6 Signs You Are Not Ready to Retire

Turning age 65 does not necessarily mean you are ready to retire. Hitting a certain age neither guarantees nor necessitates retirement. Your retirement should begin when you determine you are ready and able to do so, regardless of how long you have lived. Here’s how to tell if you are not quite ready to retire:

You cannot financially swing it. If you have done an analysis of your expected inflow and outflow of retirement funds and are running in the red, retiring now is not a good idea. In a 2014 Employee Benefit Research Institute survey, only 18 percent of workers say they are very confident they have enough money saved for a comfortable retirement. Unfortunately, there is no easy fix. If you work full time it is hard to find much time or energy at the end of the day to dedicate to improving your financial situation. Taking on a weekend gig means your family and mental down time must be sacrificed. Some people build their own business in hopes it will generate additional income. But many people will find themselves forced to remain on the job longer than they had hoped as they struggle to save enough for a comfortable retirement. If you are employed and have medical coverage along with a steady income to help pay the bills, do you want to assume those responsibilities before you have to?

You don’t have enough interests and activities. Although many people plan for retirement from a financial perspective, too few look at the rest of the picture. You will also need to entertain yourself, find a new purpose and avoid becoming bored. If you wait until you are retired to begin figuring out what to do with your time, you are making it unnecessarily difficult on yourself. A better course is to try different things and test the waters ahead of time. Revisit the activities that you were once interested in and might choose to continue in retirement. Imagine there is nothing on your calendar for theMontreal Meal coming week. How would you occupy yourself? Now multiply that by about 20 years to understand what you have in store. That’s how much time you need to fill.

You enjoy your job. A reader of my blog recently commented, “I could probably retire now, but continuing to work seems the easiest path to follow. I am in the curious position of enjoying what I do and getting paid for it.” If you are fortunate enough to actually like what you do for a living, leaving just because you reach a certain age may not be such a good idea. As long as you remain on the job, you are able to maintain the relationships with co-workers that some people find hard to replace in retirement. Spending time with friends at work can make up for some of the less-than-desirable aspects of the job. And if you really enjoy what you are doing, what are you retiring from? If you like working, you should feel no rush to call it quits before you are ready to do so.

You haven’t yet planned for the future. Many of us are focused on just getting to retirement and have not thought much about what comes next. It can be a mistake to roll into retirement expecting everything will take care of itself. A fulfilling retirement does not just happen. If you want to get the most out of your days you need a little initiative, creativity and willingness to try new things. Retirement is an exit from the working world, but also the beginning of a new phase of life.

Most of your friends and family are still workingRetirement can be difficult if the people you most want to spend your time with are busy with their jobs. You have the time to do whatever you want, but they are still punching the clock. Don’t be surprised to find that your sudden freedom might cause a bit of envy in others not so lucky. While you are free to have fun, they are stuck in their corporate role. With most of your social network busy at work, what do you plan to do? Living a leisurely second act while your friends and family are overwhelmed with work can prove difficult.

You are not ready to be alone. Many employed people are perpetually busy. Once you retire you are responsible for filling your days with activities. If you don’t make the effort to set up social engagements, you could end up spending a lot of your time alone. For some people it is a blessing to have enough time alone to pursue individual interests. But other people do not do so well without the companionship of others. It helps to know prior to retiring if you enjoy spending extended periods of time alone. I have a lot of interests that fill my day while my wife is working or otherwise occupied. But if you are happiest when relating to others, a solo retirement can be difficult.

From my blog on US News & World

Lessons I Learned as I Prepare for Retirement

I have looked forward to retiring for years. The idea of having control of my time to do what I want sounds about as good at it gets. As an obsessively organized person who likes to have a bit of control over things, I am not comfortable adopting a wait and see attitude, especially when it comes to something as important as planning for my retired life. I don’t want to let retirement just happen. I want to do what I can to provide for the best second act possible.

About four years ago I began seriously researching retirement. I visited popular websites, read books, subscribed to newsletters and joined AARP in an effort to get a better handle on what was ahead. During the process I created a blog to share my discoveries and get feedback from those navigating their own personal retirement journey. What I have learned has caused me to adjust some of my initial perceptions and raised my optimism for the future.

I no longer fear being bored. When I first began planning for retirement, I was convinced that the biggest threat to my future happiness was becoming bored. I have always been an active person on the job and off. Without work to take up the majority of my time, I could not fathom how I would stay engaged and active for the next 20 years. A few fellow bloggers sought to enlighten me and described how their retired lives kept them at least as busy as when they worked – only now they were having fun. But I was convinced it was not going to be easy.

On my “trial retirement” for the past two years, I have developed a routine that starts at 7 a.m. each morning and keeps me engaged until late afternoon. I have revisited hobbies that I never had time for and discovered some new passions to pursue. And I keep looking for new things to do. Having a basic routine that I am free to modify combined with a renewed ability to explore new activities has me optimistic about my retirement and much less concerned about becoming bored.

My wife has not yet ventured into retired living and might find it initially challenging. She is an energetic, organized and involved person who prefers to be busy rather than stagnant. Work has always been an important part of her life, and taking that out of the equation makes her a tad bit nervous. The good news is her husband has been in a similar situation and has almost made the transition. We should be able to figure it out together.

