What young people can learn from retirees

For many young people, retirement is a flash on the radar, if not a complete unknown. This is especially true during our livelihood crisis, when investing and paying more for your pension could fall behind paying rent on the list of priorities.

Despite this, a growing number of young people are considering retirement earlier, with many focusing on their future quality of life and financial independence once they retire.

This can sometimes be to the detriment of their well-being while they still work, spend extremely sparingly and focus on the “fun” rather than enjoying the freedom and good times that might also characterize young adulthood.

For my new research, I interviewed over 200 people and surveyed hundreds more to understand how they balance time and money. I focused on people going through major life transitions: recent retirees and new parents, and people preparing for those moments. While we expect retirees to have all the time in the world, I’ve found that in reality retirees are often pressed for time.

More than a quarter of them feel they are short on time because there are not enough hours in the day to do everything else they need to do. This is regardless of how much money they have. Although wealthy retirees generally have more control over their schedules, time poverty affects both rich and poor retirees as they age.

It’s never too late (or too early) to make the most of your time and live a better life. Here are some key lessons from my retirees’ travels.

Don’t chase the money, let the money chase you

One of the greatest regrets of my less-privileged research participants was their inability to get as much education as they wanted at a young age. Some left university or college early to support their families or because they could not afford to continue. But everyone regretted not having received as much education as they would later need to be competitive in the job market.

In order to earn enough money, choose something and do it: Whether it’s a degree or a technical job, get good at something. Then the money follows.

Worry about how you feel – not how you look

When youth wears off, you’re left with how you feel. Will you feel pain in retirement because you spent your life working hard or working non-stop? Those I spoke to made it clear that when you put money ahead of health—whether out of necessity or by choice—you pay for it by having to give up your precious time in retirement.

Some of my new retirees’ health endeavors have involved spending extra time with medical providers and spending money and time commuting to appointments. Women were doubly disadvantaged here as, unlike men, they continued to face societal pressures to look younger than their age.

To avoid having to spend extra time and money restoring health later in life, focus on maintaining health in earlier life. Sometimes you may need to put your own well-being ahead of the needs of your employer, such as taking time off for your physical or mental health.

While this is a luxury not everyone can afford right now, movements like Quiet Quiet are starting to open a public debate on the issue.

Make the most of your time by sharing it with others

We can “buy” time by trading money for tasks we don’t want to do. Consuming items can also have a time cost, as both shopping and learning to use new items take time. Also, thanks to my retirees, I now know that we can get more out of time when we share it with others.

Time is what social scientists would call a “network commodity.” In other words, how we value time depends on the number of other people we can share our time with.

All of my retired participants spoke of the need to form strong, healthy relationships when we were young and to have friends to share life with when we are older. Spending time together leads to greater emotional well-being and happiness.

Identify your passions early on

While nearly all of my retirees spent a significant amount of time financially planning for their retirement, nearly as many regretted not planning their hobbies and interests ahead of time. This was particularly pressing for my wealthy retirees as they faced a decline in social status and the loss of work friends as they retired.

Taking up new hobbies and interests after retiring out of necessity can feel like extra work. Pursuing passions is necessary for well-being, but this should be done before retirement while it’s just for fun.

time is love

Repeatedly, my interviewees gently reminded me that giving someone your time is the greatest act of kindness. This is because once you give away your time, you can never get it back.

Keep this in mind when gifting your time to friends, employers, acquaintances, or social media companies. Thanks to my participants, I now often ask myself: Does this company or organization love me? Generally the answer is no, at this point I also know they don’t make much of my time.

At the same time, I am aware that my appreciation and kindness can only partially repay them when a friend, trusted mentor, teacher, or stranger gives me their precious time.

My retired participants show that it is important to remain grateful for the time we shared on this earth. When everyday life gets you down, remember that time is love.

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