Retirement Planning Secrets from a Swedish Cab Driver
My wife and I recently hosted some of her relatives from Sweden during their vacation in the U.S., and we had many fascinating conversations with them comparing life in the two countries. Her cousin, Lars, is in his mid-sixties, and he has a lot of energy and a keen interest in people. His story is inspiring.
Before he retired several years ago, Lars had a long, successful career in senior management for a well-known Swedish manufacturing firm. He retired to take his life in a new direction. After completing the necessary courses to earn a therapist's credential, he built a practice counseling people on how to reduce their stress and other psychological afflictions. He enjoys helping people and making a positive difference in their lives.
Now he's adding another dimension to his life by driving a cab two days a week. He enjoys getting out and about in Stockholm and talking with his fares. "Each day is a new adventure," Lars told us with a smile.
"Some of my former work colleagues tell me that driving a cab is beneath me, given my prior career in management," he added with a shake of his head. "So I mentally put their comments in a red bag and set it aside." He went on to say that other friends are more interested in hearing about his experiences, "so I put their comments in my good green bag and keep it right at my side.
"I don't need to make the kind of money I used to," Lars told us. "The earnings from my therapist practice and driving a cab supplement my savings and Sweden's equivalent of Social Security. I'll do this as long as it's still fun, but I'll find other work if I get bored or need other income."
Lars' can-do spirit exemplifies a trait we like to think is typically American.
His story offers two themes that American boomers will need to embrace given the challenges we face in our retirement years. The first is a theme of renewal: We'll need to try new directions with our careers and do whatever it takes to get the necessary training and credentials. The second theme involves getting our egos out of the way and focusing on work that's satisfying to us and helps pay the bills, without worrying about our prestige or status. For many of us, helping others at this stage in our lives will have its own rewards, although most of us will also be grateful for the extra spending money a helping profession can provide.
We'll need to be creative and resilient to thrive in our retirement years, and Lars' story offers some ways to do just that. Stay tuned for more inspiring stories in future posts.
More on MoneyWatch:
- The Secret That Will Help You Afford Retirement
- How to Find Retirement Work That Pays
- Find Retirement Work You Like: Tips From a Pro
Steve Vernon
View all articles by Steve Vernon on CBS MoneyWatch»
Steve Vernon helped large employers design and manage their retirement programs for more than 35 years as a consulting actuary. Now he's a research scholar for the Stanford Center on Longevity, where he helps collect, direct and disseminate research that will improve the financial security of seniors. He's also president of Rest-of-Life Communications, delivers retirement planning workshops
and authored Retirement Game-Changers: Strategies for a Healthy, Financially Secure and Fulfilling Long Life and Money for Life: Turn Your IRA and 401(k) Into a Lifetime Retirement Paycheck.
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