Retiring Tina

For baby boomers looking to retire and leave the workforce on their own terms, it’s never too late to begin or adjust retirement plans. I’m living that reality, having adjusted my retirement plans in my 40s.

Did you know that only 10 percent of Americans know their credit score? Those are the findings of a survey commissioned by TrueCredit.com, a web subsidiary of the credit bureau, TransUnion. In general, there’s a lack of financial literacy in our country, so this isn’t a shocking statistic. Still, by not knowing your credit score or how credit works, you can lose a lot of money. Have you heard the saying, “Ignorance is Bliss”? When it comes to your finances and your credit, ignorance is expensive.

I remember when I found out that I was going to be a grandma for the first time. It’s an almost surreal experience. On one hand, I was ecstatic. I couldn’t have been happier. I was probably out shopping for baby clothes and blankets within two hours...

I have this thing about lists…I love them. I’ll make a list for shopping, for cleaning, for holiday planning. I’ll make a list of chores, a list of projects, or a list of books I want to read. And I will definitely make to do lists. Few things are as satisfying for me as crossing off that last item on the to do list and knowing I’ve accomplished my goals for the day. And if I’m having a particularly stressful week, I might make the to do list just a little bit more attainable. Make coffee? Sure, put it on there. Feed the fish, check the mail, watch tv…you get the idea. But when it comes to planning for retirement, I’ve opted for a more structured approach. If you have some index cards and hopes for retirement, the best time to start planning is RIGHT NOW.

We’re living longer. Anyone who follows the debates about Social Security and Medicare know that this is one of the main issues threatening the solvency of these programs. And no matter what side you fall on politically or morally, you can’t deny that simple fact. Half of the children born today in developed countries will live to be over 100. That doesn’t mean that I plan to work until I’m 80, but I do have plans for a second career, one that I can nurture, one that doesn’t necessarily have to pay the bills, but has to pay off in other ways. It has to feed my spirit, nurture my curiosity, and engage my mind. And I’m not alone.

Do you feel like your drowning in debt? I read some blogs about how to retire early, how to live on $15,000 a year, how to turn a cardboard box into a drool-worthy condo…you get the picture. But the reality is that many of us, from new graduates to those eligible for social security, are just doggy paddling in a sea of debt and financial issues, not exactly drowning, but not on our way to any Olympic gold medals either.

There are a few rules in life that I’ll stand by, no exceptions. When it comes to money, I always pay myself first. After 56 years of living, I’ve collected enough stuff to put on my own neighborhood rummage, and stock the whole thing, so I don’t feel any driving need to go out and spend, spend, spend! Growing up the youngest of five children in a single income family, I’ve had saving instilled in me from an early age. I can’t walk by a penny on the street. I know it’s only 1¢, but I start adding up all those pennies I might walk by in my head, how I could invest that money and start watching compounding interest take effect.

I’ve been working for 40 years. When I turned 16, I started dishing out ice cream to my classmates and their families at the old Dairy Queen in Gas City. You don’t forget your first job, whether it’s delivering newspapers or slinging burgers, and for me, I’ll never forget the cute little white uniform all the girls wore, with bobby pins in our hair to keep the hat on. I’ll never forget the precise weight of an ice cream cone, or the hand movements needed to create the perfect swirl. And I’ll definitely never forget my first boss, Tom.