The Pursuit(s) of ‘Happiness’

 This is the time of year when you hear a lot of talk about the “unalienable” rights of “life, liberty, and the pursuit of happiness.” And while they weren’t written with retirement plans in mind — to my ears they may describe the aspirations behind retirement better than almost anything else in American public policy. 

“Life” is, of course, central to retirement planning. It defines not only the time we have to prepare financially, physically, and emotionally for retirement — but also the length of time those preparations must sustain us.

ad space

Granted, retirement is a relatively new and for many an as yet unexplored reality. But it’s easy to take for granted that millions of older Americans today live with a degree of financial security that previous generations often lacked. Before pensions, Social Security, and defined contribution plans, growing old frequently meant dependency — on family, charity, or continued labor. 

“Liberty” may be even more directly connected to retirement readiness. Financial insecurity restricts freedom. People who cannot afford to retire often lose the ability to decide how they spend their time, where they live, or when they stop working. A well-functioning retirement system creates options.

And aren’t “options” the essence of liberty? The ability to retire on one’s own terms, rather than because of failing health or employer decisions, is fundamentally about personal autonomy. 

ad space

That idea has evolved over time. Not so long ago, retirement itself was once a rarity. For much of American history, people simply worked as long as they physically could. The growth of employer-sponsored retirement plans in the 20th century helped create something new: the expectation that later life could include not merely rest, but choice. Choice about work. Choice about family. Choice about purpose.

And then there is “the pursuit of happiness.” Note that it’s the PURSUIT of happiness, not a guarantee. A retirement plan cannot guarantee happiness, but it can create the financial foundation that allows people to pursue it. Indeed, one of the more overlooked aspects of retirement readiness is that money is rarely the ultimate objective. Financial assets are really a means to acquire something else: time, freedom, security, and peace of mind.

“These days, I’m often told that ‘retirement’ itself is no longer an especially compelling aspiration for younger workers…that younger workers can’t really visualize that concept — or aren’t willing to wait for it. Fair enough — the pursuit of happiness needn’t wait for “retirement” — it can, and perhaps should be, a lifelong undertaking. 

ad space

Regardless, it remains today — as it was 250 years ago — an opportunity gifted to us by those who went before — not just those gathered in Philadelphia in 1776, but all the men and women who have sacrificed over our nation’s history to make that vision a reality. 

Because while those “rights” may be unalienable — they aren’t preserved without sacrifice, and a commitment to the future — yours, mine and ours.

• Nevin E. Adams, JD