What is it like to be fully retired? I think most of the people in the personal finance community can not answer that question because they are still working. They may be self employed or at a nine to five but they are in the phase of life where their focus is on accumulating the nest egg of investments and passive income they plan to use to fund their lives at some point in the future. As one of the smaller group of us who are actively retired, I’d like to share what full retirement looks like to me.
I became mostly retired when I left my nine to five career five years ago. I became officially fully retired a few months ago when I stopped my part time hobby job of consulting. So for the first time in my life my wife and I have no source of income other than our investments and a $300 a month teacher pension my wife receives. We will not start receiving Social Security for another five years. But for now we are living primarily off our investments. And how does that feel when you’ve been an earner, a saver and an investor your whole life? It feels pretty weird.
When I was actively consulting during the first five years of my retirement I never marketed my services, I just waited for work to find me. I did not really think through the fact that just because I decided to stop working, that did not mean work would not continue to come looking for me. And so it has. One of my old consulting co-workers called me today and asked if I would do him a favor and testify as an expert witness at an upcoming regulatory proceeding. It is easy work since his clients aren’t opposing anything in the hearing, so I suspect the parties to the docket will let me slide through cross examination without trying to make me look like an unqualified idiot. He is in kind of a bind so while I will get paid something for my time I’m not doing it for the money, just for a couple of friends. Also because it will force me to study up on the topic, which is good exercise for my brain.
But those are not the only reasons, I have to confess earning the consulting fee I’ll get does give me a little dopamine hit and a sense of satisfaction. I spent a career becoming an expert on a few obscure topics and getting paid for it sort of closes a circle inside of me, or at least that is how it feels. So that is one thing I think most retirees will find, particularly the younger ones. Work will come looking for you, and you will probably agree to do some of it, even if you don’t need the money. There is just something in the human brain that associates paid work with a feeling of purpose or accomplishment.
While I think work that pays offers more of a reward than unpaid volunteer work, they both do check the “having a purpose” box in your brain. One of my goals when I stopped consulting was to find a way to mentor to add to the other volunteer work I was doing. I wasn’t specific about who or in what area but I felt like older people like me who were successful at something could offer some useful life tips to younger people. When I look back on my life I feel like I was successful in being a dad and husband, financially and in my career. And coincidentally my university engineering department kicked off a new mentoring program right after I stopped consulting. This first meeting with our student mentees is coming up in a week and my team of mentors is already meeting to get ready. It won’t pay a thing, not even expenses, but I think it will be fun and might help a new generation avoid some of the potholes we seasoned engineers learned about the hard way.
The same week I also have board meetings of the community college trustee board of which I am the chairman. Prior to the board meeting we also have at least two committee meetings of board subcommittees so there will be several hours of work, not including the preparatory work, to be ready to preside over the meeting. It can get a little dry, but the mission of the college is something I believe in. Our students include a lot of nontraditional students, students who only speak English as a second language, first generation college attendees and people living below the poverty line. I have seen first hand students transform themselves from being poor to becoming millionaires. That’s not typical but I believe almost every student we serve sees an improvement in their lives. Education, whether they are studying history or welding, makes a difference. So while it does not pay anything it scores pretty high on the purpose scale.
And because, when it rains it pours, my foundation board meets that week too. I also chair that board and there will be committee meetings in addition to the board meeting so a few more hours of work will get squeezed into the next few days. This foundation runs a low income medical clinic, a fitness center that provides scholarships to low income clients and both home hospice and hospice house care for terminally ill patients. We do a half dozen other things as well but those are the main three areas we serve. I do not need to explain how good it feels to know you are relieving pain and bringing health to sick people who do not have anywhere else to turn. It feels amazing to get to serve there as a non-paid volunteer.
So that is what being retired is like for me. Perhaps some paid work popping up from time to time but definitely volunteer work in areas I care about. Plus being on the hunt for opportunities to volunteer a little more. I spend a lot of time on just plain fun hobbies too, which include running, tennis, pickleball, hiking, off roading, bush whacking, travel and fishing. And while I love all of those (except running) they are not enough in themselves.
As an aside, my commitments are going to require 14 hours of driving, a couple of nights in hotels and wearing a suit and nice business casual clothes. Considering I’ve worn nothing but shorts and tee shirts since my surgery and have a few very sensitive surgical incisions this will be a pretty interesting adventure. I will also have to carry my restricted diet food with me and am not allowed to lift more than eight pounds. I’m still trying to figure out how to get my carry on luggage to my room without doing that? My wife would normally volunteer to handle all that for me while I recuperate but she’s headed to the beach that week with her old college pal so I’m on my own.
