Un-Retirement
For many Americans, retirement is one of the most important considerations that takes a lifetime to prepare for. But today, not all of our hard-earned “preparations” stand to be adequate support for our later years. As we continue to live longer and the proportion of older Americans grows to unprecedented heights, concern also grows for the aging group that is not financially equipped to retire comfortably.
“The aging of America isn’t a temporary event. We won’t be getting older this year or this decade, and then turning back and getting younger. We are well into a change that is permanent, irreversible, and very long term.”
— Laurence Kotlikoff, economist, and Scott Burns, finance columnist, from The Coming Generational Storm
Although this sounds like common sense, it sheds light upon the collision of demographic and financial issues, and it beckons the proactive to think about the future with a fresh perspective. The baby boomers, the sixty- and seventy-somethings of America, are better educated and healthier than their previous counterparts, and their invaluable abilities and talents, built over a lifetime of experience, could be focused towards part-time or contract work, if not an encore full-time job.
Carrying existing skills into new work environments is a logical means of staving off full-on retirement if one isn’t fully ready for it financially.
But that doesn't mean retirement is for everyone, or that it is the optimal next step in one's life story; instead, discovering or continuing with activities that provide freedom and fulfillment will provide better results, not to mention better physical and mental health.
This is especially true for those who may not be able to continue their previous profession, or those who have been vulnerable to the weak job market of recent years. It is never too late to try something new, or to take on something you've been wanting to do but never had the chance to.
Chris Farrell, a senior economics contributor at American Public Media, has said that “there is reassurance in tapping into the knowledge developed over the years and the creative spark that comes from moving into a different sector of the economy, confronting new challenges and meeting new colleagues.” This idea can be channeled into starting a personal business.
Entrepreneurship has many faces, and in America small businesses have helped to maintain local culture and flavor in ways that are sometimes underappreciated.
Enterprising seniors have caught onto this — the 55 to 64 age group represented about 15% of new entrepreneurs in 1996, whereas in 2014 that proportion swelled to over 25%.
Here, Wyoming offers a unique solution to the “retirement problem”. With no state personal income tax and no corporate income tax, the financial benefits are already enticing. The clean air, water, and environment present a health-focused atmosphere, and the wildlife and complete lack of traffic jams are unparalleled.
But the real unretirement that is found in Wyoming comes from those who find personal satisfaction in living off the land.
Small farms and food producers have risen in numbers all over the United States, popping up in rural areas and at local farmer’s markets. A majority of people running these small businesses are older, and are very much in tune with the value of quality of life.
Innovative small farmers have found success in Wyoming, incorporating smart solutions like hoop houses to harness the best of Wyoming’s elements and create both personal and financial value for themselves and their families.
From specialty mushrooms and uncommon vegetables to home beekeepers and florists, there is a variety of possibilities for those with a will and a way.
Not to mention, the exercise, fresh air, and general solitude offer crucial health benefits for the aging population in an ever-frenetic digital world.
For many, the offer of a simplified life, stripped of distractions, has become an aspiration worth investing in.
Leisure Properties has been helping clients navigate personal considerations and real estate decisions for over 50 years. We encourage you to contact us for details and a complimentary consultation to discuss your future.
Each of our new ranch owners receives 2 hours of complimentary personal consultation sessions from Dr. Frank Maurer, who is an excellent resource for advice on utilizing your land to tap into its fullest potential. He owns and operates an experimental 40-acre farm and is an accomplished 20-year veteran of farmers' markets and the produce industry.