Gerald F. DiBona
Departments of Internal Medicine and Molecular Physiology & Biophysics, University of Iowa College of Medicine, Iowa City, Iowa
It may seem a bit strange to have an article on retirement in a forum devoted to all aspects of mentoring relevant to today’s trainees at all stages of their careers (graduate, postdoctoral, early career). However, the importance of early planning for retirement is not limited to various financial aspects. An equally, if not more important, aspect is coming to grips with the free time (often 40-80 hours per week) you will have and what you plan to do with it.
Since there are multiple sources for information concerning financial planning for retirement, I will not comment on this aspect. Rather, I will comment on planning for the free time that will become available. This is certainly not meant to be a template or a how-to piece but rather a telling of my own personal experience, which emphasizes some of the steps that might be found useful. To keep things in perspective, I have always considered vacation time as a short-term look at what retirement could be like; I have preached to those who would listen that you don’t get paid extra for not taking all your vacation time. The reader might also consider the fact that, when I told some of my closest colleagues about my retirement plans, some of them said, “How will we know the difference?”
“If one does not know which port one is sailing to, no wind is favorable.”
— Lucius Annaeus Seneca
I had known too many colleagues whose work was their sole activity and who had not developed outside interests. They worked hard until close of business on their last day and awoke the next day facing the prospect of having nothing to do. They felt isolated, were bored, and became depressed in the absence of their usual professional activities and interactions. For some individuals, given the dropping of mandatory retirement ages in many universities, a satisfactory solution has been to continue to work under various contractual arrangements. However, at some point, these arrangements come to an end.
My major outside interest had always been sailing, and by retiring at an early age I could enjoy this while physical mobility was good as opposed to a later time when it might not be so good. My plan was that the retirement year would be divided between summers sailing in Maine and winters living somewhere else.
Clear message here: figure out what you are going to do with all the available time when you are no longer working…do it early! For many, the decision about what you want to do can be coupled to where you want to live. This adds another important dimension to the planning activity.
“If your ship doesn’t come in, swim out to it.”
— Jonathan Winters
Sailing summers along the Maine coast facilitated the identification of a harbor town in which we would like to live for part of the year. A chance opportunity during a favorable period in the local real estate market enabled the purchase of a summer vacation home. Lucky perhaps, but luck is a matter of “preparation meeting opportunity” (Lucius Annaeus Seneca).
Some years prior to retirement, a research sabbatical evolved into the opportunity to live and work in Sweden. Initially, this was Karolinska Institute, Stockholm, and currently, Gothenburg University, Gothenburg. This involved teaching renal physiology to medical students and clinical nephrology to nephrology trainees, as well as collaborative research with former trainees and long-term colleagues. Not long thereafter, the university’s implementation of a retirement earlier than age 65, with minimum financial or fringe benefit loss. This permitted a stepwise decrease in effort over a period of 3 years prior to full retirement and allowed adjustment to the increased amount of free time as well as to living and working in Sweden. Currently, the year is divided into a winter period in Gothenburg, Sweden, a summer period in Maine, and shorter intervals between these periods in Iowa, our long-term home.
“Circumstances are the rulers of the weak; they are but the instruments of the wise.”
— Samuel Lover
The wishes, interests, and needs of spouses, partners, children, and other family members have a clear bearing on the planning activity and eventual choices. Retirement aspects of a spouse’s or partner’s current employment and both financial and nonfinancial aspects of their retirement planning require careful consideration. Having a partner who is a renal physiologist, a native of Gothenburg, Sweden (where she received her doctoral education), and a long-term sailor and lover of the sea is easily identified as a pivotal circumstance in the final definition of our retirement life.
“Success is the sum of the details.”
— Harvey S. Firestone
One needs to consider the basics of financial management and oversight as well as health status and care. Most of these issues can be managed electronically or during the short visits to home or by making suitable arrangements in the other living place. Similarly, developments in caretaking and property management provide peace of mind and security when we are living in different places.
“Life is like a sewer: what you get out of it depends on what you put into it.”
— Tom Lehrer
While not knowing exactly how this would all work out, it has played out to be much better than anticipated. Initially, I thought I would be challenged by having to adjust to living in three different locations, one international, and all very different from each other. Aside from adjustment to time-zone change, this has not been a major issue. Would the teaching and collaborative research involvement in Sweden (part-time by the clock) be sufficiently fulfilling and stimulating? Far more than expected as these enjoyable activities replace the time that was previously occupied by some of the less-enjoyable activities of academic life. Learning Swedish and being in a country where the natives speak excellent English has made adjustment to a different society and culture relatively easy and pleasant. Sailing has always been a free time endeavor. Previously, some of my best experimental ideas came while at sea, whereas now I enjoy the luxury of endless reading time. The time in Iowa provides an opportunity to catch up with friends and colleagues as well as manage regular health maintenance and financial activities.
When I am asked what would I have done differently, I say I would have done it sooner. The initial plan was to fully retire at age 60, but an unexpected (but most gratifying) election to APS Presidency (a 3-year commitment) delayed this plan. One might put this event under the above category of Pivotal Circumstances.
Currently, career and family issues are likely the dominant ones for most of the readers of this article. View this article as a plea to consider various aspects of retirement planning along the way. This will serve to ensure overall flexibility at the time of retirement rather than being confronted with a situation constrained by many factors that could have (should have) been dealt with earlier.
|Gerald DiBona received the AB from Harvard College and the MD cum laude from Tufts University School of Medicine. Following training in internal medicine at University of Pennsylvania and nephrology and renal physiology at Harvard Medical School/Peter Bent Brigham Hospital, he moved to University of Iowa College of Medicine in 1969. Rising through the ranks, he served as Professor and Vice Chairman of the Department of Internal Medicine and Chief, Medical Service, Iowa City Veterans Administration Medical Center from 1977 to 2001. From the APS, he received the Starling Lectureship Award, the Walter Cannon Lectureship Award, the Robert Berliner Award, and the Ray Daggs Award. He served as President of APS from 2000 to 2001. From the American Heart Association, he received the Dahl Award and the Novartis Award. From the Veterans Administration, he received the Middleton Award. Following retirement, he has served as Foreign Adjunct Professor at the Karolinska Institute, Stockholm, Sweden, and Guest Professor in Renal Physiology at Goteborg University, Goteborg, Sweden.|