Victory Lap

Once you achieve Financial Independence, you may choose to leave salaried employment but with decades of vibrant life ahead, it’s too soon to do nothing. The new stage of life between traditional employment and Full Retirement we call Victory Lap, or Victory Lap Retirement (also the title of a new book to be published in August 2016. You can pre-order now at VictoryLapRetirement.com). You may choose to start a business, go back to school or launch an Encore Act or Legacy Career. Perhaps you become a free agent, consultant, freelance writer or to change careers and re-enter the corporate world or government.

Financial Independence, Zen and the Art of Wealth

Posted By |

zenw_fr_500_773I was recently asked to review a new book, Zen and the Art of Wealth, by Warren MacKenzie. It’s the story of two friends who chat while one helps the other build his drystone wall.

It’s a good book and reminded me of some important life lessons that I had forgotten over the years. The book also triggered some memories about how I was first exposed to the world of Zen.

My first exposure to Zen was as a child, when I watched the TV show “Kung Fu” starring David Carradine as Kwai Chang Caine. In the first episode, Caine is accepted for training at a Shaolin monastery, where he grows up to become a Shaolin priest and martial arts expert. Caine fights for justice, protects the underdog and has a strong sense of social responsibility, something that is sadly lacking today. Flashbacks were often used to reveal specific lessons from Caine’s childhood training in the monastery, from his teachers: the blind Master Po and Master Kan.

I loved the lessons from Caine’s training in the monastery and those lessons have stuck with me for some reason over the years: Continue Reading…

Third Age education: Later-life learning

Posted By |
Mature students are very focused on their classes
\

By Aaron Hector, Doherty & Bryant Financial Strategists

Special to the Financial Independence Hub

Have you ever wanted to do or learn something, but never seemed to have the time? With commitments to family, friends, your career and hobbies, it’s easy to see how life can get away from you.

The term ‘Third Age’ refers to the stage in life after which you have retired and your children are independent. This is the stage at which you become liberated and finally have extra time.

It’s back-to-school season for our youth this fall – but why not for you too? Let’s look at some options for lifelong learning opportunities available during your third age.

First, it doesn’t have to be expensive! There are a number of low-cost to no-cost education options available. Seniors are offered discounts on many different products and services; including reduced bank fees, transit passes, discounted meals and even tax breaks. Perhaps the single greatest of all such discounts is the offer of free tuition – which has been extended by many universities here in Canada. If you consider that one year’s tuition can cost over $10,000, then a four-year degree could equal $40,000 in savings. Of course, you don’t need to commit to a four-year degree; you could get plenty of enjoyment from taking a single personal interest course.

Seniors and the Lifelong Learning Plan

The cost of various student fees, class materials, and textbooks are generally not free. For seniors on a strict budget, or for those who are trying to keep their net income below the Old Age Security (OAS) clawback threshold ($73,756 for 2016), taking advantage of the Lifelong Learning Plan (LLP) could be a suitable option to pay for these supplemental education costs. Continue Reading…

Can’t retire? Semi-retirement is more fun anyway!

Posted By |
otm-boomers-181016_frame_704
Jon Chevreau on Peter Armstrong’s On the Money: CBC.ca

My recent blogs on Semi-Retirement seem to have struck a chord.  After I wrote this online piece for MoneySense.ca: Semi-Retirement is the Future (and a version here on the Hub, under the headline The Next Boomer Wave: Semi-Retirement), I was interviewed by Peter Armstrong at CBC TV’s On the Money Show.

The context of the CBC’s Tips for Boomers segment was in part my new book Victory Lap Retirement, written with Mike Drak, who describes it as a “retirement book about NOT retiring.” The first of several excerpts ran in the Financial Post on Monday.

aep113km
CBC’s Peter Armstrong (Twitter.com)

After the CBC segment aired, Peter published his own blog covering similar territory, which you can find under the headline You’re Never Going to Retire — and Here’s Why. He picked up on my statement that the Millennials are going to live a long time and therefore will have an 80-year investment time horizon. I mentioned that a few weeks ago, when I gave a talk to T.E. Wealth in Ottawa about financial advice for Millennials.

Long-lived Millennials need to be mostly in stocks

Continue Reading…

How executives can survive sudden job loss

Posted By |
51fpzsdfv7l-_sy344_bo1204203200_
Amazon.com

By Bill Treasurer

Special to the Financial Independence Hub

The transition of a leader’s career from the top of the crest to the other side can actually be a beautiful thing. This is the time when your wisdom is ripest, when the bulk of your legacy has been established, and when your influence has left a tangible and positive mark.

At this stage of your leadership career, you are a leader in full. It’s worth noting that the leadership influence of many leaders became fully expressed late in life. Benjamin Franklin was 70 when he signed the Declaration of Independence (Samuel Whittemore was 81). Ronald Reagan was 69 when he became president, and 77 when he left office. Golda Meir became Prime Minister of Israel when she was 71. Dr. Ray Irani, the CEO of Occidental Petroleum, is currently 75 years old, making him the oldest Fortune 500 CEO.

While your leadership career may span many years, the current average retirement age in the United States is 62. Given that average life expectancies have been steadily growing, figuring out what to do with all that accumulated leadership wisdom and influence before you retire, will help soften whatever butt-kicks may come when the gates of your career close. (By butt-kicks, I mean embarrassing and humiliating moments in your leadership that serve as a starting point to discover your strengths and values, and become better).

Butt-kicking tips for senior leaders

Continue Reading…

Retireby40’s take on Semi-retirement and Victory Lap Retirement

Posted By |
joeudo
Joe Udo of Retireby40.org

By Joe Udo, Retireby40.org

Special to the Financial Independence Hub

It might be surprising to new readers of Retire by 40 that I don’t believe in the traditional definition of retirement.

Yes, the site is titled Retire by 40, but I really meant Semi-Retire by 40. The idea is to leave the stressful corporate job life and continue to work part-time on something I enjoy. I don’t want to spend every day lounging by the pool or golfing at the country club. That sounds nice, but I’d be bored out of my mind in about three days! Full retirement can wait until I’m 70.

The problem is Semi-retire by 40 just doesn’t have the same impact as Retire by 40. There wasn’t a good word to describe what I was aiming for … until now. Mike Drak and Jonathan Chevreau’s new book Victory Lap Retirement describes exactly the lifestyle I wanted when I started blogging.

What is a Victory Lap?

The following paragraph from the book explains it perfectly: Continue Reading…