The traditional concept of retirement has changed dramatically. No longer is it considered a phase of life in which we suddenly and finally stop work to await the grim reaper. While that might have been true in the past, today's retirement is a time when our daily activities are devoted to more pleasurable or meaningful activities. It is a period during which we enjoy total freedom to do what we want, when we want, and how we want. As such, it's a redirection of our life's focus and efforts. Perhaps it's time to call it that.

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By David Braze (TMF Pixy)
November 20, 2000

Like most folks, when I was young, retirement was a distant concept that held little meaning for me. If I thought about it at all (and believe me -- for many years I didn't), then I viewed retirement as an event that occurred late in life. To the youthful me, retirement simply meant an end to work, and that would occur somewhere around age 62 or 65.

And I didn't view that as a necessarily happy occasion, either. After all, at least to the 20-something lad of my day, folks of that age (exclusive of close family, naturally) seemed to be worn-out, washed-up old codgers and biddies, good for little else except playing gin rummy, shuffleboard, and bingo. Retirement, then, was simply a short period of time in which someone didn't work, contributed little to society, and awaited the grim reaper.

I don't recall anyone specifically defining retirement to me that way. Still, I wasn't alone in my viewpoint. Many in my generation and even my father's generation thought the same. Heck, even many of those who were retired held similar views. In fact, I'm sure there are some who still think that way. It wasn't an uncommon thing then (and to some extent now) to hear someone say, "Oh, sure. I remember old Joe. Great guy! He retired at 65, but he didn't get to enjoy it much because he died within a year." Does that sound familiar? I bet it does.

Guess what? Something radical has happened since I was a lad. I'm not sure when it occurred or even how it occurred, but it did. That great old guy, Joe? Well, he sure ain't like my grandpa anymore. No, indeed he isn't. In fact, many of the retired Jills and Joes of today don't conform to the traditional concept of retirement at all. Because many don't fit that concept, it's possible that the term "retirement" has become passe. In its report Retirement Planning in the 21st Century, the participants in a conference sponsored by the National Endowment for Financial Education suggested that term be replaced by a new one such as "independence planning, freedom of choice, or downshifting" to name a few.

Now that I have aged some beyond my early 20s, I've got to admit my attitude toward retirement has changed markedly. Again, I'm not alone. As the NEFE report indicates, there's a world of difference between the retirement of today versus that of 25 or more years ago. It's no great secret that people are living far longer now. That means our concept of "old age" has changed. People are healthier, too, so they remain physically and mentally active for many more years after leaving the workforce than did their ancestors.

Not only do today's retirees tend to live longer than yesterday's retirees, they tend to leave their jobs at an earlier age, too. In its report Retirement Confidence Survey 2000, the Employee Benefits Research Institute indicates that 39% of today's retirees entered that status at age 60 or younger. Another 31% retired between ages 61 and 64. I don't know about you, but when I see that some 70% of the retired population is not eligible for a 100% Social Security benefit, nor is it eligible for Medicare, then I'm absolutely convinced that today's retirement is not my father's Oldsmobile.

What, then, does retirement mean today? To me, and viewed strictly through my highly personal prism, it means the freedom to do what I want, when I want, and how I want. Well, maybe not quite, because I am married after all. So, I guess I have to take Mrs. Pixy into account by amending that pronoun to read "we" instead of "I." But you get the picture.

I think I fit the profile of many retirees today, too. That's because I work. I work because I want to, not because I have to. I've retired twice already, and I'm now working on my third go-around. I work not for the money, but because I enjoy what I do.

And, folks, that's freedom -- because I'm not married to the job or to The Motley Fool. The moment my labors cease to fulfill my expectations regarding their usefulness to others, or if I no longer derive a sense of self-satisfaction from what I do, or should I detect a lack of productivity in my efforts, then I'm outta here for something else that will give me greater pleasure.

Many retirees do what I do. Some work full-time, and others part-time. In fact, the Retirement Confidence Survey 2000 indicates that 67% of today's retirees expect to work for pay. Some do so because they must to survive, it's true. But, 75% of those retirees who expect to work are like me. They will do so simply because they want to.

Don't think the work has to be for wages, either. Many retirees offer their services across a wide range of organizations and activities on a volunteer basis. Others don't work at all. Instead, they remain active in their retirement through travel, additional education, or the pursuit of hobbies and other interests. But for the most part, all of us seem to be doing what we want, when we want, and how we want -- and that's called freedom.

Yes, I truly think the definition of retirement has changed since I was in my 20s. It must have. Remember the American Association of Retired Persons? Well, that organization no longer exists under that name. In November 1998 it dropped that title and now simply goes by the acronym AARP. I doubt that was some kind of nefarious plot to exclude the elderly from its organizational efforts. Instead, I see the change as a simple recognition of the fact that, for most of today's retirees, the term "retirement" no longer holds the same meaning as it did in past decades.

So, if it's not "retirement" any longer, then what is it? Your guess is as good as mine, but I rather like the suggestion of a commentator whose article I can no longer locate to provide the appropriate credit. That author suggested we now call that stage of life "redirection." I like that term, because it shows that our efforts in life are now directed to other pursuits more to our liking. For this retiree, that's an apt description of what has happened. Does or will the term "redirection" describe your life in "retirement," too?

See you next week. As always, post your comments on the Retired Fools board.

Best to all... Pixy