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There comes a period when committing to an employer for a certain amount of one's time and talent is not feasible--not for health insurance coverage, extra income, or sense of worth. On the spectrum of womb to tomb, common sense requires tackling the question of mortality.In no way does that mean invalidism. There are many ways to be useful and, in the process, to be involved in stewarding one's own economic affairs. In quieter times it was expected that grandma could move in with a favorite daughter (usually) and make herself useful watching the children. Grandpa could putter around doing what makes a household run better.
Then came Social Security. Known originally as an Old Age Benefit, it advertised escape from "old peoples' farms," but was never envisioned as a pension--only as a supplement to whatever savings a person could accumulate. Social Security, calculated according to one's lifetime earnings, became an enhancement to workplace pensions and individual investments. In strong economic times there was often a way to live comfortably. Low wage earners were usually left with little except Social Security benefits, making the "Golden" years still a two-tiered social system. Sadly, in all the calculations many never took into consideration economic recessions and their aftermath, the double whammy of inflation.
If we look at the era of the Baby Boomer, we can see how new challenges surfaced about the same time they hit the Big60. It's a little late to blame their parents for answering the biological clock after World War Two, so finding a culprit leaves the government to blame. Regulation of the stock market to discontent with 401K rules and company guarantees will have to do.
If reason prevails--and it does when standard of living is in the accounting--each retiree is compelled to recalculate a possible 20/30 years of existence without a paycheck. Good healthcare, better working conditions, and personal sagacity may have increased longevity. But it's too bad no one told lawmakers as they set up entitlement tables.
Truth to tell, many who reach retirement probably never spent much time looking at the commissions which were underwriting long term benefits. But here we are! Reflecting on the good and bad of one's past financial affairs is becoming obligatory for most of us. When the "if only's" calm, there remain questions of "whither now." Freedom from drudgery is the gift of retirement. To accept the freedom of being one's own boss can be an awesome task. This is no time for ostriches. Networking with others who face the same challenges makes sense. It's for sure that blaming the government, globalization, or ethnic shifts will not help.
Congratulations to those who are free! Even if only contemplating freedom, congratulations! New Year's resolutions are coming. Happy New Year!
