Contributed by Dr. David J. Kats
Ten years ago a young man contacted our company. He had just graduated from chiropractic college and was returning to the Midwest to set up his practice. As with many young graduates, he was eager to get into practice, and he built his business fairly rapidly. After a few years in practice he had become very successful and already had a practice that was more profitable than the national average. During one of our consultations this young bachelor told us that he had met a girl and was quite smitten with her. A few months later, I talked with him again, and it seemed he was still quite interested in her. It looked like a marriage might be in the making.
At our next consulting session he mentioned not only that they were talking about marriage, but that he had met her mother and father and she seemed to come from a fairly well-to-do family. Six months later they were married. But, the big surprise came when he told me they had recently inherited a portion of the family’s wealth, and the taxes on their portion alone were over twenty million dollars! Now, I know what you’re thinking – he married for money! But the truth of the matter is, he knew nothing about her money until he was madly in love with her! And it couldn’t have happened to a nicer guy. They have a beautiful marriage and wonderful kids. His wife spends most of her time in low-profile philanthropic activities.
Now here’s the interesting part – his most recent calls to our office were to seek guidance about retirement. He had practiced only for about ten years and would probably have practiced another 10 or 20 years had it not been for the inheritance. Eventually, it boiled down to this: He felt guilty retiring so quickly after all the time, effort, and money he had put into his education and practice. In some way, his upbringing made him feel guilty about leaving his chosen profession. After several discussions he decided his responsibility of helping manage the family’s finances was more important than keeping his practice. He sold his practice a few months later.
WHAT ARE YOU WAITING FOR?
Ah . . . Retirement. What a wonderful thing! Sleep in as late as you want! And you never have to go to work again! You are now joining the ranks of the fastest-growing segment of the American population. In 1940 there were only 123,000 Americans age 65 or older. Today there are 30 million such Americans. It is estimated that in 2050, there will be 50 million Americans over the age of 65. Add to that the number of Americans that will be retiring before 65 and the ranks swell to 70 million – over one fourth of the United States population today.
Now, if retiring is so wonderful, why is it that I don’t feel quite right about doing it – in fact I feel a little guilty? That’s a common question among potential retirees. Perhaps the biggest reason is the fact that retirement is so final. As teachers, we let our teaching certificates lapse; as physicians, we place our licenses on inactive or let them lapse; and as factory workers, we realize there is very little chance to go back once someone else has been trained to take our place. This means all of our calculations had better be correct. If we outlive the money we now have, finding more will be very difficult.
Then there’s the American work ethic. All of our life we’ve worked 40 hours a week, sometimes more. Normal, respectable people work! Now, if we retire, especially if we retire early, many of our friends and colleagues who are the same age as we are will continue to go to work every day. And since we’re able-bodied, just like everyone else, somehow it just doesn’t seem quite fair. In addition, some professionals feel they have had a “special calling.” If God calls a minister into the ministry, does He call him out at some time, too? Or as a minister, am I just greedy if I want to retire early? Did I lose my first love for the profession? Well, here’s the answer: There’s nothing wrong with retiring early, especially if you’ve done the math and other soft calculations and are sure that you are financially and psychologically ready for retirement. In truth, many of us can do more for our families, our community and our-selves in retirement than we can working our 40 hours-a-week job.
It’s time we stop worrying about what people think. After all, you are retirement age – you’re old enough to make your own decisions. It’s time to stop doing what your parents want you to do! Doesn’t it seem ironic that for years we dream of early retirement – and it’s even considered noble to have an early retirement goal – and now that we stand on the threshold of opportunity, we seem unwilling to grab the brass ring. I say seize the day! It will give you the opportunity to do all the things you want while you’re still young and able to enjoy them. Now that you’ve given yourself permission to retire, you may still be looking for permission from a few other sources, like your profession, your family, and your friends. As far as your profession is concerned, it can probably survive without you! A standup comic once said, “Don’t take yourself too seriously, just remember when everything is said and done, the number of people that attend your funeral will probably be predicated on the weather that day!”
Your spouse and family are a different story. You will want their approval for retirement as well as their input about your retirement. You’ve heard all the stories of the working man and stay-at-home wife. The man retires and is underfoot all day long. He is finally happy, but the wife is driven to distraction! Sharing your retirement dreams, goals, and challenges with your spouse and family early in the planning process will help meld ideas, create clearer visions and produce less friction. Why not take your spouse on a weekend retreat with the agreement that you’ll spend quality time together talking about your future retirement plans. With time set aside for this open, candid discussion, you and your spouse will become more comfortable with the idea of retirement. Some of the questions will start to be answered, and you will begin to visualize the good life of retirement. Once you reach this point, your need for “permission to retire” will be met.
Excerpt from the book, “Going Out On Top” — The Easy to Understand Guide for a Happy, Healthy, Prosperous Retirement by David J. Kats, D.C. Kats Management
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