A topic that has been asked to be discussed by several of you is the issue of planning for retirement. It seems interesting to note that there is no reference to retirement in the Bible except for a comment about the Levites who were set aside to serve at the temple and instructions that older people should instruct younger people in knowledge and skills that they had acquired.
Through most of history, people worked until they were unable to do so, and then their families took care of them until they died. The idea that the government had some responsibility to take care of seniors first started in Germany in the 19th century. Largely to combat unemployment among younger people, it was suggested that people above a certain age be paid to stay home. Chancellor Bismarck came up with the age of 70 which was later lowered to 65, and the world’s first old age pension was signed into law in 1889. There continues to be much speculation about how that age was determined to be the correct time to end one’s working life.
All industrialized countries followed suit until the United States became the last to enact Social Security in 1935, 46 years later. Social Security was passed only after it was pitched as a means to keep old people from becoming homeless, and that it would be completely self-supporting, outside of the Federal budget. The Social Security system continues to be self-funded by payroll deductions separate from income tax and the federal budget. Adjustments to contributions and distributions are calculated regularly to maintain the fund.
Social Security was never intended to be a person’s sole source of income; each person has a responsibility to provide for themselves as well. When planning a “When?” for retirement, a first question might be “Why?”.
Certain professions become hard to maintain as we get older. For example, there are not many professional football players older than 40. Musicians, on the other hand, can play well into their 80’s and beyond. Depending on the stamina and competence of surgeons, their working career is likely shorter than that of an office worker. So, an arbitrary number like 65 or 66 doesn’t make much sense for most people. Instead, we need to decide if there is something else we would rather be doing if we do not continue our current occupation. As objectively as we can, we need to be considering what we want to accomplish or see or attempt while we are able to do so. If we feel that we are still contributing to our current endeavor and we enjoy doing the work, why quit?
Do we need to take a time away, a sabbatical? One goal might be to get to a place in life so that we are not just working for a paycheck but working to do things that we want to do, things that need to be done. A lot of people start businesses or new careers in their 60’s or later. There may be something that we have been longing to do and the check from Social Security or a pension fund may be just the boost we need to get on with our plan.
Whatever the reason, just “not wanting to go to work” may not be the best reason. A long vacation may be in order while we plan the next phase of life. I’ve expanded on these thoughts in a book, “The Fourth Quarter” I wrote a few years ago when I hit that magic age of sixty-five. By the way, I’m still doing photograph restoration and photography because of what I learned about myself during the research for that book. I’m also doing a lot of other new things, too. Having adequate financial resources to pursue new endeavors is another topic, and it will be good to discuss that with you in the weeks ahead.
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