If You Love What You Do, You Will Never Work a Single Day in Your Life – Especially in Retirement
The other day I read a Bloomberg article that cited a recent survey suggesting that while the average U.S. employee calculates that he or she will retire at age 65, as a group the odds are around 50% that they will still be working at age 70. By the tone of the story, I would surmise this is less by choice and more by need.
At Janiczek Wealth Management, we are very fortunate to work with financially independent individuals and families, who have successfully put themselves in position to control their own destiny as it relates to their financial well-being. In the majority of cases, this independence did not simply happen overnight, but was the result of hard work and perseverance that eventually resulted in a major liquidity event or accumulation of wealth that changed the equation from “having to work”… to “choosing to work”. It is a very powerful edge to know that you are going to work simply because you want to, not because you have to. A wise man (aka Dad) once told me, “If you love what you do you will never work a single day in your life.”
In working with our clients, financial freedom and independence means much more than just putting together a plan that confirms whether key data points are meeting their financial targets (including assessments such as a strong balance sheet, cash flow, portfolio, purposeful protections, scenario analysis, etc.). We challenge our clients to think through what retirement really means to them, and what passions or pursuits will further enhance their enjoyment in retirement.
Part of our approach and process helps our clients to identify goals or aspirations they may not have had the time to pursue while working. Getting clear about what excites you as you transition into retirement, actively pursuing those passions, and giving back by sharing your knowledge and experiences, can be unbelievably rewarding.
It is not uncommon for our recent retirees who have embraced an active retirement filled with the things they love to do, to share strong feelings of fulfillment and a reinvigorated zest for life. We often hear the joke that they are so busy with their extracurricular activities in retirement they don’t know how they ever worked in the first place! As we’ve said many times over, money is a means, it is not an end.