Personal Reflections: Finding Purpose and Fulfillment in Retirement

Reflections

Following over 30 years in a career in Oil and Gas and at age 65, I transitioned to and retired at 67.  Retirement was difficult. I had purpose, recognition, and acceptance as a successful professional. I had invested deeply into my profession. Our personal finances were in order. For years, we had 0 debt. Our children were grown, had completed their education, and started families of their own, and were financially independent.  

Efforts to re-engage with my profession locally met with limited success and disappointment; something I had not experienced in my career. 

A Personal View on Retirement: Themes

"Retirement" for me, was a completely new "chapter of life".  A chapter that we had prepared for financially for many years; but, were less prepared with regard to "meaning and purpose", an important part of my career.  

As I reflect on the past 7 years of this new chapter in our life, the following themes surface:

Avoid Financial Problems: Change Your Spending Habits

Throughout our married life, we have been frugal.  I was raised by parents, who had limited means, in a rural farming and ranching community.  I was expected to "earn my own way" through college, which I did. We are grateful that our spending habits and "lifestyle" supported a smooth financial transition into retirement.  

Path to Financial Success isn't "Rocket Science"... 

I am grateful for my farming upbringing.  Linda and I graduated with bachelor's and master's Degrees with 0 student debt, raised 7 children, paying off our only debt, our home. If we could not pay for an item "in cash", we simply did not buy it. 

Our path to "financial success" was simply: "spend less than you earn", "stay out of debt", "set aside for a rainy day and for the future".

Save & Invest: Early and Ongoing

When I began my career, 401K plans simply did not exist. Although we had been saving, 10 years into my career, was our first opportunity to be part of both 401K plan and pension plan and to invest. 

A son-in-law has wisely granted each of his children, at an early age, several thousand dollars into an investment account with an expectation that 10% of whatever they made is invested.  Investing principles and market fundamentals support that a small investment early in life, and ongoing, will grow exponentially.  

Cut the apron strings...

Early morning, Wyoming paper routes, 7 days a week, in blizzard and subzero temperature, taught each of our children at a young age, the value of work and being frugal.  

We are grateful that our adult children are completely financially independent.  They have done well with their own careers. 

Investing: "Ditch the Emotions"

To be frank, this has been a difficult area.  Working in an engineering company, we made decisions based on data. The "ups and downs", in today's vernacular, "volatility", was both dizzying and stressful.  We have learned the wisdom of "investing in quality companies for the "long run", and "riding out" the volatility. We have learned the importance of focusing on our income stream from our investments rather than focusing on the day-to-day volatility.  

Invest in Yourself

This is a life-long endeavor and does not stop when you complete your career.  Invest in your health, who you are, your education.  If you do not invest in yourself, who will? 

Don't Be Defined: by Your Age

Even though "age discrimination" in employment occurs, it is essential that we do not allow ourselves (or others) to define ourselves by our age.  We are capable of achieving most anything, regardless of age.

Embrace Technology.

Technology has "opened the door to opportunities".  There is also a lot of "bad advice", based, I believe, solely on "personal gain". 

Simplify and Declutter.

Simplify and declutter all aspects of your life. 

So... "What is Retirement Really Like"?

Finances

Rather than a "paycheck every 2 weeks", I was now fully dependent on social security and investment income.  Gratefully, our investment income plus social security fully covers our retirement expense.  

We had "contributed the maximum" to our 401K, including employer matching contribution.  At age 71-1/2, we faced making distributions from our "qualified IRAs".  Distribution impacted both our tax obligation and our Medicare IRMAA payment.  We "did the math" and determined that using the Minimum Required Distribution tables made more financial sense than doing a "Roth Conversion" at a higher tax bracket.  (Today, a smarter choice: 401K accounts can include Roth accounts, which avoid RMDs and the account grows "tax free".)  

Working into Your 70's. 

I worked until I was 67. There is an increase in the number of individuals who are working into their 70's.  Why?  Possibly: to maximize their social security, inflation, lack of adequate retirement savings to support their desired lifestyle, uncertainty about what might lie ahead with the economy. 

