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As a person approaches 65 the question naturally comes up, “When should I retire?”

The answer to that question involves an individual decision. We are all different. Important to the decision are a person’s physical and mental health and whether their retirement nest egg is sufficient to support their retirement. This article explores my path to retirement and suggests retirement planning guidelines.

There is no magic age. In the 20th century, 65 was considered the appropriate retirement age. Most of our parents retired about that age. Social Security payments began. Life expectancy for a man was mid to late seventies. Many did not live in retirement for more than 10 years. Although the current official life span is the late seventies many in my generation and future generations have a good chance to live into their eighties or even into their nineties. If you retire at 65 you may live for another 20 to 30 years — or longer.

Most reps have type A personalities. We have all heard of people, particularly with Type A personalities, who retire without a plan. Their lives transition from being highly active and in control of their activities and decisions to simply a life of leisure. Many die only a few years into retirement.

A 2021 study of 12,825 adults over the age of 51 published in the Journal of Applied Gerontology associated a strong purpose in life with healthier lifestyle behaviors and slower rates of progression of chronic illnesses. Dr. Ericka Schwartz, a leading anti-aging and disease prevention expert, advises whether you are still working or enjoying retirement, to sleep well, stay active, eat healthy, use your brain, get off the couch, and live your life every day with passion and a deep faith.

A couple of years ago I saw a Newsmax article by Bill Hoffman, “Trail Blazers Over 80 Who Changed Our Lives.” Many in this group continued to lead active lives and make contributions to society. The list included Warren Buffett, Carol Burnett, Jimmy Carter, and Henry Kissinger. Many had health challenges, but they persevered. The chairman of Dole Pineapple took Dole public when he was 83 years old! When he was 88, he bought the company back to take it private!

A major advantage to being an independent manufacturers’ rep is you have the flexibility to decide when and how you want to retire. I had many friends who worked for large corporations. Many were forced into retirement because of buyouts or downsizing. Some did not enjoy their jobs, so they retired as soon as they were financially capable.

As I approached 65, I enjoyed getting up each day to help my customers and serve my manufacturers. I was having fun. Since I was blessed with excellent health, I decided to wait until I was 75 or 80 to retire. A sub-rep who had just begun working with me was interested in transitioning into my business when I finally retired.

At that time, I signed a new rep contract with an insulated metal wall panel manufacturer who shortly thereafter was purchased by the largest insulated wall panel company in the world. During the next 10 years, I earned the highest commissions in the history of my agency.

When I reached 70 years old two events forced me to make final choices. The metal panel manufacturer decided to terminate the few remaining reps they had and transition to an in-house sales team. The sub-rep who worked with me decided to leave the rep business. I decided to begin a period of semi-retirement. In semi-retirement, I continued to represent two manufacturers I had represented since the first years of my agency.

These two manufacturers had used an independent manufacturers’ rep sales force throughout their history. They respected my decision and continued working with me. I no longer had a succession plan. They both understood I would provide any assistance they required during the transition to a new rep.

During semi-retirement, working only about 20 to 25 hours each week, I was able to “test out” retirement. Because of electronic communications available after 2010, it was possible to work from anywhere, even when my wife and I were on long vacations. My customers trusted me to continue the same level of service to which they had become accustomed.

I made a tentative daily, weekly and monthly schedule of activities to begin the day I would fully retire. This schedule included physical workouts to stay in shape, plus thinking time, reading, hobbies, community service, continued learning and travel to keep my mind active and to give meaning to my life.

The year before I turned 80, I decided that I would retire at the end of the year. I still had the energy and enthusiasm of when I was many years younger. My customers told me I looked and acted like I was in my sixties. Since I had no succession plan and was approaching an age where I might contract an illness, my manufacturers deserved a period where they could find my replacement.

I advised the two manufacturers I had been representing of my plans to give them ample time to search for my replacement. I offered any service they needed to help train the replacement and coordinate a smooth transition. This system worked out for each manufacturer.

At this writing, I have been retired for two years. I have followed the retirement schedule I developed. At 82 I am blessed with good health, a wonderful family, and the memory of all the friendships I made with customers and the manufacturers I represented over the years. Retiring at 80 was the right decision for me.

MANA welcomes your comments on this article. Write to us at [email protected].