Saving Too Much?

Huh? When was the last time you heard that in this country? It is certainly an attention-grabber, which explains why A Contrarian View: Save Less, Retire With Enough is the number one emailed article in today’s New York Times. Naturally, the surprisingly consistent conclusion of a ‘loose confederation of well-regarded economists’ is getting a frosty reception from the folks who profit the most from managing large retirement portfolios. And critics of the research have a point in arguing that it could be a disincentive to save, which is a tough sell as it is.

We are squarely in the contrarian camp ourselves on this subject, if for a different reason. In fact, one book we recommend to people 50+ and older is Retire on Less Than You Think written by Fred Brock, former Seniority columnist for the Times, now ‘retired’ as a professor of journalism and author. Brock’s case is not for saving less, but for cutting expenses, and he offers specific and compelling examples of how to do that, including his own.

What isn’t at all new in the report is the persistence of the idea that people are retiring, as in ceasing to work, and therefore in need of adequate funds to keep them out of soup kitchens. This flies in the face of every survey conducted recently, and disputes the abundant evidence of people working past age 65, even if they can afford not to. Why older people in the workforce or starting businesses remains newsworthy, is a puzzlement.

Prisoner in Paradise

A coach and certified 2young2retire facilitator tells us of an affluent, retired client who is struggling to find something meaningful for the next part of his life. He describes himself as a ‘prisoner in paradise.’ Sounds like a nice problem to have. You’ve heard the saying,we know that money won’t buy us happiness, but we want to find out for ourselves? The irony here is that the wealth many of us aspire to, that we imagine will bring us freedom and unlimited choices — not to mention material goodies — can have just the opposite effect.

There are any number of reasons we need to be challenged throughout life. Strength or resistance training comes to mind. When we contract muscles to lift progressively heavier weights, we are deliberately causing minute ‘injuries’ in the muscle fibers. The body’s healing response actually makes the muscles stronger. In humanistic psychology, resilience is the “human capacity and ability to face, overcome, be strengthened by, and even be transformed by experiences of adversity.”

“You gotta have heat in everything you do,” says Wynton Marsalis. Advised Eleanor Roosevelt: “Do one thing every day that scares you.” To live richly, whatever your financial status, make these your mantra.

The Not-So Silent Generation

Between the Greatest Generation and much on-going ado about their children, the Baby Boomers, those of us born between 1925 and 1942 don’t get much respect. We are known as the Silent Generation, a term coined for us by Time Magazine in 1951, and we have been called “withdrawn, cautious, unimaginative, indifferent, unadventurous” and of course, silent. According to a succinct Wikipedia’s entry, we are generally considered conformists, plagued by indecision, the “suffocated children of war and depression.” Personal note: Howard remembers the World’s Fair of 1939 and “Doctor, what brand do you smoke?” Marika remembers everyone in uniform, the jitterbug, and post-war rationing in England.

If you are a Silent (or even if you’re not), consider this:

Silents have been ignored by marketers (we’re good with that!), the popular culture (Elvis, ignored?), and employers (maybe, because we wore our gray flannel suits to work and did our jobs). We may also be the last generation to receive a pension from employers, and the majority of us are retired (not us!)

No Silent was ever elected to the presidency. To this we say, Martin Luther King, Jr., more influential than any president since Truman in changing the course of American history. We say: The Beatles, Bob Dylan, not-so-Silents whose music changed the course of politics in the 60s.

Celebrate Silents with Frank Kaiser. Read historian David Kaiser’s (no relation) blog History Unfolding on the impact of Silents in public life today. Check out Time Magazine’s 70s interviews of prominent Silents like Gloria Steinem. Tell us what you think.

50+ Health Tip for Men: Eat Your Broccoli!

Better yet, combine broccoli with tomatoes, says a new University of Illinois study on the effects of diet on prostate cancer. According to study co-author, Kirstie Canene-Adams: “Older men with slow-growing prostate cancer who have chosen watchful waiting over chemotherapy and radiation should seriously consider altering their diets to included more tomatoes and broccoli.”

No problem in our pizza and pasta-loving house. With this quick, easy recipe, adapted from Andrew Weil‘s original, we even get our grandsons to eat tons of the green stuff.

Cut up one bunch of broccoli or use a packet of florets. Save the stalks for broccoli cheddar soup, another favorite around here. Place in large sauce pan.

Add 2-3 cloves of garlic, mashed, about 1/3 cup water, 1 tablespoon olive oil, a sprinkle of sea salt, and a dash of red pepper flakes.

Cover pan tightly and bring to boil, then lower heat and steam until crisp-tender. The broccoli should be bright green. Don’t walk away because the water boils away quickly. Overcooked broccoli (brownish) is what gives the vegetable its bad name. Ideally, you’ll have a small quantity of delicious garlic-infused broth to pour over the broccoli.

Enjoy with a tomato sauce pizza or pasta. Do it again tomorrow.

Trailer Park and Cat Food Blues? No Way!

