The 3 Simple Keys That Will Help You Avoid Being Broke During Retirement

05 June 2017 Written by   Published in Peaks Financial Fitness

We recently had our piano tuned, and our tuner shared part of his life story with me. He told me that he is “retired” from his job that he worked for over 40 years. He doesn’t “have to work” because he needs to earn money, but he enjoys tuning pianos, so he works part-time. Through his story, I picked out several keys for staying motivated to invest — no pun intended.

First Key: Personalize Retirement

Our piano tuner told me that he worked because he wanted to work. He loves music, enjoys working on pianos, and he likes to visit with people. He still has plenty of time to spend with his family and on other hobbies. This works well for him.

In contrast, I know retirees who like to travel. Others like to watch their grandchildren. Some like to garden. Not everyone would enjoy working as a piano tuner. We all have our own interests.

I had a college professor who wanted to volunteer at a local library by reading to children when he retired because he really enjoyed reading to his children. Another acquaintance got more involved in government and became a state senator when he retired from full-time employment. The options are endless!

I’ve been thinking about what my family wants to do in retirement. Whenever I try to do what someone else is doing, I lose motivation. I have to do what’s right for me and for my family. What does YOUR custom retirement plan look like?

Second Key: Prepare for Decades

He and his wife worked 40 years in their careers and saved for retirement. I’m not even 40 years old yet, so it impressed me that they had prepared for this stage of their life for longer than I had been alive. Even though I know how important it is to save for retirement throughout our working career, meeting someone who did it makes me feel like I can do it too.

I have had other friends and family members who have also retired, and their examples have helped motivate me to invest for retirement. They have me given me hope that my personalized retirement plan is possible — especially when we were unemployed and had to stop retirement savings. Their examples motivated me to start again when we were able.

Having mentors who are in retirement is very helpful because they have already done it and can guide us. Both sets of our parents are in retirement and we see what costs they face and how they differ from costs in our stage of life. Preparing for retirement throughout life gives you freedom to do what you would like to do.

Third Key: Enjoy Your Work

Our piano tuner can make the piano sound amazing when he plays it and tune it. He is a pianist, and his love for the piano shows. He has a good sense of humor and makes piano jokes. I can tell that he completely enjoys piano tuning and interacting with his customers.

His story was a great example of working during retirement. He does something that he enjoys. He makes a good amount per hour, but it really didn’t seem like “work” to him. He is his own boss. He schedules as many jobs a week as he would like to work, and he schedules those jobs around his life. Seeing him enjoying retirement so much motivated me to work towards it.

I have another acquaintance who “retired” from his job of 30 years to serve a volunteer mission for his church with his wife. He had always wanted to do this and was still young, so after he finished that, he worked for a friend doing something else. He has freedom to work how he would like to work. Both are enjoying their work.

Statistics show that so many people are not saving enough to retire the way they want to retire, but it's really so simple. Meeting people like our piano tuner help me to realize this. Why aren't most people saving then? Well, it’s so easy for me to get caught up in the immediate expenses and put off saving for retirement.

Hearing his story helped spark my imagination to think about what job would be good for me at that stage of life. What did you learn from this piano tuner’s story? Who do you know who is retired? How has his or her story influenced you?

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