Rolling Stones legendary drummer and founding member Charlie Watts passed away recently at age 80. Formed during the Kennedy administration, the Stones—including Watts and septuagenarians Mick Jagger and Keith Richards—shook up the status quo, took popular music in new directions and became the soundtrack of a generation and beyond. Rocking through six decades, the “Greatest Rock and Roll Band in the World” continues to serve as an example of adaptability and endurance as they challenge the very notion of retirement.
As you consider what might be in store for you in the next stage of your life, follow these tips to help ensure you will find some “satisfaction” in whatever path you choose.
1. KEEP CHANGING WITH THE TIMES
Countless artists have burned out and faded away but for almost 60 years the Stones have weathered a plethora of cultural trends and societal changes. They led the counter-culture charge in the 60s, experimented with disco in the 70s, embraced MTV in the 80s and in 1994 were the first rock concert broadcast on the nascent internet. Look around and you’ll see teens wearing their T-shirts today. You’ve gotten where you are by saving and investing for retirement during a period of rapid technology changes and market ups and downs. By all accounts, the pace of change is only going to increase. To thrive in your current role—or succeed in your next chapter—you need to stay flexible and course correct as needed. And like the Stones, you need to make it a life-long exercise. Ask yourself: Nowadays, it’s not unheard of for post-work life to last two, even three, decades. You can count on things changing. So, ask yourself, “Do I have flexible investments that I can adjust as things change in my life?”
2. TIME IS ON YOUR SIDE
Mick Jagger attended the London School of Economics and originally considered a career in insurance. Back in his 20s, as a young business-minded fellow, Jagger told his accountant, “I’m not going to be singing rock and roll when I’m 60,” and asked him to draw up a retirement plan. Clearly, Mick’s view of what life is like at 60 and beyond has changed, and you probably also feel younger than you thought you’d be back when you were just starting out. Statistics show that if you are in your 50s, with some luck and good health, you probably have decades yet to go. There’s still time for a second act, even maybe a third. The question is, what will you do with this time? When you have your essential monthly expenses covered, you can live life the way you want in retirement. Time to make a plan for what’s next for you. Ask yourself: A good retirement income plan is the foundation of financial security. Ask yourself, “Does my plan ensure I have enough money to live as I want and as long as I can?”
3. THE SHOW MUST GO ON
“The thing about the Rolling Stones has been resilience in the face of adversity,” Jagger said at a recent tour stop in Nashville. “We’ve had ups and downs, mostly ups, to be honest—but we’ve had adversity. And (Charlie’s death) was probably one of the most difficult ones.” Watts wasn’t the first loss the Stones endured. Co-founders Brian Jones and Ian Stewart both passed away. Guitarist Ronnie Wood battled cancer and Richards survived numerous mishaps including a car crash, broken ribs, a punctured lung, and a fractured skull. Despite that and much more, the remaining members agree it’s their duty to carry on. No doubt you have some battle scars of your own, both personally and professionally. (Who doesn’t?) All you can do is learn from them and keep moving forward. The adage, “If it doesn’t kill you, it makes you stronger” not only applies to the Stones, but to all of us. Ask yourself: When you face a challenge in life, be sure to take advantage of the resources available to get the support you need, then get back out there. When you’re thinking about your future plans, be sure to ask yourself, “Does my plan for living the full life in retirement include planning for adversity?”
4. DO THE NUMBERS
The Stones rank among the most successful entertainers on the planet. They could have retired ages ago. Instead, they continue to channel their creative energy into the greater purpose that fuels them. In Richards’ autobiography, “Life,” the guitarist said his goal was to be a working bluesman. He never aspired to be rich or famous. So why do they keep doing it? He told ET Canada in 2020, “You might call it a habit, I mean, that’s what we do. And who’s going to be the first one to get off the bus? You have to be kicked off or drop off, right? So, it’s like that. I really can’t imagine doing anything else.” The Stones do it for the relationship they have with each other, and their united purpose to deliver the music to the fans. Many people want to know their magic number, the dollar amount they need to quit their jobs and embrace living the full life. But all the research tells us money alone doesn’t buy happiness. Like the Stones, we need relationships and purpose. The answer is to find out what that money can enable you to do. Perhaps it’s to cultivate a “habit” like the Stones have, pouring your creativity and energy into something bigger than yourself, something that starts you up in the morning and will keep you going for years to come. Ask yourself: “Does my plan for retirement promote financial security and will it support my goals of feeling safe and secure as I pursue the full life in retirement?”
5. BE OPEN TO NEW IDEAS
It can be fun to reminisce about the good ole days, but you can’t go back. The Rolling Stones have endured because they never let themselves get stuck in the past. Whether it’s sharing the stage with Liam Gallagher of Oasis, Dave Grohl of Foo Fighters or a duet with Taylor Swift, the Stones are in step with pop culture and open to collaborating with people from different generations and musical genres. It’s easy to pine for days gone by, but the key to staying sharp is to cultivate your curiosity and keep learning. Whether it’s listening to a new song by Billie Eilish or a digital currency podcast, being open-minded will help keep you young at heart and engaged in the world. Ask yourself: When your retirement income plan addresses “covering your basics,” you’re freed up to really think about “What’s next?” Be sure to ask yourself, ”What do I need to do to continue to feel optimistic and proud of what I’ve achieved in life so far? And how can I continue to be secure in retirement and free to live as I choose?”
6. ADOPT A REGIMEN FOR SUCCESS
Some say the Stones have been around so long because they all have 28-inch waists. There’s no doubt they have stayed lean and mean. Mick Jagger may have a hard partying reputation, but the reality is that he is a fitness fanatic who does Keto and works out six days a week to stay in shape to meet the demanding tour schedule. Even Keith Richards doesn’t live up to his notoriety, he quit the hard stuff 30 years ago, and maintains an attitude of gratitude. Richards told the crowd recently in Nashville, “It’s great to be back, it’s great to be anywhere.” There are plenty of studies about the benefits of exercise and how it is key to maintaining health and mobility for people over 50. And the good news is it’s never too late to start to reap the benefits. There are lots of ways to create a daily regimen to maintain physical and mental health. For starters, get checked out by your healthcare provider, find a diet that works and commit to staying active, even if you begin with short daily walks. And just like Keith, appreciate the moment and be thankful for every day.
Ask yourself: “Will I be able to maintain a good retirement lifestyle even if I have health problems?”
7. DON’T QUIT
In a recent interview on Apple Music 1, Mick Jagger said that after Charlie Watts died, some people thought the band should have called it a day. But people have been counting them out ever since “Exile on Main St.” in 1972. Sure, with their craggy faces the Stones aren’t the same as they once were, but who is? And after seeing some video clips from the current tour, it’s hard to argue that they’re not the best versions of themselves right now, and that’s something we can all aspire to be at any age. As Ronnie Wood put it, “We’re in our seventies, but we’re still rocking like we’re 40-year-olds, you know?”
Ask yourself: Remember, living the full life is a journey, not a destination. We all have bucket list of things we want to pursue and experience in the next chapter of life. Once you know how your essential expenses will be covered, it’s up to you to decide what you’ll do with your time. So, ask yourself, “Have I done everything to continue to feel safe and secure about retirement and proud optimistic about what comes next?”
NEED HELP PLANNING?
Work with your financial professional to determine how protected lifetime income, such as an annuity, can help you achieve living the life you want in retirement.