That’s right PF bloggers! We’re starting off this post with a quote from a Flaming Lips song. Even if that’s not what you picture when you think about goal setting, perhaps this perspective will help.
Retiring At 48:
Last June when the school year ended for my wife, one of her colleagues retired – at age 48. Yes, she reached the minimum age required to receive her full pension and she was out.
Depending on your perspective on retirement, some people would consider this far too young to retire. But to my wife and I, this was an inspiration. In fact for my wife, this is really only 13 more years away.
But Wait!
Even though we’ve both been at our jobs for about a decade, in many ways it feels like we’ve really just begun. Speaking for myself, there are still a great deal of things on my goal setting list that I’ve never fully experienced within my career:
• I’ve given presentations, but never to a jumbo-sized auditorium.
• I’ve been published, but not in a popular media source.
• I’ve never traveled to Asia (soon to be off my bucket list)
• I’ve closed lots of deals, but never one of those stereotypical ones like you see on TV where the boss makes you a junior partner immediately afterwards.
• I’ve received great raises and bonuses, but never the mythical BIG one!
Compare and Contrast:
One of the perks of my job is that I’ve had the fortunate opportunity to meet and work with people from all walks of life. More common than not, one trend I observe is how often people have no idea what they want to do (nor the ambition to make a decision). What was once reserved as a time of indifference for your first two years of college is now an epidemic of non-existent goal setting that follows these people into their 20’s an 30’s.
So … on one hand you have your peers who are drifting from day to day. And on the other hand you have a person who achieves financial freedom by age 48. My question is this: What are we doing with ourselves in between? Are we really goal setting and making the most of our time, or are we squandering it?
All You Have Is Now:
13 more years may sound like a long time to some, but it will simply pass in the blink of an eye. And once it does, what can you really say for yourself?
• What will you have accomplished with your career? Will you leave a legacy at work or just be another forgotten Warren Schmidt?
• Will you have strengthened your marriage to the point of being indestructible?
• What will your kids think of you once they’re adults, and what will you have taught them in preparation for life?
• Will you have made a difference in anyone else’s life but your own?
If we’re so lucky retire by age 48, will be able to look back and say we really did it? That we really accomplished everything we set out to do?
Goal Setting to Make the Best of Now:
None of things above will ever be accomplished looking back on your life after the fact. None of them will ever come with an invitation or a heads-up email. The only time you can ever affect the outcome of any of these events is to work on them now.
If you don’t want to pass up the most important opportunities in the prime of your years, you need to ask yourself: What is important? What are my priorities? What do I want to accomplish?
The only the request I have of you after you read this post is to look at your life in “real time” and see it in relation to how it fits with everything else in your goal setting agenda. Do your actions bring you closer to your priorities or take you further away from them? Only you can be the judge.
But before you cut yourself too much slack or are too lenient, just remember that all we have is now.
Related Posts:
1) Overcoming Envy – Why Do We Hate Other People’s Success?
2) Lessons in Retirement from the Movie “About Schmidt”
3) Life Lessons I Learned from Super Mario
Photo Credit: Microsoft Clip Art
Evan says
I could never see myself following the stereotypical “retiring” scenario (i.e. do nothing that produces income) and it doesn’t sound like you have much of an interest it in either.
Not sure what the flaming lips was in reference to? Don’t think it published
MMD says
I certainly don’t plan on having a do nothing type of retirement. But I do want to make the most of my work now and the career I spend so much time on.
The Flaming Lips is a semi-popular band from the U.S. “All We Have Is Now” is track number 10 on the album Yoshimi Battles the Pink Robots.
https://en.wikipedia.org/wiki/Yoshimi_Battles_the_Pink_Robots
Tub20 says
Well, we are all different; of course we are, and what’s good for one may not be good for another. Speaking for myself I’m lazy enough to enjoy the idea of an early retirement, but restless enough to believe I wouldn’t like it.
Still, it’s nice to have the option but I would imagine it would be a huge amount every month you need to pay into the scheme and at a very early age to make this achievable. However, it is true to say the earlier you start the better even if a more modest pension scheme.
Unfortunately, after years of much self-employment and non-direct casual work, I was not sensible enough to address the issue of my retirement and subsequently, now in my mid fifties have many concerns about the coming years. But that was my own mistake and I guess I will just have to live with it and will probably be part time at the local petrol station selling petrol, cigarettes and potato chips well into my 70s but hey, life goes on.
I’m happy for this lady and her thinking ahead has obviously been a good move although I do suspect she must have been a high earner to achieve this but I wish her a happy and obviously long retirement.
femmefrugality says
Great motivational post! 48 may be too young for me, but just by a couple of years. I got a delayed start on school, but I’m on a path now that should get me working with benefits in hopefully a year’s time.
MMD says
Everyone starts the race from a different place. All that’s important is that you find your place, set a goal, and get in that race! You’ll be earning those benefits and on track for your goals in no time!
Lance@MoneyLife&More says
Goal setting… that sounds like a good idea. I should make me some of those! Seriously I need to come up with a plan but financial wise I am doing fine. It is the what do I want to do with my life that needs some figuring out!
MMD says
While I can’t help you there, I’m sure you know that the “life” part is the more important aspect to prioritize.
Ryan says
So true, Now is really all that exists, I think we should look at goals in the more long term. Instead of changing to the whims of the week or month would help us accomplish more during our quick lives.
MMD says
Thanks Ryan! Life is a lot shorter than we realize. I think we could all get a lot more out of it if we set some goals for now and worked towards them rather than letting time pass us by.
Ron @ Running From Debt says
I would LOVE to retire at 48, but I do not think that would be feasible. I know anything is possible and that if I really want to retire at that age, I would have to hunker down and save and be frugal. I think I can set a more realistic goal of retiring at the age of 55. That would be a nice age for me I think. As long as my family and I have our health and wellness, I can be happy with that!
MMD says
Amen to health and wellness! Retiring early would just be icing on the cake if we can still have our health in our 50’s.
I too had a goal to retire early at 55. But my wife and I have since revised this for 48 to 50. Perhaps if we miss our goal and retire at 52 or 53, we’ll have “tricked” ourselves into beating our previous goal of 55. In any case, its all good! 🙂
[email protected] says
The boomer generation like my in laws wouldn’t know what to do with themselves in retirement. Our generation (X) will definitely know what to do with that free time. If you want to retire in your 50s you need to plan for it in your 20s.
MMD says
I think there is a little bit of truth to that. My Dad was retired and went back to work. I’ve got so many plans for my retirement days – so many things I want to accomplish. I totally agree that starting your money plan in your 20’s is where you need to be!