I realize I don’t have to be perpetually busy. After over 30 years in the corporate grind I initially felt a little guilty if I was not doing something every minute. Working in stressful environments left me conditioned to be doing something worthwhile all the time. Transitioning into a retirement lifestyle where I am no longer on the clock took some getting used to. But I eventually came to accept and appreciate down times when I do nothing. I have come to realize it is truly wonderful to relax in the backyard, partake in an afternoon nap or just plain daydream. I don’t have to be doing something all the time, and I am getting used to the idea.

I accept that I cannot be prepared for everything. I did not foresee the bubble of 2000 or the recession of 2008, and I probably won’t see the next bear market coming either. Although we have saved what we can, there is no guarantee it will be enough. There is a lot of uncertainty in the future, and no one can be prepared for every possible contingency. By accepting that everything is not within my control I feel I am better equipped to prepare as best I can and cope with whatever comes my way.

Retirement is a transition. Getting used to being retired and making the most of it will be a gradual process. I may not get it right on my first try, but I have time to make it better, improve and learn. Although I am getting older, I am optimistic about retirement and ready to give it a try.

From my blog on US News & World

How do you stay positive when life keeps getting harder?

It is not easy to come to grips with growing older. The world around us fixates on all things youthful while advertisers bombard us with happy, wrinkle-free picture-perfect models cavorting happily with nary a care in the world. The message seems to be if you are young you have it made. But what about those whose teens and twenties are a distant memory? Is there a place for those of us whose youthful spirit finds itself betrayed by a progressively more wrinkled visage?

I am doing my best to come to grips with the wear and tear of my 55 years of living. I do my part as far as getting my exercise and following a healthy diet. Overall things are going fine but not all the time. The spirit may be willing but if the body doesn’t pitch in it sometimes feels like an uphill battle.

As the years progress we learn it is not always easy doing those simple things we took for granted not so long ago. Little aches and pains insidiously work their way into daily life. Bending down to pick up a dropped set of keys requires more dedication than it should. I cannot make up my mind if I should bring my book closer or hold it at arm length to read type which seems to be tinier every day. It wasn’t that many years ago when my day began with a single multi-vitamin. These days my prescription regimen is far more involved and my vitamin is now specifically for those over 50. Just minor annoyances in the overall scheme of things but still…

I remember as a teenager my father expressing his chagrin that all the actors he grew up with were getting old. At the time his comment did not make much of an impression – they were all old to me! Now I get it. Not only are my favorite actors and actresses IMG_0290showing a little more gray even those high energy rockers that populate my musical memory cannot escape the effects of time. I remember seeing The Eagles in concert when I was 17 and they were jamin’. Although I enjoyed a recent revisit as the band tours once again, it was impossible to ignore the fact that these guys are now in their late sixties and early seventies. I don’t even want to talk about The Stones.

When I get together with old friends I realize they are actually becoming “old” friends. We overlook the gray atop our heads and bravely try to see beyond lines that are slowly laying claim to our foreheads and the corners of our eyes. Our discussions have moved from the cutest girl in the office to the cutest daughter in college or recently graduated even. We easily share memories of past adventures that bring tears of mirth but now often find those mixed with real tears shed for losses and pains experienced along the way.

There is just nothing easy about getting old.

Thankfully there is a positive side. I believe with some effort it is within our power to learn to accept certain challenges brought on by advancing years. Each step we take is a part of our own unique journey. Some are easier than others but all move us steadily forward. Rather than mourn the losses, I think it makes sense to focus on the positives, the opportunities, and the new adventures that wait.

I am not yet a grandparent but look forward to the experience. What could be better than spending time with tiny inquisitive ever energetic mini-people as they experience for the first time what life has to offer? The first trip to the zoo, the first birthday cake, the first face-to-face with the family cat – everything eye opening and fresh. And at the end
fun in the sunof the day the little treasures go home with their parents who get to do the heavy lifting for the foreseeable future. I might almost feel guilty enjoying all the good and passing on the dirty diapers and childhood challenges to the persevering parents…almost.

I look forward to spending more time with my wife. She is still working these days so we are limited to sharing evenings and weekends. What I am talking about is when she is job free and we can take off during the middle of the week for an impromptu journey to wine country or the coast or just about any place where we can be together. I can’t wait for those extended trips back to Europe or Mexico as well as exploring places we have never been. So long as we are healthy, we hope to stay active and engaged always searching for that next new experience.

As a retired person, I no longer suffer the stresses of the job or demands of pursuing career advancement. The only ladder I plan to climb is the one to put up my Christmas lights. No more meaningless meetings. Goodbye annual performance reviews. See ya critical deadlines. I don’t think I will miss work much at all. And if I find I do, I can always look into contributing my time doing something I enjoy that matters to me.

Best of all, is there anything better than having the freedom to spend your time as you see fit? Imagine the glorious feeling of starting your day when you want, filling your hours doing what you enjoy, taking a nap when the mood strikes, trying something for the first time, and just generally occupying your time having fun.

Along with the challenges we will face comes the real chance to live and explore, to love and laugh, and to make the most of each incredible day.

Retirement – here I come!