Category: planning
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The 8 Keys to Successful Retirement Life – Article Review
I recently read an article titled the 8 keys to a successful retirement life. The first key was to have a positive attitude and to be able to roll with the punches. The second, to have an idea of the type of retirement life you want to live. Third, having a healthy approach to aging, fourth, a positive definition of work, fifth, have nurturing family and personal relationships. Sixth, to have an active social network, seventh, having a balanced approach to leisure time and eighth, to maintain financial comfort.
This all sounds so wonderful and so easy. But why do many not experience the glorious golden years that we dream of. 10,000 baby boomer retire daily. I was not able to find any information on how many people actually retire happy – but was bombarded with information on how to retire happy.
The article mentioned that a positive attitude would be a factor in a happy retirement. I’m sure we all strive to have a very positive attitude. This for sure is more difficult to have in our current culture and as we see a steady increase in depression. The second key of having an idea of retirement – well, we all seem to have a sort of fairy tale of travels and all these bucket list items – yet terminal illnesses are increasing and becoming more prevalent in younger people.
Looking at the third key, having a healthy approach to aging? What is that? (It costs money to eat healthy alone) With the food like products we all eat, the lack of exercise and the increase in obesity – your told to drinking coffee is good for you one day and horrible the next. Work out 3 times a week or maybe its 5? What is healthy aging?
A positive definition of work – this one made me chuckle. I’m sure there are plenty of individuals that are working jobs that they do not want to have, nor do they enjoy. Maybe this key should have been more focused on the idea of work ethic? Positive work ethic instead of a positive idea of work. My definition of work now – I do enjoy is most days – however, I spend more time working than doing anything else I love – and give all my earnings away to bills. My positive idea and definition of work – is that, I worked hard, went to college and got all these certifications and degrees – where is my big house and nice car and job I love-making lots of money? Because the American dream is hard work gives opportunity and prosperity etc. etc.
The key to have nurturing relationships only brings to mind those who are shunned by their friends and loved ones due to lifestyle decisions of homosexuality for example. Then the key to have an active social network – it costs to hang out and again what about the nurturing relationships? The key to have a balanced leisure time – well, again it costs to do things – what about the money needed in retirement? What about planning and saving?
But lastly the eighth key – to have financial comfort. This seems to be the only key that is needed outside of planning that sums up retirement for me. Financial comfort so I do not need to move to a nursing home because I don’t want to have to ever! Maybe, even financial comfort to be able to cross items from a bucket list. This is what I would tell someone to be thinking about for a retirement success.
We are Most Likely to Retire Early Due to an Age Related Decline in Our Ability
Why do some Americans retire early, some late and some penny-less?
Reasons why some say people retire early is due to:
Changes in Health:
Examples: Those who face a health shock may retire with insurance and benefits, while others may have to wait until their Medicare or benefits become available.
Employment Changes:
Examples: Shifting employers, loosing a job or business closings.
Familial Changes:
Examples: Spouses retirement, changes in marital status, resident child leaving the home.
When planning for retirement we often underestimate the amount of decline in ability that we may have. Along with the above reasons for early retirement you can even consider a dislike for a job, divorce, elderly parents needing care and a need to spend time with grandkids.
It seems like most people who retire early do not anticipate it – this also shows that they were bad at planning.
We are more likely to retire early due to age-related declines in our abilities
Self sufficiency is the best gift we can give ourselves.
A Quarter of our Baby Boomer Generation is Expected to be “Elder Orphans”
Family, Eh?
I have been working with a family that has me beyond livid with their situation. It is so unfortunate the way that some people treat their family members. However, I do not know this families background.
I can remember a story working for hospice, where we were working with a dying man who kept requesting to see his son and daughter. No matter how many times we reached out to them they refused to come to his bedside. The man began to actively die and from laying still in his bed; he began screaming so loud and fidgeting. He was thrashing his arms around and repeatedly telling us to “Not let them get him”, to “Not let them take him”. He requested we pray and put bibles and crosses all around him. He died a horrible death. We had the Chaplin praying, we had the nurse and the music therapist playing. Come to find out, this man had used to abuse his son and daughter.
I am working with a family. We will call this man X. X is an 80 year old man, with his right leg amputated, blind in one eye, can not dress himself or toilet himself. His amputation is what sent him to the nursing home. He was originally there for skilled care, planning to return home after surgery. But he didn’t.
X couldn’t meet restorative measures of care. His wife and family could not care for him and thus he had to stay in the nursing home. After two years in the nursing home – they want to kick him out? Why?
Prior to the nursing home X was living at home with his wife and granddaughter. This granddaughter was to be of some assistance to the couple. X went to the nursing home and for some reason, his wife decided to do a division of assets, among other things, putting his income at a red alert for Medicaid and canceling his benefits.
All the nursing home needs is documentation to verify this mans – income. With this documentation he would be able to stay in the nursing home and receive the needed benefits for example – transportation to dialysis.
Why can’t he get the documentation?
Well, said granddaughter has put his wife in a home, sold their home, and is having a wonderful time using X’s retirement money to go on trips and pay her bills.
I presented this to X’s children – all 5 of them. They were shocked and wanted to handle it. However, nothing was in place for them to take charge, and no one knew what to do. They had no power of attorney’s put in place, no health care directives or had even known of the documents or how to proceed. It is a cluster.
They family has ceased contact with me, although I continue to reach out to offer my assistance and support. Upon my rounds to the nursing home I see that X is still there. I pray he gets the help he needs.
The local ombudsman has been involved, we have reached out with the nursing home to Medicaid, and other state resources. However without income verification, he does not receive his benefits, the nursing home does not get paid, and he gets put out with no home to go to.
Again, I do not know the background. Does X deserve this?
The children seemed to want to find a solution. but the point I really want to stress is the lack of education and knowledge. The lack of communication on what is best for X. Every child when it came to decided power of attorney or etc., had a different idea of what was best of X. In the meantime a man who is in the status of X is going to be homeless. The nursing home will most likely discharge him to the hospital, or not let him return after dialysis.
All over a few pieces of documentation?
It’s sad to see families in these types of situations. Situations that could have been planned for. We have to have conversations about end of life and declining health or we will continue to hurt and neglect the ones we love by not knowing and understanding their wishes or wants. I often wonder why things like taxes, and retirement funds are not more taught and explained in schools. I hated geometry, didn’t put in the effort and barley passed – and I haven’t had to calculate an angle since! Then upon my first job I’m handed a w-2 tax form that I have no idea what to do with! We must not deny the fact that we are not going to be doing the things we love forever, we must plan for that day were we may actually poop ourselves. Hell, when a little toilet water splashes back on me I immediately want to run to the shower!
After Retirement 