Creating the Anti-Retirement Plan

Last week we discussed why retiring is not something people should do. Instead of making plans for retirement, it is better to plan for a long life of happiness. An easy way to do this is to ask, "How would I have to live my life so that I would never need to retire - so I can live life to the fullest until there is no more life to live?” Creating a Financial Plan Unfortunately, money does not grow on trees. In order to enjoy life, you have to have money. So you have to have a plan in place to ensure you have money to help you shape the life you want to live. People who are living for retirement are living in chains. They are waiting for someone else to plan their financial future. They are depending on retirement checks that may not come. They are literally tied down to a plan created by someone else. People creating a financial plan for not retiring are free. Say the words, “I am not dependent on anyone but myself for my financial future and my financial freedom." By saying, and believing, those words, you are in control of your future. You are no longer at the mercy of whatever plans, programs, or ideas others put into place. You have the power. Building the Anti-Retirement Plan In order to create an Anti-Retirement Plan you have to do things slightly different. First, you have to understand there will be ups and downs in your income. Plan for this by setting aside a cash reserve. You need to have six months living expenses set aside in a cash reserve. This could come in handy between jobs, during times of economic downturn, or just to overcome detours along your path. Second, you need to have the best health insurance and the best disability policies you can afford. It is important that you insure the catastrophic events that could happen to you, causing you to no longer be able to make money. You may not know this, but most people are over insured on their life insurance and under insured on disability insurance. Third, you must rethink your income path. Do you want to continue doing what you are doing now forever, or will there be forks in the road you venture off on? Prepare for the forks. Realize your income path does not have to be like anyone else’s. Instead of focusing on your job history, focus on increasing your skills to make yourself more and more valuable to the marketplace. Jim Rohn said, “Working hard at your job will make you a living, working hard on yourself will make you a fortune.” Create a New Formula Throw away all the formulas on how much money you need to put away every month so you can retire comfortably at age 65. Instead, grow your wealth as fast as you can within your own comfort zone. Never confuse money with giving up the most import things in life. You should become as rich as you possibly can within the time allowed, so long as it does not interfere with the most important things in your life. Those things may be spending time with family, going on vacations, and doing other things that make you happy. The Anti-Retirement Plan is probably contrary to everything you have ever learned. I am ok with that. I hope it makes you think about the direction your financial future is headed. I personally think the idea of not retiring is freeing, enlightening and makes me much more excited for my future. I can't imagine retiring. I hope you can’t either. [Ed. Note: Dr. Tim's new book, Living Every Minute: Design the Life You Deserve, comes out on Monday, Dec. 6. You can pre-order it today! The book will walk you through answering the question, "How would I have to live my life so that I would never need to retire - so I can live life to the fullest until there is no more life to live?" Share your thoughts on this week's article with other readers below.]