What do you fear about retirement?

Jul 10, 2011

The New Retirement - Retire in Your 80's

First, I just got interviewed by Sam Bickford, a dancing studio consultant and speaker from Vancouver, who along with his wife Valerie run 3 dance studios with 3,600 students. Neither teaches anymore. To them the new retirement is semi-retirement. They manage their studios mainly from their home office by working only 4 or 5 hours a week. Sam also teaches other dance studio owners to work only a few hours a week and enjoy semi-retirement as the new retirement for anyone prosperous enough to do so.

Sam loved an affirmation (which is part of my retirement plan) and that I created for my international best-selling book How to Retire Happy, Wild, and Free (over 250,000 copies sold and published in 9 languages).

In fact, I had forgotten about this affirmation for the new retirement.

Here it is just for you:

    Affirmation for the Connoisseur of Life

    "I am now a Connoisseur of Life. I am too prosperous to
    work long and hard hours. I have earned my prosperity
    and deserve the right to enjoy a creative and satisfying
    lifestyle. I am too spiritually evolved to have an identity
    based on my work, possessions, and net worth.
    Instead, my identity is based on more profound things,
    including my creativity, my generosity, my spontaneity,
    my sense of humor, my peace of mind, my passion for
    new experiences, my happiness, and my spirituality."
    — from How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor

Second, a new study by the Employee Benefit Research Institute shows that MOST AMERICANS WILL NOT BE ABLE TO AFFORD RETIREMENT UNTIL THEIR 70’s or 80's.

Ths study by EBRI called The Impact of Deferring Retirement Age on Retirement Income Adequacy indicates that many American’s hopes of a retirement have been dashed and they will need to keep working into 70’s and sometimes even 80’s.

The report is even worse for low-income American workers. Unfortunately, it suggests that those who earned on average over the course of their careers less than $11,700 per year, would need to defer their retirement plans till age 84 before 90 percent of those households would have a 50 percent chance of having enough in their retirement accounts to afford retirement.

Americans who earned between $31,200 and $72,500 during their careers will need to work to age 72 to have a 50 percent chance at retirement whereas those who earned more than $72,500 in their careers can stop working at 65 – in order to have a 50/50 chance of having enough money to fund their retirement.

In short, the EBRI study indicates that the new retirement for Americans is that not working is no longer an option for most and working past age 65 is becoming a fact of life. In other words they will have to wait for some time to experience 1001 Ways to Enjoy Your Retirement.

    5 Important Principles about Money (Quotations) That Will Help You Retire Rich and Enjoy the New Retirement at the Age of 55

    "People who don't respect money don't have any."
    — J. Paul Getty

    No organization — government or otherwise — can take great care of you.
    Organizations aren't capable of this — only you are!"
    — from Life's Secret Handbook

    "People who are fools with money are foolish in many other ways too."
    — Dave Erhard

    "If you want to be truly prosperous, forget about keeping up with the Joneses.
    Their prosperity is a facade.
    They are broke — and in debt big time!"
    — from the book Zen I Got Rich by Yours Truly

    "Beware of little expenses: a small leak will sink a great ship."
    — Benjamin Franklin

    "Money is easy to handle;
    There are two secrets:
    The first is spend less than you make.
    If this doesn't work for you, then the second one is definitely for you:
    Make more than you spend.
    That's all there is to handling money."
    — from Life's Secret Handbook

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