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“]
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