Starting at around age 50 we begin to think not only how old we are, but how much time we have left. Our life expectancies from birth are to age 75-80, which translates to an age 65 retirement length of 10– 15 years. However, if you’ve made it into your mid 60’s, your average life expectancy will actually be into your late 80’s. So, you could have 20 – 25 years of retirement.
Even that’s not the whole story. If you’re managing your health reasonably well and have the resources to get good healthcare, then your life expectancy is even greater, and your retirement could be even longer.
If you could count on having all of that time available, with mental clarity and good health, then decisions you make about what you want to do with your time would be far easier. But there is no warranty stamp. There’s substantial uncertainty. I’ve witnessed some friends dying and others recovering, both unexpectedly.
I retired late, because I was enjoying my work and didn’t want to quit. But I eventually did. When I was no longer working full-time, I had to decide how to use my “extra” time. Yes, I had a bucket list comprised primarily of travel destinations. Should I rush through it and travel while I still could, before being overcome by health issues?
That thinking motivated me to plan and do some very nice trips, before Covid-19 limited the possibilities. I realized, however, that I would never complete my list of travel destinations. I hear of new places from fellow travelers, frequently. I’ll never run out. And I want to return to some of my favorites. So I’ve chosen a fast but not desperate pace of travel.
In addition to travel I’ve chosen two long-term retirement activities – starting a new career as a retirement coach and learning cello. I knew that each of these would take considerable time to develop into serious ventures.
- My new retirement coaching career has turned out to be more different from my previous financial planning than I expected. I find that I’m often going out of my comfort zone and learning new skills and bodies of knowledge. It’s challenging. My goal is to have a substantial positive impact on others through the part-time work I do. It’s working.
- I loved listening to cello for decades before I decided to play it. I started my lessons a few years before retirement, knowing that it could take a minimum of 5 years before I would be good enough to play in an ensemble group. I find the learning to be frustrating and joyful. I’ve found out that this is also the experience of other musicians. Playing cello is something significant in my life.
Health issues could slow me down or stop me from continuing to make progress. So far, I’m okay. I love learning and making progress. I hope to continue having a major impact on the lives of others. Each day now is full and rich. I’m spending my time doing things that are important to me.
How much time do you think you have left? How do you plan to use it?