Financial planning throughout the career years makes retirement economically possible. But there is more to satisfactory retirement than money.
"It's non-financial planning that brings about the quality of retirement," said Rollie Morud during a presentation earlier this fall.
Morud noted that people of the baby boomer generation, officially those born between 1945 and 1964, decide how much and where they want to work, and they certainly don't want "our father's retirement." Statistics indicate that 100 people are turning 60 every 13 minutes, so the baby boom has become the retirement boom.
"People will design the retirement they want," he said,
Quoting from Mitch Anthony's book, "The New Retirementality: Planning Your Life and Living Your Dreams," Morud said there are 27 million more baby boomers than the World War II generation and 10 million more boomers than Generation X.
The key to satisfying retirement is planning 10 years before quitting a career to celebrate the latter stage of life. Some people retire and then don't know how to fill their time. Morud said 41 percent of retirees say retirement is the most difficult period of their lives because of boredom.
Others find their retirement years "evergreen" and full of interesting projects.
Morud said he always had a fascination with farming, although he knew little about agriculture. He moved to Bemidji as school district superintendent and at age 50 he bought a farm east of town - 120 acres, some cows and a couple of tractors. Now that he has retired at age 60, he farms full time.
"I started 10 years before I retired when I tried a lifestyle," he said. "Every morning, I lie in bed and I plot my day with passion."
Other people enjoy volunteering in the community or other endeavors. It's good to try things out before completely committing to them, Morud said.
"You have the ability and the power and the responsibility to create the retirement you want," he said. "Your attitude drains or pumps energy into your life. So say nice things to yourself and be evergreen."