St. Anthony: Charting a better course for retirement

Jim Johnson worked decades for Northwestern National Life Insurance, followed by a few years at Allianz Life North America.

"I enjoyed what I did," said Johnson, 73, an attorney who worked in marketing and training financial planners. "So many people hate what they do and then they think retirement will be a salvation."

Johnson thought of retirement, partly because he worked with planners who worked on it with clients. He knew he wanted an active retirement that included volunteering and the outdoors.

A recent survey commissioned by Golden Valley-based Allianz found that while more than a third of adult Americans have regrets about their careers, twice as many are positive about the future. Many drifted over the years from being excited about a job to discouraged or bored with their career. Some got canned during the Great Recession. And they had to make do with jobs they didn't like just to pay bills.

The good news: Americans are living into their 80s and 90s thanks to healthier lifestyles, government-subsidized Medicare and medical advances to replace joints, fix hearts and beat cancer. And that longevity means many face longer "retirements," even though some will work at least part-time, whether out of desire or financial need. And 75 percent of the 3,000 adults surveyed by Allianz are positive about that extra time. Some want to relax more. Others may start a business or volunteer more.

"As Americans come to terms with the fact that they'll likely live [up to] 30 years, they have the opportunity to look back and evaluate past decisions and consider the newfound possibilities of the future afforded by time," said Katie Libbe, an Allianz vice president who studies consumers, lifestyles and trends. "It's important to understand that alternative life paths are an option, but they may need to adjust their financial strategy to achieve goals that extend beyond a traditional retirement."

Allianz analysts and life-cycle experts such as Richard Leider, the Twin Cities-based consultant and writer, say the key to a satisfying retirement is purpose and enjoyment.

Outfits like Allianz make a buck stressing and selling saving-and-investing strategies and products.

And the marketers and actuaries at Allianz and elsewhere always stress we, particularly young adults, are not saving enough to fund our expected life spans.

Despite embracing longevity, too few Americans are financially prepared to live to 90, Libbe said.

Concerns about money and a lack of clear planning remain the biggest barriers keeping people from taking risks, including starting a side business, and otherwise following their dreams.

Johnson, a corporate vice president, wanted an entrepreneurial retirement, but he had saved enough that he didn't need to make additional income. He knew he would rot sitting home, golfing and reading.

Last year, Johnson received a thank-you letter from President Obama for volunteering 500-plus hours working with visiting kids and others at Fort Snelling State Park and the Warner Valley Nature Center.

"I used to work 2,000 hours a year, so 500 hours is only a quarter of that," noted Johnson, who loves introducing kids and others to nature. "Having a purpose is important.

"And I still need to check my calendar on Sunday nights. You can get depressed if all you do every day is get up, have a cup of coffee and walk to the library. I've been married 51 years to my wife. And we agreed: 'For better or worse.' But not for lunch."

Suzi Kanyr Hagen quit a good job at the St. Paul Cos. in 1991 to join the Peace Corps. She was in the vanguard of the "purpose"movement. Her only child had graduated from high school and she was divorced. Her son urged her forward as she pondered the leap.

Hagen, 71, and now finally retired, doesn't regret the last action-packed 25 years.

"In November 1991, I found myself in Miami with 40-plus Peace Corps business and environmental trainees, staging before leaving for post-Communist Poland. We business folks were virtually all midcareer refugees from successful corporate careers."

Hagen got to live and work for two years in her ancestral homeland, taking part in a transition from communism to democracy and capitalism.

"I helped budding entrepreneurs launch their ventures, opened a few eyes to the tourism potential of the region, introduced modern management ideas to businesspeople and also taught … that work should be fun, not just a job. I fell in love with this new life and work."

Hagen stayed in Poland after her Peace Corps tour to manage a USAID-supported economic development project, then joined a friend in Warsaw to establish an HR and media training consultancy.

The clients ran from IBM to a Polish bank and a mutual fund. She returned to the Twin Cities nearly 20 years ago to work with immigrant entrepreneurs.

Hagen has no regrets and a richer life for her nontraditional path.

"With e-mail and Facebook, I maintain contact with old friends in Africa, the Balkans, Poland," she said. "I travel to Poland semiannually."

Neal St. Anthony • 612-673-7144• neal.st.anthony@startribune.com