What about you, do you volunteer now or do you think you will after you retire?
Would you accept part time work even if the money didn’t impact your lifestyle?
Is it crazy to take on these commitments when I’m supposed to be taking it easy and healing up?
My father was a retired professor that loved what he did. After retirement, he continued to publish papers, referee/edit academic papers and mentor young PhD candidate and professors on his area of expertise until his cancer caught up with him (another 10 years). When you’re top in your field and love what you do, “work” isn’t work and seems more like a hobby. My dad even self-funded international travel to be a keynote lecturer at different universitities because they didn’t have the budget (only meals and accomodations). So was my dad retired or did he just decide to continue work for no pay?
Totally different story and path but the objective is the same. Do what you want, when you want and as much or as little as you want without many of the “restrictive obligations”. That’s where I see the big payout in retirement.
Phillip, your father sounds like a wonderful man who no doubt added immeasurably to countless numbers of lives. My volunteer pursuits are very meager im comparison but I do understand the joy and sense of purpose that comes from being able to use your areas of expertise to help others, and not just to make money. My first mentoring meeting is this evening. I’m looking forward to the adventure. Thanks for sharing that about your father, it is an inspirational story.
Steve, I’ve been curious in how the transition to “no more consulting” was progressing, thanks for sharing. Our lives are following similar paths, as I’m also on a Board of Directors and spend a lot of time doing charity work. I’ve found one of the best changes in retirement is being able to do things “against the flow” of the weekend rush, and being able to hike any of the popular trails, fish the trout streams, or hit the mountain bike trails mid-week without seeing another person. Glad to hear the surgery went well, btw.
Fritz, isn’t that the best thing, to visit normally crowded areas when there are relatively few people on the trails. And as a fisherman sometimes I’m literally the only guy on the lake. Its kind of weird that I prefer weekdays to weekends now! Looks like I’m back consulting next week but I don’t think it will happen very much, its more of a favor and that problem I have saying no to anyone who is in a bind.
I retired in January 2021 at 50. I volunteered before retirement and will probably continue to do so now and years from now. Like you said, I knew even an activities lifestyle of outdoors pursuits, domestic travels during COVID, and other hobbies won’t keep me fulfilled during retirement. So, I renewed my interest in learning Spanish every Wednesdays with my former class. I had to stop a few years ago due to work. I volunteered as a puppy raiser for a service dog in training for 10 months. Boy, it is new to me and very challenging to train a fur child that doesn’t speak your language. We have outings, lessons, and ZOOM with the puppy development staff. I found a new community. Also through the eyes of a puppy, they can teach you to see the world in a whole different light. Now, I’m looking for a volunteer role that is just as fulfilling but not as time intensive. Any ideas?
Stacey, retired at 50, look at you! I think I’d look for something that leverages your love of animals or your interest in Spanish. Maybe working with Spanish speaking people who are learning English, or helping them with their immigration status or filing taxes? I think you are a very creative person and will come up with much better ideas than I would but I think if you focus on your stronger interests and skills you’ll find more purposeful opportunities.
Steve, those are great ideas. I will ponder more. I’ve contemplating mentoring like a “Big Sister” to immigrant children but haven’t researched it enough. I’d be interested in reading about how you researched and decided upon your “mentoring” project and your preliminary thoughts on commitment vs outcomes.
Stacy, it was one of those fortunate coincidences. I have stayed active with my college engineering department over the years and the group of alumni that do that just came up with the concept right about the time I stopped, or slowed down, my consulting. We are formed up into three mentor teams with engineers from various careers and of different ages and we’ll have 6 to 8 students. So it is team mentoring. I think it will be fun. Our first meeting with students is Monday evening and a five hour drive from here. Last night was a Zoom meeting with just the two other mentors on my team.
Hey Steve, I love that you stay active and busy. Doing work that helps others (paid or unpaid) is one of the reasons you’re on this planet. I’m excited to hear more about the mentor program – thats a great fit for you.
ps. glad you pulled out of surgery OK and all went well. I read your other posts and was thinking about you the past few weeks. Welcome back my friend.
Thanks Joel, I love your positive attitude about everything, be careful or you are going to give millennials a good name! The first Zoom meeting of my mentor team to plan our work with the students is tonight. I’m looking forward to it, they’ve put the teams together with one fossil and two younger working engineers. Yeah, I’m the fossil!
