Five Strategies for Having Enough Money for Your Dream Retirement (While You're Still Breathing!)

Most people think that's all retirement is about -- havingsociety near his home. His experience, enthusiasm and
enough money to sit on the deck, play golf, and visitorganizational skills so impressed the Director that
the grandkids. But that's the old model -- not today'sLarry was offered a part-time position as Assistant
retirement. Someone who turns 65 today can expectDirector. Although he has less time for his painting, the
to live until age 83, according to the US Bureau ofsupplemental income allows him the luxury of another
Labor Statistics. Here's 5 strategies to help you pursuepassion -­ regular trips to Italy.
your dream retirement:3. Maybe you've been passionate about your hobby all
Copyright (c) 2007 Lin Schreiberyour life -- making woodcarvings, gardening, or playing
Most people think that's all retirement is about -- havingbridge. What about a part-time job as a gardening
enough money to sit on the deck, play golf, and visitassistant during the summer, selling your work at craft
the grandkids. But that's the old model -- not today'sfairs, or getting certified as a bridge instructor?
retirement. I believe you can revolutionize yourThink about what you love to do, the best times in
retirement even if you can't count on 80% of youryour life, what you never had time for when you were
current revenue when you stop working. (That's theraising children and working full time. If you love animals,
secret number according to many retirement experts.)become a pet sitter. Consider working in a day care
Someone who turns 65 today can expect to live untilcenter, if small children delight you.
age 83, according to the US Bureau of Labor4. Try seasonal employment. That's what Betty and
Statistics. So, even if you stop working at the normalBob do. They say they're "rewired," not "retired." Each
retirement age, you've got nearly two decades to fillwinter they close their Maryland home, pack up her
with things that really matter to you. And, if you give uphome-based marketing business, and head to
traditional employment sooner, you've got even moreSnowmass, Colorado. For the next two months, they
years to enjoy the "third half" of life. Today thework for the ski corporation -- alongside college kids
average retirement age is an astonishingly young 57.from Australia and a few other couples their age. He
I said "enjoy," and I mean it. To do that, you need to putparks cars and slings skis on busses; she helps families
yourself squarely in the driver's seat -- decide whenplan their vacations at the resort. The minimum wage
and how you retire and who you will be. Don't letthey make covers basic expenses; they each get a
someone else's definition determine your retirement.season's pass worth $1,799; and they only work a few
So, begin by putting the money issue aside entirely.days each week. The rest of the time they follow their
That's right. Just forget about money and take a goodpassion ­ on the ski slopes.
hard look at the life you want to be living. StartSeasonal employment is available at National Parks,
journaling, brainstorm with friends and family, andcommunity facilities, and as travel hosts to exotic
dream a lot. For inspiration, begin to brainstorm ideasplaces. Furthermore, there are lots of Web sites that
and tools needed to help you plan the perfectspecialize in senior employment.
retirement for YOU.5. But if you really want to make the most of the "third
OK. So money does have something to do with it.half" of your life, consider packaging what you know
Now's the time to figure out exactly how much youand sharing it with others. That's what Miriam did. After
have and what you'll need. Maybe you'll discover that30 years of a successful therapy practice, she traded
you have enough money to do everything you wanther East Coast home for a West Coast apartment.
to do. Congratulations!With her savings and a handsome settlement from her
But what if you don't? Will you need to work untilex-husband, she lived the good life. Then one day the
seven years after you're dead? Or can you still createmoney was gone. Already in her seventies, she picked
the retirement of your dreams? Of course you can.herself up, buffed up an old passion, and began writing
Here are some ways to make that happen.psychological thrillers. Today, Miriam is making more
1. First, sharpen your pencil and reconsider how muchmoney than she did during her other career ­ and
is enough? Maybe you don't need to stay in the bigshe's having a lot more fun.
house and take care of all that stuff. Perhaps you'dWhat will it take for you to let go of your outdated
love to simplify your life by living out of your RV asbeliefs about money and retirement and get inspired to
you travel the country. What could you downsize or letrevolutionize the "third half" of your life?
go of to buy yourself a more carefree existence?Remember, money is merely one of the 15 "must
2. Second, consider supplemental income. Wait ahaves" for a thriving retirement. While taking charge of
minute, didn't I just say you were going to stopyour life, having dreams for the future, and a purpose
working? Well, there's work. And, then there's work.that pulls you out of bed in the morning are not as
Larry was an art teacher in an urban high school fortangible as, say, $1.3 million in assets, they're just as
his entire career. In retirement, he followed his passioncrucial.
for painting and also volunteered at a national art