Two Approaches to Retirement

Retirement is a unique journey for each one of us. While there are basics that apply to everyone, it is the ability to shape this stage of life to meet our deepest desires and needs that make it so satisfying.

If I had to simplify the process I suppose I could put retirement into two broad categories: the "reasonable, got it covered, done my homework" type of approach, and the "Let it roll, what will be will be, I will adjust as needed, it is all good" crowd.

Neither of these are right...or wrong. That is what is so fascinating about writing a blog focused on retirement. Anytime I think I have it all figured out, someone leaves a comment, I read a new press release, or my own life kicks me in the shin and says, "Not so fast."

Certainly, I fit much more comfortably into the first category. My career was decided at age 12. I fell in love with the life of a radio announcer and never wavered. Saving for retirement started at 24. I have experienced only two major employment setbacks, getting fired and later having my own business slowly die.

But, the planning and "got it covered" mindset allowed me to thrive through both situations. Even finding myself retired at least 10 years before I thought might happen has been a blessing. June will mark 16 years on the other side of the employment equation; I can't imagine in my worst nightmare going back.

My parents taught me the importance of delayed gratification. My dad was unemployed for several stretches of my youth. He lost a substantial amount of money in a failed business attempt. Yet, never, ever, did he allow his struggles to upset the family. He was a steady rock. During tough times mom's school teacher salary kept us in casseroles, with a roof over our head, and a feeling of safety. I learned early on the value of planning and adjusting.

Over the last few years Betty and I have let a little of the "let it roll" attitude into our retirement. She has always been a bit more of a free spirit and has encouraged us to take the long RV trips, or rent a beach house for a family gathering. She decides we should stretch the budget in one area, but insists it contracts somewhere else. No deficit spending in the Lowry household if we can help it (last year was an anomaly!).

Our oldest daughter fits the first category well. Like her parents she is conservative financially, though willing to take a risk if she is comfortable with the pro-con balance. She keeps a tight grip on the family budget and expenses. She and her husband will probably look forward to a retirement that is comfortable and happy.

Our youngest is more in the "money is meant to be spent on experiences" camp. She has skated near the edge financially several times, but always manages to pull herself back to stability. She takes steps to cut expenses and increase her income so she can spend an extra week in Scotland or Spain or go to Disneyland with her nieces and nephew. Saving is not really in her nature. Retirement is probably going to look quite a bit different for her. But, importantly, her decision is absolutely right for her. She loves her life.

So, how about you? Which fits you best? Or, have you found a way to straddle both approaches, a little bit planning and conformity seasoned with a dash or two of "what will be will be?"