex-pats for projects, and then move back home.
I wouldn’t turn down these gigs in Europe, Australia or Asia any more and just move my family to live with me.
I only worry about being such a modern nomad for two reasons:
- Baby Bun – How would he take it? Socialization? Would he ever make lifelong friends? Be happy?
- Minimalism – I bought this place to have my STUFF, gosh darn dagnabbit. If I move constantly, I’d live out of a suitcase again..
What would you do in retirement? What DO you do in retirement, if you are already there?
(I see why people needle their children to have grandchildren, so they have something to do…)