“The Secret to Successful Retirement is to Retire TO Something Not FROM Something.” – Katana Abbott
I call this concept Reinventing Midlife and with over 76 million baby boomers who will be facing retirement over the next few decades, the dream of having enough money saved to support you through the 2nd half of your life can be daunting.
According to a study by the National Institute on Retirement Security, “The average working household has virtually no retirement savings. When all households are included— not just households with retirement accounts—the median retirement account balance is $3,000 and $12,000.
In an article by Randall Hansen, Ph.D., I think he sums up the new Retirement Solution pretty nicely when he states that, “For many, retirement will indeed no longer signal the end of working, but more so a career and lifestyle transition, where the retiree has multiple options — such as continuing to work (though perhaps at a different pace), returning to school for additional training or education, changing careers, venturing into entrepreneurship, becoming more involved in volunteer work, or simply enjoying leisure and travel possibilities — a mix of working, learning, relaxing, and trying new things.
This is exactly what I did at age 48, when I sold my financial planning practice of 20 years to venture out to create a non-profit — Smart Women’s Empowerment — where I could teach financial literacy and entrepreneurship, to write, speak and coach others to do the same.
I remember when I first got this idea after reading a book by Zelinski called, Retire Happy Wild and Free. His concept was to retire as young as possible, to downsize one’s lifestyle and then to retire to a life of leisure. Although this may sound appealing to many, as a financial advisor, I did not find it very realistic. Instead, I thought:
• What if you could follow your passion doing something you love in retirement, make a difference and get paid, would it even be considered work anymore?
• For most, the answer is no!
Let me give you an example of three women I have worked with who have shared their stories on Smart Women Talk Radio:
• Retired marketing expert, Peggy Tabor, thought joining the Peace Corps at age 60 would allow her to experience adventure, make a huge difference and allow her retirement portfolio to grow. When she returned, she was so moved by her experience, that she told me her Social Security was now a Millionaire Lifestyle. As we were having lunch, she mentioned that she was still in awe eating the beautiful salad, with roasted salmon, and fresh water with ice cubes, after three years of having to get her water from a dirty river. She returned and pulled money from her retirement to build a well for her village.
• Retired teacher and Andria Doria Survivor, Pierette Simpson, who took early retirement to become an international author, speaker, screenwriter and documentary filmmaker.
• And like Harvard trained OBGYN, Susan Sklar, who retired from her medical practice after healing herself through holistic and functional medicine to become an anti aging physician, author, speaker and retreat leader.
The key is to have a plan, to follow a process and to have a mentor to take you through the steps of identifying your passions, your vision, your values as well as your unique abilities and challenges as well as understanding your finances so you can create wealth while living a life you love. I’ve created a 30 minute video and workbook that will take you through the process I have used and have used with hundreds of others. It’s the third video in a 3 part series and you can access it for free at: www.midlifemillionairesecrets.com Be sure to print out the workbook, and then do the exercises as I take you through my Six Pillars of Awakened Prosperity System.