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I come from a family of employees. My immediate family and relatives are all different-from blue-collar workers all the way up to C-level executives -- but there are no entrepreneurs among us. I was raised by people who worship at the altar of the bi-monthly paycheck and the loaded benefits package.
I'm different. My wife and I both work as freelance writers, which means our income is unpredictable and our benefits (other than the freedom of working from home, which shouldn't be discounted) are non-existent. While this means less security, it also means we love what we do.
Consequently, we've gone back and forth on the retirement issue. When should we retire? Will we ever want to retire? What happens if health complications force retirement? Barring that last issue, we both feel that a delayed retirement is inevitable.
They say that if you love what you do, you'll never work a day in your life. I believe that. Every morning when I sit down at my desk, I experience a wave of gratitude. I've found a way to earn a living from what I love, and there is no greater feeling. However, this complicates matters when it comes to retirement.
The "Why Save?" Pitfall
For a long time, I avoided investment in any type of retirement plan because it didn't seem necessary. If I wanted to work the rest of my life, why should I sock away money to augment an existing income? The problem, I realized, is that sometimes retirement is necessary.
If I'm stricken by some sort of disease, for example, I might not be able to work past retirement age, in which case I will need a retirement fund off which to live. This realization prompted me to start a retirement account. Unfortunately, I got started later in life than I should have.
Even though I'm planning a delayed retirement (or, ideally, no retirement at all), I still must save for it. I call it my "rainy day fund" rather than my retirement account because I hope I never have to use it.
Adjusting for Delayed Retirement
My retirement savings strategy is different from those of most people my age. For example, I'm only about 40 percent invested in stocks because I've got an extremely low risk tolerance. I'm not worried about beefing up my savings because I'm planning a delayed retirement. It's more important to me to avoid losing money.
Additionally, I funnel more money than I probably should into a traditional savings account. This is money I can use whenever I want without any penalties, which is necessary because my family income is unpredictable. If we have a weak month, we've got a savings account to keep us afloat.
Working Without a Goal
My father planned his retirement very carefully. He knew the precise age at which he wanted to retire, and he worked toward that age with retirement in mind. Every financial decision he made was predicated upon an expected retirement at age 64.
I'm not in the same boat. Since I'm planning a delayed retirement, I don't have a specific time frame for savings or retirement account contributions. It's liberating, but also dangerous.
Every year my wife and I sit down with all our accounting and figure out where we stand financially. A couple years ago, we decided to give ourselves a retirement age (65) just in case it turned out to be necessary. That is now the age we use to calculate any adjustments to our retirement portfolio.
Other Options
The positive thing about planning for a delayed retirement is that there are plenty of options. Let's say, for example, that there comes a time when I no longer wish to continue writing for a living. I can still follow through with a delayed retirement by taking a job or starting a new line of work.
Many people delay retirement by taking part-time positions, or jobs with less responsibility than those they held in earlier years. This can help keep money flowing into the household without jeopardizing the all-important golden years.
