More on PCL…and WRW!

Good morning and TGIF,

A couple of weeks back the topic was PCL, or Post-Career Lifestyle. I received more comments than usual from people of all ages – and a number of cool ideas on how to look at the “nonretirement” concept of saving today in order to do what you love tomorrow. “Doing what you love” in a post-career lifestyle can include continuing to work for pay, slowing down and enjoying a “side gig” or truly retiring and ending working altogether.

Another excellent factoid revealed was that women and men tend to look at retirement and post-career lifestyle differently. Women also have a lot more to say about their attitude toward saving (whether for PCL or retirement) and managing the savings habits of their families. This translates into a concept best described by the acronym, WRW*, or Women Rule the World.

Now before the men reading this say, “Wait a minute!” a couple of notes of clarification.

  • Men and women save differently and think about saving for the future differently. This statement is not merely my opinion but rather the conclusion of much published research and anecdotal evidence from Certified Financial Planners™ like me.
  • Women and men spend roughly equal amounts but in different ways and time frames.
  • The post-career lifestyles and plans for retirement by women and men differ greatly.
  • Women have tended over time to take more charge of the discussions around goal setting and plans for the longer-term.
  • Married couples work together on achieving goals – but not always in perfect sync (never was there more of an under-statement).
  • Single women and younger women really “dig in” to the savings and long-term goal setting concepts early on. Men do as well but overall women are more engaged in the discussion.
  • Implementation of savings concepts takes place with both men and women but, again, at different paces.
  • Conversations about future plans and timing of retirement and post-career lifestyle cannot start soon enough among both women and men – especially for happiness’ sake.

What to make of this information? Know that women’s brains in general seem more wired to embrace the concept of long-term. Men’s brains can do this too! But anecdotally men act very much in the “today.” The time-intensive process of discussing the long-term, planning for the long-term and developing the patience required are the keys. Keep the faith! Certainly, these discussions can take place among both men and women – and the PCL concept can make the discussion even fun.

End note: Please see what a successful PCL’er is doing for “work”:

*WRW, or Women Rule the World; Jennifer L. Hushion, CFP®, Main Street Financial Solutions LLC, Providence, RI.

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