Fortune favors the bold, even if the only thing bold about you is your drive to save for retirement.
The day you decide to do it is your lucky day – Japanese Proverb
Have you ever thought that some folks are just born lucky? Sometimes it’s not really luck at all, but good, solid planning and a keen eye for making the right choices at just the right time. As it applies to retirement planning, staying on target can help you weather whatever might be ahead.
Retirement may gently arrive right on schedule, or it might show up as unexpectedly as a lightning bolt. However it happens for you, getting your plan right now can determine whether you look like one of the lucky ones later.
Here are two people, featured at CNN Money, who did just that:
Maybe you’re not destined to be a professor after you retire, but your work experience is valuable to others.
From ER Doctor to Biology Teacher
It might be hard to imagine, giving up a physician’s salary and benefits for early retirement. But that’s what Norbert Adame of Phoenix did.
At the age of 59, he left the fast-paced life of an emergency room physician to become a community college biology teacher, author and healthcare industry coach. He also saved over $1 million before putting his stethoscope in a drawer for good.
Adame realized early on that he would rather manage his own money than hire someone else to do it. By maxing out his 401(k) contributions, saving more over that, and keeping an estimated $10,000 in portfolio management fees instead of paying someone else, he has plenty of resources to live the life that he planned for.
You might expect a person with the education and resources of a doctor to work as long as possible, amass a tremendous amount of wealth, and then perhaps retire to the Caribbean. But that’s not everyone’s style. Dr. R. Jan Gurley writes for Reporting on Health that many doctors are retiring much earlier than they’d planned, and for many different reasons.
Adame was able to stop working earlier than most people. And because he planned smart and saved aggressively, he’s living just the life that he wants.
From Life Insurance to Outdoor Sports
At 52, many people are in the prime of their career. But that’s when Jim Collins of Massachusetts decided to go a different direction.
In 2010, Collins crunched his last insurance number at his 30-year career and decided to focus his interests on the great outdoors. He didn’t become a fishing pro; he bought a major stake in a local outdoor sporting goods store.
Before he made the decision to leave his career and start anew, he’d spent many years saving and investing aggressively. So he didn’t leave insurance without some security. He spent his $1.3 million savings on an annuity that pays him a lifetime income of $77,000 per year, plus he saved $700,000 in his old 401(k).
Author and career coach, Nancy Collamer, explains at Forbes that going into business for yourself over 50 isn’t as risky as it might seem. It’s more challenging if you’re looking for a new job, and Collins wasn’t. Over 50, your skills and experience are an asset when you don’t punch someone else’s time clock.
Collins left a notoriously stressful line of work for something that he really loves. And because his customers also love the great outdoors, day-to-day life is relatively low key.
Retiring early is such a foreign concept to a lot of people, it almost seems like something that only a billionaire could manage. Retirement in general is getting makeover, as more people elect to leave the regular work force but keep working in another capacity – on their own terms.
A strong retirement plan that you’ve committed to long term is the key to making it happen. It’s what gives you choices. And choices are what make some people look lucky when they’re really just smart.
Starting or changing your retirement plan might be the only way to live the retirement life that you want. But it can be one of the most intimidating things you’ll ever do. There are so many choices, and not all of them are good. That’s why NewRetirement exists – to help you find the right ones for your life. To get started, check out our retirement calculator. You’ll see where you stand, and what you’ll need to get where you’re going.