Don’t know about you, but we get pretty steamed by these patronizing articles about Boomers and their money, see It’s Crunch Time for Retiring Boomers. And technically, we’re not even in the Boomer cohort! OK, maybe you guys have had a run of living too well too long, to borrow from the Paul Simon song. But there are two reasons, at least, why we believe that singing the trailer park and cat food blues is wrong-headed and should be rejected.

First, the assumption that you are too addicted to the so-called live-for-today lifestyle to adapt. We’re not buying it. Let us tell you that it is possible to go from 0 in the reserves to a chunk of change that gets the attention of financial advisers. We did it, starting in our 50s, and we’re no smarter about money than any one of you. Here are two things that worked for us:

1. We started paying ourselves first. In our case, it was stashing the maximum amount then allowed in a 401K, and fully funding a KEOGH account we created for our small business. We did this every year, and didn’t even miss the money after a while. Know what? It adds up.

2. We began to pay cash for just about everything. This is a recommendation you hear often, but here’s how it affected our bottom line and could impact yours. When you use cash, it puts the brakes on impulse spending. We didn’t like walking around with cash-fat wallets, so it forced us to think twice, put it off. Procrastination, whether about starting an exercise program, a diet, or making a purchase, is very effective. Just keep passing those ATMs!

Second point: the assumption that retirement — the dated model of full-time leisure — is inevitable. Take this away, and the whole picture changes. Find work you enjoy or create it, and plan to do it in some form for the rest of your life. After the technology bubble popped, one Boomer who thought he was headed to the golf links forever, revised his plan to become a golf equipment rep.

You need to build up a financial reserve. If you haven’t, beating up on yourself is pointless. Just start now. Working longer is an option well within your grasp. And don’t give up too easily or settle for the first thing. If you’re like a lot of folks (like us!), you did that the first time around. What could you happily do for the next 20 years or so? Where can you make a meaningful contribution? Those are the questions to ask yourself now. More about career change from Career Journal.

Vigorous exercise not optional

New York Times health columnist, Jane Brody, did for health club membership and the careers of personal trainers what no amount of advertising and promotion could. But she also did all of us a favor when she declared that a 30 minute walk several times a week just won’t cut it if you intend to remain fit and healthy throughout your life.

This is also the message of a book that we’ve been reading: Younger Next Year: A Guide to Living Like 50 Until You’re 80 and Beyond, written by 70-something Chris Crowley and his doctor, 40ish Henry S. Lodge. This quote from the inside flap is representative of the plain spoken style of the authors: Exercise tells the body to grow. Sitting too long tells the body to decay. The bottom line: vigorous aerobic exercise, particularly in the second half of life, is not optional. It is the key to making sure our health span equals our life span.

As a yoga teacher, I do have one important caveat about ramping up your fitness level: Don’t rush it. If your preferred form of exercise has been surfing the Internet, take some time to work up to a fitness level that makes sense for your body type and capability. And to avoid Boomeritis, the term for the epidemic of bone and joint aches, pains, and injuries, coined by orthopedic surgeon, Dr. Nicholas DiNubile, make sure you are approaching the heavy duty stuff like working with weights in a mindful way, and that you are balancing it with plenty of stretching and warmups.

Maybe because I have been thinking about this a lot, I attracted two new students to my Gentle Yoga class this morning. They were self-proclaimed gym-rats, 50+, muscular, part of the iron-pumping crowd that fills the gym where I teach yoga twice a week. I was particularly delighted to see these two body-builders in my class because I believe yoga can prevent or alleviate Boomeritis.

First off, one of the principles of yoga is ahimsa, non-violence, including violence to yourself. Second, yoga encourages you to focus on your breath and the subtle sensations of the body. Training one’s awareness, the heart of this body/mind discipline, reduces the likelihood of doing something dumb. Third, yoga is — or should be — very gradual. Even an advanced class begins with easier, almost intuitive stretches and moves, then progresses to deeper, more challenging work. Simply, yoga is ideal for the older body. Due diligence note: check with your physician before you begin any form of exercise.

Speaking of health, did you know annual cost of health care is a record-breaking $2 trillion? Listen to this NPR report about an unusual group of partners — AARP among them — who are launching a grassroots campaign for universal access to affordable health care.

Ageism within?

A shortage of workers in the coming decades will be a global phenomenon. In Japan, which has one of the oldest populations, companies are being given incentives by the government to extend retirement age to 70. Last fall, we attended a presentation of the AARP/Towers Perrin report The Business Case for Workers Age 50+: Planning for Tomorrow’s Talent Needs in Today’s Competitive Environment. As negative stereotypes begin to erode, says the report, older workers will be sought after for their “experience, loyalty, perseverance, work habits and emotional maturity.” AARP projects that by by 2010, almost one in three workers in the U.S. will be 50 or older.

It appears that economic necessity could do for older workers what legislation — the Age Discrimination Act of 1967 — has only partly accomplished. Could we be seeing the last of subtle manifestations of age bias, e.g. the contention that executives 50 and older take twice as long to land a new job as their younger colleagues?

