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    First Person: Retirement Is a Journey, Not a Destination

    By Cathy A Montville | Yahoo! Contributor Network – Mon, Jan 9, 2012
    This story comes from the Yahoo! Contributor Network, where individuals publish their unique perspectives on some of the world’s most popular websites.
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    *Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

    COMMENTARY | I viewed retirement as a destination. My plan was to work hard for an unknown amount of years. Eventually, I'd wake up one day to realize I did not have to go to work anymore. It was that simple. Now that I'm in my 50s, retirement isn't a destination at all. It's more like a journey without a stepping off point.

    There are a number of unanticipated elements that are forcing me to re-evaluate retirement. I can't blame it on the economy either. I'm taking responsibility for it being my own fault.

    Shortcomings of Small Business Ownership

    Owning and operating a distribution small business with my husband for the last 18 years has been fantastic. However, as any business owner knows, it takes money to make money.

    Most of our money focus has always been on developing or sustaining the business…not a retirement plan. I realize this wasn't smart on our part, but it's been a matter of necessity.

    Business ownership means we alone are responsible for getting a retirement plan in place. There's no pension forthcoming, and certainly no 401(k) plan to fall back on. Honestly, gold watches for me and my husband for our years of dedicated service is probably not happening either.

    Every ounce of energy we could muster has gone into our business. For what seems an eternity, every dime we made went back into expanding the business. During those early years, we believed we had oodles of time to worry about saving for retirement.

    Of course, we've learned that was a false sense of security. Time waits for no one.

    The Abruptness of Time

    I was busy raising a family and concentrating on my small business. Truly, I was oblivious to the rapid passage of time. When I was younger, time appeared to be never-ending. I assure you it's not. It's unnerving enough to turn 50: Turning 50 without a retirement plan was nuts.

    Retirement vs. Rainy Day

    I want to note something important: Planning for retirement is not about setting aside personal finances for a rainy day. I've been OK with keeping money in my rainy-day fund. However, that money would not be enough to cover a major expense or live on, for that matter.

    Don't be fooled into believing that rainy-day money is a retirement plan. It's not.

    My Bottom Line

    In retrospect, I wish I hadn't been so duped by the misconception that I had all the time in the world to prepare for retirement. I've certainly taken steps in the last couple years to support a retirement strategy. The maddening part is: I seriously waited too long. Unfortunately, retirement for now remains elusive.

     

    9 comments

    • J P Whickson
      J P Whickson  •  Elkhart, Indiana  •  4 mths ago
      I am retired, I retired early and work the same hours as always. 10 hours a day, 6 days a week. I just don't get paid as much. Since my work schedule was always so demanding, I never developed hobbies. So, writing became a hobby and now, it's a business. Except for this week, there's always too many requests for articles and not enough time.
    • Sherri
      Sherri  •  Perryopolis, Pennsylvania  •  4 mths ago
      Excellent article! I don't think that you can plan to early when it comes to this important journey in life. Wrong turns along the way can certainly lead to working during a time when sipping lemonade during many unplanned lazy days would be the better option.
    • Mike Oberg
      Mike Oberg  •  4 mths ago
      The old saying "If you fail to plan, you plan to fail" may be harsh, but it has some truth. I am fortunate to have worked for companies with good retirement plans, of which I took full advantage.
    • Malina Debrie
      Malina Debrie  •  4 mths ago
      Aging is the abrupt part. It seems to appear out of no where! One day you're young and all of life is ahead of you and then, you're 50! I was blessed. God placed me on my job when I was 23 and made me literally stay put for the entire 33 years. I had so many opportunities to leave and go on to other endeavors, but it seems that with each one, there was always something that made my feet stay firmly grounded as if they were planted in cement.

      I remember my mother saying if you ask God for something, He is going to work it out for your good so be very careful about how you ask and if you really want to ask because sometimes it may not be worked out as you wish.

      I asked Him for that first job and when He placed me on it He kept me there. Even though at times during that 33 years I thought I just could not take it any longer, when it was time, He moved me on to Retirement. And Cathy, I thank Him today. I make sure during each day I tell Him how grateful I am that he kept me through it all!
    • Pearl Grace
      Pearl Grace  •  St James City, Florida  •  4 mths ago
      I think this article will prompt some people to action in terms of starting now to save for retirement. Very honestly written. Great job, Cathy!
    • LadyQ
      LadyQ  •  4 mths ago
      Thank you Cathy, great article.
    • Tresa
      Tresa  •  4 mths ago
      Cathy, this is right-on spot! I always say I started retirement planning at 35, and it still came too fast.
    • Carol
      Carol  •  Hicksville, New York  •  4 mths ago
      At least you are starting now......a lot of us are in the same boat! (Bailey Hinson)
    • R. Salley
      R. Salley  •  Boulogne-Billancourt, France  •  4 mths ago
      This article should be mandatory reading for folks at age 35. I also felt like there was always plenty of time and like you, I discovered the truth. Thank you for your story, Cathy.
     Post a comment
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