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

How To Keep Retirement Fresh

Once you are fortunate enough to retire, you don’t want to squander your hard-earned free time. With 20 or 30 years to look forward to, you are free to fill your days with activities and experiences you genuinely want to pursue. But not everyone enjoys this newfound freedom. You could find yourself somewhat lost, unsure of how to spend your time and bored with the limited options you are able to come up with.

Now that you manage your own time, it is up to you to keep your retirement life interesting. Here are a few ideas to help keep retirement fresh:

Do something special for you. After decades of work and caring for a family, it is not surprising that we may have fallen into a less-than-exciting routine. Doing the same things every day is a rather lackluster way to go. As a retiree with time on your hands, why not shake things up a bit? Do something special or out of the ordinary. It could be as simple as celebrating your birthday in a new way by introducing a bit of adventure. Take the opportunity to step out of your comfort zone and try something you have always wanted to do.

While I am not a thrill-seeker, I’m still planning some first-time adventures for retirement. I look forward to perhaps steelhead fishing the Rogue River in Oregon, hot air ballooning over Sonoma Valley or camping at Big Sur under the pine trees. I’m hoping to have at least one annual adventure in the coming years.

Go ahead and spoil yourself. If you have never been pampered by a full-day spa treatment or sat by an outdoor fire on the beach while watching the sun set, this can be your chance. Splurge on a five-course meal with wine pairings or open up the pricy bottle you’ve been saving. Create a special event to look forward to.

Keep learning new things. I recently signed up for a series of online classes on understanding investments. I want to better understand the terminology and concepts of the investment world. With the flexibility of online sessions, I am able to watch as much as I want at one time, pause when needed and replay if I do not quite grasp the concept Musical Glassesthe first time around. There are also many other topics available, including everything from growing a killer garden in containers to medieval European history to understanding the brain. Best of all, there is no exam at the end of the process.

If you prefer the face-to-face interaction of a standard classroom setting, local colleges offer a diverse collection of topics for those with the time and interest. You can even learn with the great outdoors as your classroom. Consider taking a senior group hike through a national park, where trained guides describe the culture and history as you walk through some of the most beautiful spots on earth. Since you choose what and how you study, learning can be fun.

Expand your social circle. The more people you engage with, the more variety you expose yourself to. I am not talking about more Facebook friends, but more people you actually see and interact with in a non-virtual way. When my parents first moved to their current home, they did not know anyone. But they made the extra effort to meet the neighbors and spend time with co-workers. Before long they found themselves busily engaged in regular bridge clubs, tennis outings and dinner parties. They have come to know many wonderful people with diverse backgrounds while maintaining a perpetually busy calendar. Whether you prefer a club setting or more intimate gatherings, getting out and meeting others can open up new avenues to explore, keeping your retirement interesting.

Have some fun. With no stress from a job and more free time to pursue your interests, you might think retirees would be happier than most working people. But whether due to the effects of aging, money concerns or other factors that come into play, retirement living can be challenging. To make the most of your time, you need to add some fun to your day.

Pause to think about what brings a smile to your face. You and your partner could create separate lists of things you most enjoy doing. Put each on a slip of paper and throw them into a hat. When you need a little inspiration for something to do, draw one and go for it.

A few years ago my wife tried her hand at Sudoku. She has always been puzzle-inclined, and before long she found herself starting each morning with the daily Sudoku from the newspaper. I was reluctant to give it a try since I did not understand the attraction. However, I recently gave in, and now my wife makes a copy of the daily puzzle so both of us can enjoy the challenge. You never know where you might find yourself having fun until you try.

From my blog for US News & World