Do You Know What Day Monday Is?
(Hint: It’s Not Hump Day)
Good Morning Relaxing Retirement Subscriber,
Do you know what day this coming Monday is?
Does it have any significance for you, or is it “just another day?”
If you don’t know, or if it’s “just another day” for you, that’s likely good news.
This Monday is the first Monday in September which means that it’s Labor Day, the national holiday created over 100 years ago to celebrate the achievements of American workers.
By our count, there are nine Relaxing Retirementmembers who will not be circling Labor Day on the calendar as a day off for the very first time this year, i.e. you’re no longer “working” to support your lifestyle, so you don’t need a national holiday celebrating labor to give yourself a day off!
You’ve now earned the right to take EVERY day off for the rest of your life if you choose to do so.
If you’ve just entered this elite group, or if you’re already there, take a moment to reflect on just how incredible an accomplishment that is.
Think about it…
You’ve put yourself in a position to no longer need to work to support your desired lifestyle for the rest of your life!
Historically speaking, this is extremely rare. The whole concept of “retirement” (i.e. living without working for the income you need to support your desired lifestyle) has been around for less than 100 years in human history.
And, for a good chunk of that time, it was only for the super wealthy!
Prior to that time, you worked until you passed away, or until you were unable to physically and your family supported you.
Statistics consistently confirm that only a tiny percentage of Americans achieve complete financial independence and continue their lifestyle into their retirement years, while the overwhelming majority do not.
If you’re in that elite group, you’re in a very special minority.
Be incredibly proud of that!
If You’re Still Working…
If you are still working, you likely fall into one of two categories:
Group One: You’re working, not because you have to, but because you still “want” to.
You’ve done all the analysis and you know you don’t need to work for income, but you still enjoy what you’re doing so why give it up.
We have several Relaxing Retirement members in this category too, and I think it’s terrific. Just because “society” defines “retirement” as no longer working doesn’t mean that you have to live that definition.
As you likely know by now, I will never “retire” by society’s definition.
True retirement is your ability to do:
- What you want,
- When you want,
- Where you want, and
- With whomever you choose to do it with
All without having to depend on the income from “work” to support your lifestyle.
That’s the position you want to be in.
Group Two: You’re working because you believe you “need” to.
If you’re in this camp, the question I have for you is how do you know?
If you’ve done all the analysis necessary, and carefully determined that you still need to work, that’s great. You’re making the decision to continue to work based on fact, not emotional opinion or media manipulation.
However, in my experience, I’ve encountered far too many individuals who are still grinding it out every day, not because they want to, but because they believe that they still “have” to.
And, the reason they think they “have” to is rarely based on careful analysis and fact.
It’s typically based on many years of conditioning, like:
- “You can’t retire if you still have a mortgage”, or
- “You have to wait until you’re 66 when you can collect full social security”, or
- “You can’t retire unless you have $1 million in the bank, or $2 million, $3 million, $4 million…”, or
- “You have to wait until you’re eligible for Medicare because nobody can afford health insurance”
The answer for all of these conditioned beliefs is “maybe”.
Maybe they’re true for you, and maybe they’re not.
None of these statements is a universal truth. The answer lies in your personal numbers because everybody’s priorities and resources are drastically different.
Over the last 29 years, I’ve worked with countless numbers of individuals who have “grossly underestimated” their ability to stop working if they want to, only to find out that they could have stopped working one, two, or three years ago, but they didn’t know it.
Imagine finding out that you could have afforded to comfortably stop working 3 years ago if you chose to, but you didn’t even know it.
Don’t fall into that trap. Take the time to rationally understand your own personal numbers to the point where you can confidently make educated decisions, instead of basing your life decisions on erroneous “rules of thumb” or “outdated” conditioned beliefs.
As anyone who has achieved complete financial independence will tell you, knowing that you don’t needto work changes EVERYTHING.
Committed To Your Relaxing Retirement,
The Retirement Coach
P.S. Arm yourself with the questions you must ask to determine if your financial advisor has a legal obligation to work in your best interest at all times vs. the best interest of the company they represent. To receive a free copy of the Consumer Guide titled: “The 13 Questions You Must Ask Your Retirement Advisor (or Any Financial Advisor You’re Thinking of Working With) Before You Hire Them”, simply click this link: https://www.theretirementcoach.com/free-consumer-guide-how-to-protect-yourself
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I appreciate the trust you place in us. Thank you!
(The content of this letter does not constitute a tax opinion. Always consult with a competent tax professional service provider for advice on tax matters specific to your situation.)