My youngest daughter, Laura, will occasionally joke with me, saying, “Dad, you cannot retire! Most people retire from their REAL jobs and then get into real estate! You are doing it backward!” What a funny kid!
We have all heard the joke about real estate not being a real job because it is commission-based. Real estate has been very good to me and my family. I started selling in 1990 and, along the way, have made countless good friends as clients, mortgage lenders, and local title companies. I am forever grateful to the real estate business for the many doors it has opened in my lifetime.
I have been around this business long enough to have seen many agents come and go. Most sales positions are that way. I remember two agents in particular. One was a local, long-time sales agent who announced his retirement. I am always surprised to see him at the annual association awards banquet in December.
I would kid him at the time and say, “Didn’t you retire already?” He would smile and say, “Yes, but I had a past client that needed my help.” We would laugh.
On the other hand, another agent in my hometown who, unlike the former, owned a local franchise until one day he decided to sell it. And within a few short months, he retired thereafter. I remember his story well. The day after he retired, he officially mailed his license back to the state of Michigan, which means he could not come out of retirement if he wanted to. He was done.
When you retire, which story will be yours
These stories are proof that retirement truly is an inevitable phase of life. No matter how dedicated we are to our careers, age eventually catches up, and our ability to work declines. But while that is the case for all of us, retirement can still look different from person to person.
In this blog, we’ll dive deeper into how differently retirement affects us and what we can do when this stage of our life finally arrives.
Have a Plan for Retirement
One of the most influential people in my life who helped shape who I am today is my father. My father started his own oil and gas drilling company in 1972. He grew that company into one of the largest at that time in the USA, east of the Mississippi River. He had made many contacts and treated people the way that he would want to be treated. I inherited my desire for business ownership from my father, and I have tried to adopt his respect for the “Golden Rule” as well.
Like many other business owners, my father eventually decided to sell his company. However, he stayed on and worked there for another 18 years.
But in 1996, corporate America made my father retire. He had expressed an interest in retiring a few years prior, but when it happened abruptly without his control, the sudden decision still surprised him.
So, if you are considering retirement now, my first suggestion is to not let it take you by surprise.
It is vitally important that you have a plan for retirement. There is so much more to retirement than just the financial peace. When my father retired, he seemed to have lost his purpose in life. He had been in the workforce for over 51 years. He started in the oilfield when he was 15 years old. He helped his parents care for his family, which included his 10 siblings. He had been a hard worker and provider for a long time, and suddenly, he now had 40+ hours of time on his hands.
He did have a few hobbies to keep himself busy. He liked to garden. He helped two of my brothers start new companies. He helped me with some of my rental properties at the time.
But life just was not the same for him. He started napping in the afternoon, which eventually turned into two, three, or four naps throughout the day. It was tough watching my hard-working father decline physically and mentally.
I encouraged him to write a book. What a great life he had! A book would capture his amazing story. Oh, how I wish that I would have taken pen and paper and just started writing while he was here. All of this goes to the question, “Are the best days of your life ahead of you, or are they behind you?”
Retirement Will Look Different for Each of Us
Retirement looks very different to each one of us. It can be a second career in another field, a health-related decision, or an “I’m burned out” decision. Whatever your reason, you still have to have the zest for life that you had in your career.
For myself, I can get stuck in the good old days. Remember when I was making good money and I had all those rental houses….I wonder if that was my father’s feeling as well. I recently sold a number of rental properties that I had owned for over 30 years. Two of them I built. A lot of sweat equity and good and bad renters over the years (mostly good.) My wife and I wanted to use the equity for a future retirement move.
Seller’s remorse almost immediately set in with me. I could only remember the memories that were created with all of my blood, sweat, and tears in that place. While Dave Ramsey says, “It’s just a house,” I believe that it’s different when it’s your first one. Selling those three rental properties represented some form of retirement for me. Some form of letting go and moving on. Even though we had purchased a beautiful home to look forward to in our official retirement, the nagging of “Did I do the right thing?” continued. (Maybe it’s a family trait!)
3 Types of Freedom To Achieve Seamless Retirement
With these events happening in my life and with people close to me, I realized that in retirement, we need to be more creative and risk-averse. It all boils down to 3 types of freedom that will help us achieve that.
Financial Freedom
In addition to having the right amount of investments, you must be willing to shift from saving money to spending it to support your lifestyle.
This means that when you retire, you need to shift your mindset from accumulating savings to spending those savings. Throughout your working life, you focus on saving money to ensure financial security in retirement.
Once you retire, it’s essential to become comfortable with the idea of using those saved funds to support your daily expenses and lifestyle rather than continuing to save. This transition can be challenging because it requires adjusting to a new financial strategy and trusting that your savings will sustain you.
Physical Freedom
Physical freedom is crucial in retirement because it directly impacts your quality of life and independence. Being physically fit and stress-free allows you to enjoy your retirement years to the fullest, engage in activities you love, travel, and maintain social connections.
Good health also reduces the likelihood of medical issues, which can be costly and limit your ability to enjoy your retirement. Basically, physical freedom is what helps ensure that your retirement years are active, enjoyable, and less burdened by health-related stress and limitations.
Emotional Freedom
This is where I get stuck occasionally because, in retirement, you also need to exercise, developing the belief that everything in life will work out in your favor. It may not work out as you had planned now, but you have to believe that, eventually, it will. This is the theory of abundance, which, unlike the theory of scarcity, fosters a positive and resilient mindset.
This mindset encourages you to navigate the uncertainties and changes that come with retirement — making it easier for you to adapt to new circumstances and make the most of your retirement years with confidence and peace of mind.
Final Takeaway
If you believe that the best days of your life are ahead of you, you are right. Our accomplishments do not define who we are—they come from who we are.
Retirement may seem daunting, but it doesn’t have to be that way. When we shift our mindset to see retirement as a natural part of life, we can embrace this transition and recognize our changing capabilities and needs as we grow older.
The key to retirement is in preparation. Whether it’s months or years in advance, taking steps now can pave the way for a smoother transition. And most importantly, remember you don’t have to do this alone. Seek support from loved ones and professionals who understand the ins and outs of retirement.
Everyone who dies today had a goal or desire for tomorrow. So, make today count and plan for the future. If you need help refining your plans for retirement, feel free to get in touch with me. I’d love to help you make your retirement days the best they can be.
