The US economy tanked over the last year, and took a lot of retirement dreams along with it. I'm pained by the loss of shareholder value and so many lost jobs. Watching your portfolio shrink or disappear is certainly not fun. Personally, I need to readjust my expectations for long-term equity growth as well as common notions of retirement.
It seems like retirement is a relatively recent phenomena. The idea that one could work through midlife, then stop working with the benefit of a tidy retirement nest egg is sure nice, but perhaps not realistic for everyone.
Working and being productive seem like important parts of human life. Contributing to your household and your community has both personal and societal benefits.I'm certainly not saying that a retiree cannot contribute, but a life of pure leisure likely is not healthy for anyone. I don't think anyone other than the most harried worker actually looks forward to doing nothing in retirement.
What would happen if we viewed work not as a race to finish, but as a lifelong pursuit? Does work have to be a sprint? Does it have to be a continuous race? Can it be a series of intervals, lasting a lifetime, with some breaks in between? Many professionals, including teachers, professional athletes, actors and musicians, all alternate between productive work seasons and time off.
And if work doesn't need to be a race or a sprint, is earning a big wad really that important? Consuming less means you don't need as much money now or in the future.Saving and building capital is a great idea, and maybe ongoing cashflow is should be considered as important as any retirement plan.
For most of us, a rich retirement is probably a fantasy, and perhaps that fantasy is not as sweet as we imagined. So instead of feeling shortchanged and overworked, maybe this is a chance to live more right now. I enjoy the old saying that, "Fools toast their riches, while wisemen toast their health."
If you have your health now, I say enjoy it while you can!
