Editor’s note: This article is part of an ongoing series featuring the best retirement quotes and wisdom from top financial experts, leaders, and public figures. Other articles feature Warren Buffett, Michael Jordan, Mark Cuban, Jimmy Buffett, Dr. Seuss and Bruce Springsteen.
“The Times They Are A-Changin'” couldn’t be truer for those navigating the retirement journey. From the decades amassing savings for our golden years to the shift into spending it, there are plenty of trials and tribulations along the way. Even in retirement, life still throws the occasional curveball.
But that doesn’t mean it isn’t a fun ride filled with newfound freedom and fresh perspectives, themes legendary singer-songwriter Bob Dylan captured so perfectly in his timeless anthems. Beyond the music, there are also bits of sage advice any retiree can live by, whether you’re just starting this chapter or are already knee-deep in it. Here’s a look at a few of them.
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5 lessons from Dylan on finding your way in retirement
1. “He not busy being born is busy dying.”
It’s Alright, Ma (I’m Only Bleeding)
In his 1965 classic, Dylan reminds us that life isn’t stagnant; it’s about constant growth, and that’s especially true in retirement. This stage of life isn’t the end of the road; it’s the start of your next chapter, and it pays to treat it that way.
Without staying busy, it can be all too easy to fall into a rut. Whether it’s picking up a new hobby, finally taking that dream trip or just spending more time with family, staying “busy being born” is the secret to a happy retirement. Need more ideas for staying fulfilled? Check out our list of 8 ways to be happy in retirement.
2. “May you stay forever young.”
Forever Young
Just because you’re retired doesn’t mean you have to stop living. Just look at Dylan: at 84, he is still singing and touring. You too can live an active and vibrant life well into your 80s.
But doing that is more easily achieved when you spend money — something that is hard for many retirees to do, even if they can afford to. The fear of outliving your nest egg can be paralyzing, which prevents you from spending. By the time you’re ready to open the purse strings, you may be sick or can’t enjoy the things you wanted to do.
If you’re reluctant to spend but want to “stay forever young,” the secret is creating a withdrawal strategy that ensures you won’t run out of money, while allowing you to spend. It will help you get over that fear so you can focus on enjoying your retirement.
Some withdrawal spending strategies to consider include the 4%, Permission to Spend, and Pay Yourself First rules.
3. “Money doesn’t talk, it swears.”
It’s Alright, Ma (I’m Only Bleeding)
Dylan’s line, “Money doesn’t talk, it swears,” is a blunt reminder that while we need a nest egg — a pretty big one, given retirement can last thirty years — wealth alone isn’t enough to have a happy retirement.
Sure, it’s easy to get caught up in the ups and downs of the stock market or your savings balances, but at the end of the day, those are just tools to get you to your vision. True fulfillment comes from the experiences you create with the people you love. Ultimately, life isn’t measured by the money in your bank account, but by the memories you create.
That’s why planning for your passion in retirement is just as important as making sure you have enough money to support your lifestyle. Need help figuring out how to do that? Our story on planning for your passion in retirement lays it out for you.
4. “Passion is a young man’s game. Young people can be passionate. Older people got to be wiser.”
AARP February/March 2015
When it comes to your money, wisdom is what sets a successful retirement apart from a stressful one. During our careers, we could afford to take big risks and chase those red-hot gains. But in retirement, wisdom has to kick in; we need to preserve what we worked so hard to amass.
That doesn’t mean you have to hunker down and get overly conservative — after all, retirement could last thirty years — but you do have to be smart about shifting your focus toward protecting what you have.
Longevity is a real risk, and it’s something that must be factored into your planning. Thankfully, there are specific steps you can take to help ensure your money lasts as long as you do.
5. “Ah, but I was so much older then /I’m younger than that now.”
My Back Pages
During our working years, it’s easy to get weighed down by responsibilities — to our families, our bosses and the constant grind of building a future. All that pressure can make us feel old beyond our years, but retirement offers a reversal. If you’ve done the work and saved enough, you’re finally unburdened from those restraints.
Many retirees find they actually feel younger once the weight is gone. If that happens, embrace it! And if you aren’t there yet, try to find that version of yourself in retirement, and just like Dylan, permit yourself to be young again.
Sing your own song
There isn’t just one way to do retirement, just like there isn’t only one song to sing. Everyone’s path is different, but Dylan’s words have a way of hitting home for all of us.
Whether you’re fine-tuning your spending or finally chasing your passions, “the times they are a-changin,'” but his timeless wisdom can help guide you through every verse of this new chapter.
