Oh, retirement. For some people, it means the end of working for the man and finally being able to enjoy life without restraint. No longer will you need to wake up early each morning, put on a monkey suit, or sit in a cubicle all day long. No longer do you have to deal with the day-to-day tasks related to raising a family, because the kids are probably all grown up and having families of their own. Maybe you can finally take that world cruise that you’ve been dreaming about all these years.
Sounds pretty appealing, right? Although freelance writers lead a slightly different existence than those who hold conventional jobs, they are just as inclined to yearn for the day when they can retire. Writing can be fun, but it has its frustrating (and even infuriating) moments at times. Retirement can offer reprieve and escape from these unpleasantries.
The Mind of a Writer
Let’s face it. While a livable — or even impressive — income can be earned as a freelancer, most people who get into this business don’t do so for the money. It’s because they love to write. I enjoy playing with new gadgets all day and then expressing my opinion on them. I enjoy writing these blog posts, not only because it organizes my thoughts, but also because I know that there are people out there who actually care to read my thoughts. That’s gratifying above and beyond the money side of things.
When you work for a company, you could be forced into retirement at a certain age. Even if you are not, conventional wisdom and social pressures will lead you to punch out that time card for the last time at some point. However, when you run your own business (like a freelance writer), there isn’t the same kind of social pressure and there is no such thing as forced retirement. You can call it quits at 30 just as easily as you can call it quits at 80. Even so, for a writer who loves writing, there’s no reason to hang ’em up at the age of 30.
What Would Retirement Entail?
A writer’s retirement would be no different than anyone else’s. Presumably, a writer would want to take a few vacations and travel the world. Maybe they’d like to move permanently to somewhere with sunnier climes. Perhaps they’d join a few local social clubs and learn how to play lawn bowling.
The biggest critical difference between the retirement of a freelance writer and the retirement of someone else is that the former will not have a company pension plan, presumably, on which to live out his or her golden years. A person with a regular job should still have a savings plan in place above and beyond what their employer may offer, but at least the company pension is there. For a freelancer, they’ve only got themselves. This is much the same scenario as with sick days.
Before a writer can retire, just like any other entrepreneur, a fairly significant nest egg will need to have been developed and sustained.
Why Writers Can Never Really Retire
Writers write because they love to write. It doesn’t matter if it’s writing about technology, public affairs, or anything else. Writing is a passion. In this way, while freelance writers and authors may start to ramp down their level of production as they enter their golden years, I find it unlikely that writers ever truly retire. I plan on blogging for the rest of my life (assuming that blogs still exist), even if I don’t earn another dime. Not that I’d be opposed to getting an extra dollar or two along the way.
This post is in response to Handing out Headlines by Nick of RomanDock.com.
Nice write-up, I figured that would be something you could talk about pretty easily, both in terms of saving for it financially and not wanting to stop. I’m glad you hit on both of those points 😀
This was fun, I might have to do it again sometime!
To narrow the “financial-freedom” gap between a self-employed and an employee with company pension in their golden years, that’s where personal savings and to a larger extend – life insurance plans, come into play.
It is never too early, or too late, to plan for your retirement. Speak to your financial advisor today!
Touching piece. As a public school teacher I make 70k a year with incremental raises each year. I will get a pesion/retirement but they tell me it will hardly be enough and that I should invest more in my TSA account.
I’m 39 and 65 is still aways off but I can tell you I have my own worries if we’ll be able to retire as well as we live while working. I make 1-300 bucks on my blog and it is so cool. It goes onto my PayPal card and I use it to take my wife out on dates or get fancy Starbucks drinks 🙂
Thanks for you creative work on this blog, I enjoy it immensely. Maybe you’ll sell a book and retire on that. Think positive. At least that’s what I tell myself.
I think most people would agree that 70k a month is pretty comfortable, so yes, you should be able to put something reasonably substantial away for your retirement.
I’m very fortunate but the annual funds dwindle considerably after I stop working. It’s hard to put syuff away. I currently only have 50/month going into my TSA. I need to do more.
I am relatively new to your site and reading about freelance writing but I do see you as a bit of a hero so take that encouragement and write your book! Have you read Eckhart Tolle’s “A New Earth?” He is the most profound possibility thinker I have yet run across. Best to you in all you do my friend~
Thanks Damien. I’m flattered that you think of me as a bit of a hero. I’ve been pretty fortunate, being able to establish a career as a freelancer in such a short time. I’m not rich, by any stretch of the imagination, but it sure beats being a starving student. 🙂
I haven’t heard A New Earth. I should look into it.
Almost certainly.
Awesome post, Michael. Retirement is a long way off, but I think everybody dreams of this day in one way, shape, or form…
I hope I never retire neither. I think that’s the way it’s supposed too. 🙂