Ah yes, the All-American Dream of retirement! Is it still alive or has it turned into our worst nightmare? Considering the current economic status of the nation, many Americans will be postponing full retirement. Some of us, will never retire completely. I’ve never really been comfortable with the word “retirement.” I prefer to call it “Part 2.” 

This month, I’ve asked my friend, colleague and mentor Associate Professor Emeritus, Louis R. F. Preysz III to share his thoughts with us on his recent retirement. 

“As a college professor for 26 years, I made the big move to retirement in June, 2008.  Previously I served 31 years as a U.S. Army officer and 15 years as a bank officer.  Remember… during your career life, keep your job skill portfolio diversified; you never know what might happen with the ever-changing economy and your particular industry. 

To keep my portfolio diversified, I also served as management consultant for financial institutions, i.e. credit unions, banks, savings & loans.  With the challenges they now face, you’re probably wondering what kind of advice I gave them!  Considering my many job experiences, you may be thinking I needed to retire and rest.  No not me!  Since retiring I have been involved in several other experiences which force me to throw the alarm clock across the room at 6 am most mornings! And this is retirement?  To name a few of what keeps me occupied: Huddle Leader for Fellowship of Christian Athletes, Rotary and Publicity Director for the Sunrise Lexington Rotary Club’s Hot Air Balloon July 4^th celebration, Jackson Prayer Brigade mentor at Virginia Military Institute, mentor at the VMI Discipleship Breakfast for cadets, serve on the Business Advisory Committee for the Department of Economics and Business for Virginia Military Institute and its future AACSB accreditation, Civil War Roundtable member, and reading books I always wanted to read, but didn’t have the time.   

Now add to the ever-growing list, we’re building a new home in the Shenandoah Valley. And did I mention that I help care for our 78-pound Italian Spinone, and that I work daily at being a devoted and helpful husband?  Oh…one more.  Just yesterday, I had the privilege of being asked to serve on the Board  for the Rockbridge Occupational Therapy organization. After writing this, I read over this list, and realize I haven’t worked out for several days in a row, so this morning, I do my workout attire to face my busy day, and I’m ready!   

The point of all of this, is that before you retire, you need to plan your finances, where you may wish to retire, what medical facilities are available (after all, you’re not getting any younger), what you will do to occupy your time, what household duties you can get out of, and most importantly, what your goals are for your retirement.  Studies show that keeping busy and active will lengthen you life span.  There is no mention of retirement in the Bible.  My father used to tell me, “Son, if you can’t run, walk.  If you can’t walk, crawl. But move!”   

Remember…we are creatures made up of body, mind, and spirit and to remain fully alive, we need to keep our lives in balance, with a tilt toward the spiritual.  In another vain, my mother used to say when eating our meals “chew, chew, chew”. Now that I am nearing 65, I realize why.   By the way… pass the prunes!” 

As the Professor reminded us in his postcard, we never really fully retire. Humans are designed to continually grow, if we choose to. So, I’d like to share with you some strategies to prepare for and enjoy a healthful and secure, “Part 2.” 
 

• Create residual income that does not rely on the stock market.
• Craft a multi-faceted investment portfolio, don’t rely on just a 401K.
• Don’t re-finance your home, pay down or pay off your mortgage.
• As you approach Part 2, purchase a car for cash that will last a long, long time.
• Exercise regularly and make it a part of your weekly routine.
• Change your diet: reduce or eliminate caffeine, alcohol, sugar, white flour, white sugar, meat and dairy.
• Learn to reduce your stress through prayer, meditation, yoga and quality friendships.
• Work smarter, not harder.
• Don’t depend on anyone or anything to provide your financial security, create it yourself.
• Stop trying to “Keep up with the Joneses,” they are broke!
• Write a vision of how you see your “Part 2,” and include every little detail.
• Post that vision where you can see it every day.
• Take an inventory of ALL the skills of your career/hobbies/sports.
• Identify how you can transfer these skills into other types of productivity.
• Move to the “Sunbelt.”
• What communities offer the best health care providers?
• Heal your body, so you won’t need expensive healthcare.
• Calculate how much savings you will need to fully or partially retire.
• Partner with a skilled and qualified financial planner.

“Retirement at sixty-five is ridiculous. When I was sixty-five, I still had pimples.” -

George Burns