Why You Shouldn’t Wait To Retire

Many people use 65 as their target retirement age. At that age you can begin to receive Medicare to cover your healthcare needs. However, most people now need to wait until 66 or 67 to collect unreduced Social Security benefits. And if you decide to call it quits at 65 you can expect to enjoy 20 or more years of retirement.

Today’s 65-year-olds are largely healthy and likely to live longer than earlier generations. But that doesn’t mean they’re not starting to feel the wear and tear of an aging body and mind. And it is not going to get any easier. None of us will ever be any younger than we are today. Even if you don’t feel old yet, you are growing older with each passing day. As your body ages your options to explore and experience new things tends to become more limited. Older adults just cannot do all the things they used to.

The first challenge of retirement is the transition out of the workforce. People who find what they do interesting and inspiring may choose to stay on the job and continue doing it for as long as they can. Or they might try to shift to part-time work and gradually phase into retirement. For other people retirement is a time to finally get away from all Red umbrella in windowthe stresses of the workplace and move on to something new. When the sole motivation for working becomes the paycheck at the end of the week, the promise of days far removed from the stress of work is a welcome sanctuary.

The lure of retirement can be a strong one. The sooner you retire, the sooner you have the chance to live a life doing what you really want to do. Before you can undertake such a move, it is important to make realistic and sufficient financial preparations to provide for the lifestyle you want to maintain. But once you are comfortable financially, you can flip the switch and transition into your second act. Here are some examples of what your retired life could be:

  • While you are still relatively young you can undertake the adventurous journeys you contemplated but never had time for while working. If you are able to retire with your health and stamina intact, you will be able to travel to off the beaten path locales you have only seen on TV. Get ready to break out the atlas and start planning
  • You are now free to custom design the ideal day. You make the rules and get to decide what activity to engage in and how you spend your time. Finally, you are in control.
  • You can more fully enjoy time spent with grandchildren as you endeavor to tire them out before they tire you.
  • Prepare to revel in your new job as a full-time retiree, a role from which you can never be fired. Leaving work behind translates into no more meetings, reviews, work stress or struggle to climb the corporate ladder.
  • You have the opportunity to explore your creative side. Whether writing, music or painting, retirement affords you the time to dream and create.
  • Since it is no longer about the money, you daily endeavors do not need to generate cash. You don’t have to be productive every minute of every day unless you want to. Instead, you can do nothing for as long as you want and not feel guilty. You have earned it.

Not everyone is fortunate enough to have the opportunity to retire. Work will continue to be a part of everyday life for many people in their 60s. But for those who have their financial requirements in place, the thought of retirement and living the life you have dreamed about can be very tempting.

From my blog for US News & World

Are You Living a Good Retirement?

After long years spent working for a living and carefully building a future, when retirement finally arrives you sure don’t want to waste it. Whether you are someone who plans to busily pursue each new adventure or find yourself happy to take retirement one day at a time enjoying what comes at a more relaxed pace, commencing your second act can be a time of great expectation and optimism. Imagine finally having time to pursue those interests you were forced to deny during your busy work career. It can be a struggle to keep a smile from your face when you think of all you can do with your new found freedom and spare time.

However it is not uncommon to feel somewhat guilty with your newfound luxury to live as you choose. Not so long ago you were working just like the rest of the world. Is it fair for you to relax while others are still at it? Are you wasting time if at the end of the day you have nothing “productive” to show?

How do you know you are living a good retirement? Here are a few helpful ingredients:

First, you have sufficient interests, hobbies and passions to engage you on a regular basis so you do not find yourself bored. The day begins and you want to get out of bed to get to it. Sure you may move a bit more slowly but as long as you feel that drive to partake in what the day has to offer, you are headed in the right direction. Some find it important to pursue worthwhile endeavors, spending their time in meaningful ways that benefit themselves and those around them. They are forever in search of that next cause or situation where they may lend their knowhow and experience. Others are happy to commence at a more leisurely pace doing what they enjoy and want to do. The key is to find what is right for you and do it. Time moves quickly for those who always have something on their calendar. A busy engaged person is less likely to become bored with life and better able to make the most of retired living.

Second, your worries are for the most part a thing of the past. You have survived those stressful days spent struggling to raise a family, meeting financial obligations, climbing the career ladder, and worrying about the future. The future is now as you enter your retirement years. Take a moment to congratulate yourself on a job well done. Then happy couple arms spreadprepare to get on with the next stage of your life. Of course the thought that your second act will be entirely worry free is a fantasy. There will always be something to worry about! But realizing you have endured so much to get to this point should provide some peace of mind.

Thirdly, you are being good to yourself. No one knows better the importance of living a healthy lifestyle than those who are getting along in years. Those bad habits and indulgences we easily tolerated while younger take a greater toll as we age. A happy retirement includes a lifestyle that supports healthy activities and practices. You need not be an obsessive gym rat but regular workouts that help maintain strength and balanced will pay off in the long run. We all love a good meal but can enjoy fantastic cuisine that will not clog our arteries or drive heart rates into the stratosphere. And a slower pace may be just the ticket as we travel those trips we have looked forward to. The better we are to ourselves the better equipped we will be to enjoy each undertaking.

The fourth sign you are living a good retirement is when you are engaging in life rather than watching from the sidelines. With increasing aches and pains and the challenges to do basic things, it may feel easy and safer to just stay home. After all, you know the environment, there are few unexpected surprises, and you probably have your favorite seat in front of the TV. But sitcoms and reality TV are poor substitutes for interaction with real people. Travel shows fall far short of the experience of wandering among real people and societies, smelling the food and feeling the atmosphere that makes each place unique in its own way. Becoming an active part of the world around can provide that satisfaction that few virtual experiences can come close to.

Finally, when you look at yourself in the mirror, are you the type of person that others like to be around? Are you the type of person that YOU would like to be around? We are for the most part social animals. We find satisfaction in spending time with others, family and friends, neighbors and co-workers. We want to share our life experience. Think about those you enjoy being around. What is it about them that draws you near? Why is it that when they crack a joke, even a feeble one, you cannot help yourself from joining in the laugh? If you are one of those people that others want to be around, it is likely your retirement will be filled with many moments that give you pleasure. Isn’t that what a good retirement is all about?

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