285. Expert Interview: Rethinking Retirement—Prospering after 50
Thomas O’Grady, Ph.D.
Dr. Thomas O’Grady’s successes in a range of fields have sprung from his ability to help a wide range of businesses and people, including Lee Iacocca, Alan Greenspan and Japanese and European companies. With a Ph.D. in mathematical and statistical economics from Berkeley, and fluency in three languages, he has appeared in all major media. His current book, The Mechanics for Breakthrough Success, shares that path for others.
Rethinking Retirement—Prospering after 50
“Let’s assume a person is approaching 50 years of age. They start thinking about what they’ll do when they retire. In the past we’ve thought of retirement age as around 65. But quite frankly, the world has changed. Economists used to call the age range of 45 to 64 the “net savings years.” Your kids are out of the house, your bills are paid, and you no longer feel you have to buy things to impress anybody. That’s been thrown in the trash. People are being laid off and replaced by younger, cheaper workers. The economy is in such turmoil. People and companies are trying to make ends meet.”
Why Is This Important?
People are living longer, Thomas explains, and it’s not out of the question to expect to live up to and beyond 90. “It used to be that you would die around 73, 74 years of age, if you were a guy. That meant you’d need enough money to carry you from age 65 to your early 70s. Part of what we address on my LifeUnsettled podcast is the idea that you should stop thinking about your life as being nearly over as you face retirement at 50 years of age, and start thinking of what you’re going to do. With increased life expectancy, you’ve got more time ahead of you than your entire adult life so far! Think of it, from 18 to 50 is 32 years, but from 50 to age 90-plus is greater. Rather than thinking, ‘OK, I guess it’s over,’ start thinking of an active lifetime in your future.”
What Are the Key Lessons Learned Here?
“Approach the new reality from an optimistic standpoint. Learn to redirect yourself. Think of the kinds of careers that will be available in the future. Almost all of us have several careers in our lifetimes. You can learn and do new things. You may be doing something full-time now and decide on some new or other work you will do on the side. Or, you may decide to start your own business.”
Connecting With Thomas O’Grady, Ph.D.
You want change in your life but are sure you think you have no time? Download a free guide, “Find Time to Succeed in Life,” from Dr. Thomas O’Grady, available on LifeUnsettled.com.
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