Health Care

Transitioning to Medicare when I turned 65, was a significant change.  Our primary care provider was clear that they did not take Medicare patients - sooo, we sought out a new provider.  In my career, all company employees paid the same insurance premium; this was not the case with Medicare.  We discovered that Medicare premium (e.g. "IRMAA") is based on your adjusted gross income (AGI).  

Two years ago, our Health Care Provider announced that they would no longer continue operation.  This was likely due to the rising cost of health care and lagging Medicare coverage contribution. We have since found a new health care provider.  With the rising cost of health care and health care insurance, we are grateful that we pay far less for health insurance than our adult children do. We are satisfied with both Medicare and our Health Care Provider. 

Long Term Care    

My father was on long term care for several months before he passed.  I observed first-hand how social security requires that an individual spend down their life savings paying for Nursing Home care before Medicaid will provide coverage.   

Due to the rising cost of long-term care, reduction in long term care insurance coverage, increase in insurance payments, our personal finance status, we elected to "self insure" and "age at home".  This may not be the best option for you. 

Retirement that is fulfilling, has meaning and purpose

Retirement was a difficult transition from full time career.  Fortunately, I was involved in nearly "full time service" for nearly 5 years.  This was fulfilling, had meaning and purpose; and, of great help with the transition to retirement. 

Now, as one associate exclaimed: "I now need to figure out "What I will do with the rest of my life".

 Following completion of full-time volunteer service in 2022, writing of two books "Journey to Incident Free - Core Skills and Competencies for Effective Safety Leadership" and Dr. V.V. Anderson - Lest We Forget" were completed. This brought purpose and fulfillment.  However, what I had not yet done, was to formalize a "retirement plan" - a plan that would evolve over time. 

An important learning: prior to "pulling the plug" on your career, have BOTH - a financial / spending plan (that addresses inflation) AND a retirement plan.  When my father retired, his financial resources were adequate; however, over the next several decades, inflation "ate away" at his eventual less-than-adequate financial resources. 

College Capstone Project assignment - "Regrets?"

We are yet learning from our children and grandchildren.  

Their approach to education and career is "wiser" than mine... 

A grandson, called to discuss a College Senior Capstone Project assignment: "discuss with several individuals - in their career and retired", if they had any "career regrets".  This was an unusual, but important, discussion.  

I responded that "I had no regrets"; however, looking back there were opportunities to make different or perhaps better decisions.  What was really important is to "not look back on life with regrets", but instead to "learn from our mistakes". 

One of my "greatest learnings": I entered college from a rural high school graduating class of 40, with a "naieve" view that what was important was a "college education".  To support a growing family on a single income, required changing careers, included additional education and certifications.  In the end, the transition was highly successful with a fulfilling and rewarding career.  

Another grandson, who is completing his 3rd year of college education has wisely selected a career field where there is both growing demand and rewarding opportunity: his major: "electrical engineering" and "computer program coding".  With demand for computers in many parts of our life and coding, it will be interesting to see where his career choice takes him. 

Two other grandsons, with counseling from their father (health care administrator) and a brother-in-law (physician), have chosen nursing followed by another 2 years of formal training and license as a "Nurse Anesthetist".  An excellent choice with growing demand and rewarding opportunity. 

A grand daughter, who had academic scholarship and successfully "walked on" to her college volleyball team, is carefully preparing for a possible career in sports medicine or nutrition.    

Power of this Blog

This blog has been important for my personal growth and journey and as a way to help others; and, hopefully to your personal journey as well.  It has caused me to do extensive research and reflection on what I need to do to achieve a fulfilling retirement.  It also opened up a new field of learning: "marketing in a digital age".  

Leaving a Legacy

Is a more lasting legacy be "writing an extensive family history, preserving their stories and photos"?  It is important that our families know their roots.  

The biography of my wife's father: "Dr. V.V. Anderson - "Lest we Forget", was written to preserve his life's remarkable story for future generations.  Without this biography, his personal life, and the values and "true grit" that we want to pass on, are quickly forgotten and lost. 

This has been our personal retirement journey.  There is much to be grateful for. As with life, there are "peaks and valleys", "sunrises, sunsets, and rainbows".  We wish you every success in your journey!!

For reflection and "call to action": 

How will you achieve purpose and fulfillment in retirement?  What will be your legacy?

 SO...What'd we miss??

We welcome your comments...