Friday, August 29, 2014
In his new book entitled, Unretirement, Chris Farrell asserts that developing skills can help you earn income past traditional retirement age offers a better return on investment than any other financial instrument.
Farrell defines “unretirement” as the financial impact of working longer. If people can work into their 60s, they will make much more in the course of a year than they could from saving. This changes the financial landscape, as people will no longer need to tap into their retirement nest egg during these years.
The first place to being is by asking yourself what kind of work you want to be doing. “Don’t romanticize any particular idea—research it. Think about how you can take your existing skills and move into a different sector of the economy with those.”
The notion of “unretirement” further suggests that you can wait to claim social security, which in turn creates a wealthier society, healing the economic crisis.
See Mark Miller, Why ‘Unretirement’ Might Be Your Best Retirement Strategy, Reuters, Aug. 28, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.