Today’s Prep:
Why would someone put off retirement? Are there valid reasons to wait, even if you are of retirement age? Today we’ll look at the reasons that we often hear and the meaning behind what is said.
Equipping Points:
As people get ready to retire, there are lot of reasons someone might say they aren’t quite ready to retire. Not everyone is ready at the same time or a particular age, and we wanted to talk about a few of the reasons why someone may feel that way. Some of these are good reasons to put off retirement! The key is making sure they are the right reasons for you to retire when the timing is right.
If you truly love what you do at work, you may not want to stop. Or perhaps you make good money at work and just don’t feel ready to give that up. If you want to continue to work, then keep working! Just make sure you have a contingency plan for when it does come time to retire for one reason or another.
Are you worried that you would get bored in retirement? Sometimes you may need to pursue a hobby even before retiring so that you have that in place when you are ready. Maybe you want to give back and volunteer when you have more time and flexibility. Maybe you are ready to travel to places you’ve never been before or spend more time visiting your grandchildren. Find something you want to do, because you will want to stay busy. You may be surprised at how busy you get when you do the things you want to do in retirement.
Concerned that you don’t have enough money to retire? Don’t get caught up in what they say in the media or what someone else has in retirement. Ask, what you need and what do you have to see what is needed in retirement.
Do you have confidence in your financial plan? Do you have confidence in your financial planner? Having that confidence is key to understanding what is ahead of you and how you’ll be able to retire without unnecessary hesitation.
Listen to the full episode or click on the reasons that keep people from retiring below.
1:06 – I love working and want to continue working.
3:25 – I would get bored in retirement.
6:19 – I don’t have enough money to retire.
9:13 – I don’t have confidence in my retirement plan.
Related Resources:
Understanding The SECURE Act, Part 1
Understanding The SECURE Act, Part 2: Stretch IRAs
Today’s Takeaway:
[spp-tweet tweet= “Explore, what does bring you joy? Can you see yourself doing that when you transition into retirement? It’s not just about money, it’s about lifestyle. You really need to have something to do once you retire. –Eric Peterson“]
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
The Gray Zone of Retirement Planning
When it comes to retirement, some decisions aren’t as clear-cut as they seem. Should you pay off your mortgage early? Convert to a Roth IRA? Claim Social Security at 62 or wait until 70? The math might say one thing, but your emotions, goals, and personal circumstances often pull you in another direction. In this episode, Eric tackles the “gray areas” of retirement planning, those tricky crossroads where logic and lifestyle collide.
Read More
What The Psychology of Money Reveals About Retirement
We all like to believe we’re rational when it comes to money, but our emotions often tell a different story. In this episode, Eric unpacks key insights from Morgan Housel’s The Psychology of Money and explains how our upbringing, fears, and life experiences shape how we save and spend. From the fear of running out to the trap of always wanting more, Eric explores why logic alone isn’t enough to build a solid retirement plan.
Read More
The Services We Offer (That You Didn’t Know You Needed)
Most people assume all financial advisors offer the same services, but that couldn’t be further from the truth. From taxes to Social Security, Medicare to estate planning, the depth and quality of your advisor’s services can make or break your retirement plan. In this episode, Eric walks through the often-overlooked services a true, holistic advisor should provide and why they matter.
Read More
How to Stay Calm When the Market Isn’t
Thanks to a variety of economic and geopolitical circumstances, many people are experiencing some form of financial anxiety right now.
Read More
Mailbag: 4% Rule, Life Insurance, and Early Retirement Questions
In this episode, Eric opens the mailbag to answer three listener questions that hit on some of the most common—and often misunderstood—retirement topics.
Read More
Beyond Stocks: The Problem-Solving Power of Financial Advisors
Most people think a financial advisor’s primary job is picking investments, but that’s just a small piece of the puzzle. In today’s episode, Eric explains that the real work happens in solving the complex, emotional, and unexpected problems that come with retirement: early job loss, tax challenges, the loss of a spouse, or even recovering from bad advice.
Read More
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read More
How 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read More
Early Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read More
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read More