It feels taboo to say that I don’t plan to volunteer during retirement. As a member of the sandwich generation I am burned out from years of “volunteer” caregiving.
Jessica, I posted once about how volunteering is, well meh. You have nothing to feel bad about, your caregiving was over and above anything I’ve done I’m sure. And just being there for friends is the same thing. Listening and sympathizing when life happens, and I bet you are good at that. I’ve tried several volunteer things, like Habitat that just didn’t do anything for me even though it lights some people up. I didn’t mean to say that everyone needs to volunteer to feel purposeful. Everyone needs a reason to get up but there is no way it has to be volunteer work, it can be anything. I appreciate your saying that, I suspect you spoke for many readers.
Hey Steve, you sound pretty busy for a retired guy recovering from surgery! It’s good to hear that you are able to do meaningful work that is also having a positive impact on others. I hope to shift into a similar situation in the not-too-distant future. I know you’ve discussed some pitfalls of volunteering in the past, but I’m hopeful I can find some ways to engage with my new community that work out for both sides. Good luck on your trip!
Thanks Adam, yes my relationship with volunteering is a love/hate thing. The nature of the work is that it feels inefficient and not nearly as targeted to getting results as successful businesses are. And professionals working at nonprofits, well, they are awesome people with big hearts, but they often aren’t as focused or as motivated as for profit employees. Of course there are many many exceptions. I’m still not sure I’ve figured this out completely. Fritz’s wife Jackie founded their own charity, Fences for Fido. Its a big deal now and maybe that’s an option?
I’m glad to hear your surgery went well, Steve.
Perhaps you could write a book to pass on that specialist obscure knowledge so that others can learn from you!
Thanks FFO, that’s a good suggestion. I’ve never been consumed by the desire to write a book, I much prefer writing shorter pieces, like blog posts. My main consulting was as an intermediary between the true green eyeshade experts and the people running large corporations, kind of a translator. So I know enough to advise the company brass on what their best options are but not the minutia of all the calculations involved. I’m not quite sure how to write that down, but I’ll give it some thought.
Those sound like wonderful opportunities. It’s strange how so few people are able to take the lead on things but that just makes our natural leaders like you more valuable.
I was never very comfortable with leadership. Its funny, but while I really enjoyed my career the one thing I did not enjoy much was having authority over other people. I mean I’m no better than them, probably worse in most cases. I did not like the feeling that because I held a certain job people would treat me better than someone with a less impressive title. That always felt wrong to me, and unfair to other people. I liked being able to make decisions and being able to solve problems for my coworkers, but I never enjoyed the isolation that comes from being the boss, no matter what you do it separates you from the people who used to just be your friends. Because you control their salaries and bonuses and promotions. It creates so many hidden agendas. Now that I’m retired it is fun to spend time with them because I’m just a friend again. So I don’t see myself as a leader, just a good coworker. But thanks, Caroline, I appreciate your comment.
Reluctant leaders are almost always better than people who seek it out on purpose.
The words bush whacking gave me a chuckle, I hadn’t heard of that before though I understand that it’s a real thing.
Whoever you end up mentoring literally hit the jackpot (if they take the mentorship seriously, of course). I wish I had a mentor like you when I was in college.
I didn’t really think about the fact that bush whacking is kind of an insider term that many may not be familiar with. It is just hiking where there aren’t any trails. We got into it when we started on our ten year quest to hike to every waterfall in the book of Arkansas waterfalls by Tim Ernst. It had the GPS coordinates for each of the falls and a rough suggestion of the safest route to get to it avoiding cliffs and deep water crossings. But basically you just have to find your way around some pretty scary terrain, which was half the fun!
I knew you would get some additional consulting work given your network and expertise. I think it is good to stay engaged with this kind of work but do take it easy since you are still in recovery.
I’m happy to hear that your procedure early last week went well.
Thanks Mike, I’m walking a couple of days a week and doing some fly fishing so I think I’m good for my road trips next week. The only challenge is wearing street clothes. I’ve become a loose gym clothes wearer because that doesn’t mess with all the holes I have sliced in me that are still healing. For Zoom I do the TV news anchor thing where I put on a dress shirt but don’t tuck it in and stay in my gym short! With the right camera angle nobody is the wiser. Of course Covid has taught us all how to hack the dress code!
The gap between the end of earning income and lifetime income coming on stream is, I venture, a very interesting life period. However, IMO, relatively little is written about it. Will you keep us posted?
Al, so far it has been a nonevent. I thought I’d feel it more. I think when the market turns down significantly as it always does, then it might start to create some feelings.