We believe so. Yet our optimism took a hit this week when a human resources executive friend suggested that mature workers feel compelled to cut years from their work experience to appear younger because it improves their chances of being hired.

Ageism begins at home. Stamp it out! Here are some useful ideas:
http://www.experienceworks.ca/pdf/Employee_kit.pdf

Replacing loss with retirement career

In case you missed it, you’ll want to listen to this short NPR segment from Morning Edition. It tells a story of how an obsession with medical problems took the place of a personal loss, then became a new career opportunity for an 89-year-old widow. Hey, Cool Career #123*, perhaps? It’s sweet, a lesson in creating possibilities, plus, the guitar/fiddle riff at the end is well worth hanging out for.

* For Cool Careers #121 and #122, see Reinventing Retirement. For Cool Careers #1 through #101, you’ll have to read Too Young to Retire: 101 Ways to Start the Rest of Your Life (Plume 2004).

Where’s the beef?

We track news about aging, boomers, retirement, older workers, longevity research and other related issues using Google’s handy alert tool (you can, too. Just click on http://www.google.com/alerts)

As boomers approach 62, the age when they become eligible for Social Security benefits, the trickle of news coverage has turned into a flood. Lately, our inbox has been overflowing with reports lamenting the fact that many people will have to work past 65, because they can’t afford to retire. Whoa! What’s with the hand-wringing?

Now we’re not knocking financial independence whether one arrives at that blessed state via saving, smart investing, solid income, inheritance or living within one’s means (perhaps the most overlooked option). The sooner the better, in our book. But we do take issue with this assumption that people work only because they have to, and that everyone is eager to retire, the earlier the better.

So, let us say this about that.

1. The assumption is false. According to surveys (AARP and others), 7 out of 10 workers plan to continue to work past so-called retirement age, and this is not entirely motivated by economics. If there is any problem here, it is that older workers who want to work are having more difficulty finding jobs commensurate with their skills. (Got your heart set on greeting customers at Walmart, go for it.) But what do older workers want? Oh, pretty much what most folks do: flexibility in their hours, autonomy, opportunities for training, balance. See:http://careersat50.monster.com/articles/olderworkerswant/

2. The notion that people hate their work just doesn’t hold water in a hard-working culture like ours. What does seem to be epidemic is complaining about work, and that might be a factor of how many more hours people are working, whether through necessity or choice. Working hard, i.e. being always available, is a status symbol. It says “I’m important”, perhaps even indispensable.

3. Being fired or downsized count among the most stressful of life events. This suggests that even work one ‘hates’ is work one would rather have.

4. Chances are, people who are that eager to quit working probably already have. Management expert, Peter Drucker, put it best: “There is an enormous number of managers who have retired on the job.” Now honestly. Would you want them on your payroll?

5. We may be in the minority, but the idea is gaining ground: Work is actually good for you! If you really do hate your job, start looking for something else, preferably while you’re still employed. A career change is a lot healthier than full retirement. But don’t just take our word for it. Here’s a study that appeared in the British Medical Journal:

Seems Malcolm Forbes had a point. “Retirement,” he famously said, “kills more people than hard work ever did.”

The best advice on retirement: Don’t!

OK, we got that out front. We believe it and we live it. Retirement is just so 20th century!

Think about it. Why would you want to quit something that provides a place to go and people to see, mental stimulation, a feeling of being needed, a way to hone skills and experience and keep learning, not to mention an income? Even if you can afford to join the leisure class, there is ample evidence that good work– even part-time, flex-time, on your own terms — is good for you.

Welcome to 2young2retire, The Blog: Tools and tips for your bonus years. Here you can listen in on a continuing dialogue between us about our work — retirement planning for the 21st century — and our take on what’s happening in the world that could affect our collective future. You will hear from contributors with different perspectives on aging, longevity, and how to make the most of the rest of your long life. Feel free to jump in and join the fray. In fact, we see this blog as an opportunity for you to sound off on what matters to you, as long as we keep the party polite.

We’re Howard and Marika Stone, co-founders of 2young2retire.com and co-authors of Too Young to Retire: 101 Ways to Start the Rest of Your Life and Too Young to Retire: A Journal of Transition. We’re joining the blogosphere because we hate to miss out on the fun, but more importantly, because unlike our books, a blog can be updated frequently — by us, by you — and we like that, we really, really like that. If newspapers are migrating to online editions because the world changes too fast for the printed page, what does that say about books? Especially resource-rich books like ours.

We prepared for this new adventure like we’ve done about everything else: slowly, methodically — NOT! True confession: over the past week or so, we went blogwild! We looked at what savvy bloggers thought were the best blogs for design and content. We subscribed to a couple that dispense great free advice. We followed the breadcrumbs where they led us. And you know what? There is order in this glorious chaos. There is honor among bloggers. They freely share what they know with everyone. They are generous with their congratulations for a job well done, and they don’t pull punches when offended, either. And many of them write very, very well, with flair, ingenuity, courage. All in all, not a bad place to be.