In my management career I have watched people grind away at a 30-plus year career looking forward to retirement. Yes, doing everything possible day after day to get through that last shift just to make it to that golden ticket. Their purpose was the full pension.
Life Can Not Be Without Purpose
Sadly, I have known a number of these people who do not live to enjoy their retirement years. It is true, I have known many who live one or two years after retirement. Though, some do not make it to retirement.
I have known a small handful who are diagnosed with terminal illness just before or not long after they get their golden ticket. I also know of a few who passed within days of ending their obligation to work.
Life can not be without purpose. No, life can not be about selling your most precious commodity. Time.
Live An Empty Life And It Could Cost Your Life
This is one of the main reasons why I believe committing to a long career to reach retirement is bullshit. Indeed, it is another construct of society that we blindly pursue because everyone is doing it.
Ikigai
The Japanese call this reason for being, this purpose combined with motivation, Ikigai. In fact, Ikigai is understood as the secret to a long and happy life.
Purpose
I will refer to it as purpose. Your purpose.
Your purpose must combine your needs with a driving force that gives you a reason to get out of bed. Further, to be your best again today and tomorrow. And, for as long as you can.
Your purpose needs to be purposeful. In fact, you need a plan. To tell the truth, purpose does not begin and end with your work life.
Our work, our purpose, never ends and should not end.
However, selling your time should end. Yes, being a slave to someone else must end.
Retirement As A Concept
The concept of retirement “the practice of leaving one’s job after reaching a certain age” has been around since the 1800’s. When life expectancy was at best 40 years of age.
Beginning in the 1900’s, with the industrial revolution, the governments were promoting retirement, and in some cases forced retirement at a set age. Life expectancy in the 1900’s still had not improved significantly.
Life Expectancy
Today, if you were born after 2013 your life expectancy “at birth of Canadians are projected to increase from 86 to 90 for men and from 89 to 93 for women…”. According to Mortality Projections for Social Security Programs in Canada, April 2014.
People are living longer. Additionally, living is more expensive. And, fewer companies offer pension plans for employees.
By the way, regarding life expectancy, do not read what the actuaries say. If you believe it, you may make it true.
Consequently, in the 20th century people were impacted by failed pension plans and bankrupt corporations. As a result, leaving their retirement dream in the ashes. In fact, with no support from the companies and governments that created them.
Pressures
These financial and planning pressures when combined; mean the average person needs solid financial knowledge and abilities to secure their future. Our education systems continue to fail to prepare us in these regards.
VisualCaplitalist.com recently published a ranking of “The Best and Worst Pension Plans by Country”. This can be viewed here.
It could be summarized by concluding we should all relocate to Denmark, Netherlands, Finland, Norway or Sweden. They know something the rest of the world does not.
Aside from this, living in North America is again a strong advantage with pension ratings showing very strong. We are working with averages here though. Further, the big takeaways from our governments, who are struggling to design sustainable pensions; is, shocking. The plan is to have us work longer.
Or, at least some of us must work longer. To retain a “balanced worker-to-retiree ratio”.
Better you than me?
With regards to your working life, you should always have an exit strategy. A target to work towards that carries your timeline beyond the horizon of work. To something farther off that has meaning to you.
I suggest you even have options along the way to account for unexpected events. I have always benefited from making choices which create options. As a result, I suggest you adopt a similar approach.
Maybe Your Purpose is Freedom
It is becoming more critical that our work is something that feeds our soul and that our planning today takes us to freedom.
Additionally, all of our posts in the Retirement Series can be found here.
Finally, more great content can be discovered on our Youtube channel.
