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Health & Fitness

The Curtain is Going Up on Act 2: Do You Retire or Refire?

With summer here, some are ready for "permanent" summer - early retirement, more spare time, or planning for their future.

 

Ah, retirement!

It’s the American dream to work all your adult years and save for early retirement. I worked hard for my teacher’s pension, and my husband Bud, who was a chemist for 30 years, was very astute and wise about our investments. We were able to retire when we were 48 and 49 respectively. So why are we both now working harder than ever, even though we don’t have to financially? Because we love what we are doing!

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I retired from teaching students to teaching adults by being a motivational and inspirational speaker. Bud is my manager and travels with me. We just were honored to have a “Through the Years” reunion with students from the past 35 years! It was so fun to see “kids” who were now my age – well they looked it!

Maybe you dream of retiring to lie in a hammock or sit on a beach, to swinging a nine iron or hitting the open road in a Winnebago or seeing the world while you’re still young. Maybe for you it’s not just a dream. Maybe you’ve got enough money socked away to trade in your work uniform for a permanent bathing suit. But before you turn in your resignation, look over the details one more time. After all, you may live 40 or 50 more years beyond your retirement!

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The more I hear and read, the more I am convinced it is best to never retire. If you can live doing your favorite hobby and get paid for it, why not do it? Why not explore all your options before you cut back to live sparingly on Social Security?

Your retirement payments may be steady, and they last a lifetime. But you don’t know where you’re going to be 20 years down the road. You may have an unexpected need, medical emergency, family member or close friend in desperate need or a multitude of other things you haven’t expected.

My husband and I are exiting our 50s, and look forward to Social Security in the next few years. But now we are hearing horror stories about depleted funds before we even get there. And who wants to rely on Uncle Sam for a happy retirement? My parents are in their late 80s and because of certain emergencies through the years; they are still paying off debts they hadn’t anticipated.

We are very fortunate in today’s economy to have our home and cars all paid off and have no loans or debts to pay off. So everything we bring in is the proverbial “icing on the cake.” So why is this so important to us? Not only have we incorporated our speaking business, which is doing quite well, but we also have Salt and Light Ministry so that we may sow into the lives of those less fortunate. We recently were able to help with tornado relief here in St. Louis, as well as Alabama, and now Joplin. My husband and I both agree that we are “blessed to be a blessing.”

Having 10 agents and bureaus that book us for our speaking business, we have a set a standard fee. However, for our ministry, I am then able to speak for free to a church group, youth group or civic group. If there is a stipend or gift, every cent of it goes back to help someone else. What a privilege and responsibility to think we can be used as a catalyst to help those suffering loss, or even help  launch others in their business or ministry. I never dreamed retirement would be so fulfilling, or so busy!

We will have traveled in 16 different states in just these last two years and three foreign countries. Overall, we have been in all 50 states and 60 foreign countries. We simply love it. We meet such wonderful people who invite us to be part of their celebrations, conferences, conventions or commencements. All expenses are paid, in addition to the fees.

So what does this have to do with you? Decide what you want to be when you grow up and go for it. If you love gardening, you could sell many of your items. If you make crafts or jewelry, use that for a profit. There are consignment shops all over the St. Louis area, and beyond! If you are good with computers, hire yourself out for editing, building web sites or being a problem solver. The possibilities are endless! Just know your strengths and passions.

Other people, like us, are just more comfortable knowing they own their home free and clear. If that’s you and you choose to pay it off, it might be comforting to know that you can get money back out of your house by using a reverse mortgage, in which a lender pays you for a portion of the ownership of your home, or through a home equity line of credit. You also could sell it, of course. Because our home was paid off on a 15-year loan, we opted to buy 30 acres on a lake for an investment, and the home equity loan allows for ample deductions. We plan to sell our home in the next few years and downsize.

My real purpose in writing this, for all of you baby boomers especially, is to get you to think outside the box and prepare not to retire – but to re-fire. Intermission is over and the second act of your life is waiting. Be ready and enjoy it!

Debra Peppers, a professional speaker for 25 years, was one of only five inducted into the National Teachers Hall of Fame upon her retirement from Lindbergh High School. A member of the National Speakers Association, she has traveled to all 50 states and 60 countries teaching others that if she can go from being a 250-pound high school dropout, to Teacher of the Year there is hope for every child and adult. For info, visit www.pepperseed.org

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