My Advice: Plan Early for Retirement and Retire Early

(2 Minute Read)

The moment came,
As it comes to all
When I had to answer nature’s call.
~ Talking Vietnam Potluck Blues by Tom Paxton, 1970

Legendary folk singer Tom Paxton wasn’t thinking retirement when he penned these words, but he could have been. All of us at some time will retire. The problem is deciding when. And if you’re like many physical educators, health educators or coaches who love their jobs, that’s often a huge dilemma.

It would be easier if retirement was mandatory. Airline pilots and the military have this. At a certain age, you have to quit. But with teaching it’s tempting to just keep going until health issues – yours or a family member’s – dictate otherwise. In other words, until circumstances force retirement on you. As a relatively recent retiree, my advice to you is to choose differently: Take charge and start planning your retirement today.

Starting out my teaching career I didn’t give much thought to retirement. Of course not. Why should I? I dove headlong into an exciting and challenging career. One that consumed my time and my thinking. Fortunately, as a teacher, I was forced to save and invest in a pension. I paid little attention to how much or what I was investing in. It didn’t interest me. Forty years later I did okay, but it was a combination of luck and my inherited thriftiness. It didn’t have to be that way. And it shouldn’t be for you.

I urge you to think about a retirement age now. Yes, you can continue teaching into your 60s and maybe 70s – but why do this? If health issues don’t get you sooner, they will start to once you’re in your 60s. Those aches and pains, stiffness and soreness just get worse. If there are active things you want to do in life, don’t wait. There are no do-overs as you age. If I had a do-over I would have retired at 55. I’d recommend that to you. But it will require some serious planning and saving now.

And one last thing. Plan at least one “big adventure,” something you’d really like to do. Don’t let life just happen. The years will go by and your dreams will remain just that. Instead, think about making any dreams you currently have a reality. What would it take? How could you make it happen? What do you need to change? I know a young couple with four kids who are saving to be able to sail around the world while raising their kids on the boat. They don’t have much money but that’s not stopping them. Don’t give up the dreams you have. Start planning the rest of your life today.

Retirement Strategies

1. Set an age when you will retire – ideally younger than 60.
2. Meet with a professional Financial Planner (not a family member or friend) and ask them to calculate your saving needs so you can retire comfortably when you want.
3. Invest regularly, automatically, and sufficiently to achieve your plan.