#EarlyRetirement #retirement #jobs #work #time
Are you planning, or would you like to, retire early?
Most, probably, would say, “of course.”
Others don’t plan to retire, unless forced to.
Still others would insist on a definition of “early.”
Wes Moss, who writes a Money Matters column for The Atlanta Journal-Constitution, and has a same-titled radio show on WSB radio in Atlanta, gives five reasons to retire as soon as possible. He discussed them in his Oct. 10, 2021, column.
Moss’ five reasons: drive time, no love lost for your job, a roller-coaster schedule, a lack of recognition for what you do and being capped out in terms of financial advancement.
Let’s talk about each of these. First, commuting can be a bear. It takes time from your life as a whole, it adds stress to your body and it’s costly, in terms of fuel and wear-and-tear on your vehicle.
Moss also says that grueling commutes can cause stress in a marriage. According to one study, people who drive at least 45 minutes each way to work are 40 percent more likely to get a divorce, Moss writes.
Work-from-home, or remote-working trends inspired by the COVID-19 pandemic may change commuting patterns for the long term. If your employer is flexible in this area, you might decide to work longer. Think of having a beach house, or mountain cabin, from which you could work. Would that interest you?
Perhaps you don’t really love your job, or even like it, as Moss points out. Would working from home change that perception? If you are just grinding out a living at a job that, to be kind, doesn’t inspire you, Moss suggests perhaps finding a new way to parlay your skills by consulting, or starting your own business.
Remote-working options may alleviate another of Moss’ concerns – the roller-coaster schedule. Many people have jobs in which they have to be on site at specific times. Those times could vary from week to week, turning one’s body clock upside down. If you have one of those jobs, chances are you don’t like it. If you can get out sooner, you should.
Being recognized for your good work is also important. Your boss saying nice things about you and your work are fine, but you probably need more tangible rewards. If those are not forthcoming, maybe it’s time to go.
You may also be at the very end of the pay scale for your job category. If so, then ask yourself: am I just marking time for my pension? Or, especially if there is no pension, could I go somewhere else and advance financially? If you are at the top of your pay scale, you may be near retirement age anyway. If you can afford to retire, do it.
There are many things to learn ahead of “early” retirement regarding health insurance expenses and, more importantly, what you will do with your time.
You also have to study the likelihood, even though it’s tough to predict, whether one day you will come to work and be forcibly retired, or otherwise unemployed. Know that if this happens to you, you are not likely to be forewarned.
So, think about your situation, and do what is best for you. At the same time, realize that there are ways to escape bad work situations, if you need to.
In short, if you like your job, stay as long as they will have you. If you don’t like your job, stay open to other options. They are out there.
Peter
Tag Archives: early retirement
MANY OLDER WORKERS DON’T PLAN TO RETIRE
#retirement #EarlyRetirement #ForcedRetirement #WorkingLonger
Illness, injury, layoffs and care-giving responsibilities often force older workers to leave their jobs sooner than they would like.
So say experts as quoted in an article by Andrew Soergel for the Associated Press. It was published July 8, 2019, in The Atlanta Journal-Constitution.
But the thrust of the article says nearly one in four don’t plan to retire, despite the fact they are aging.
The article gets that data from an Associated Press-NORC Center for Public Affairs Research poll. It says two in 10 people older than 50 don’t expect to stop working, according to the article.
Government data shows one in five people 65 and older was working or actively looking for a job in June 2019, the article says.
“People have to live in retirement much longer, and they may not have enough assets to support themselves in retirement,” the article quotes Anqi Chen, assistant director of savings research at the Center for Retirement Research at Boston College.
Ronni Bennett, 78, was pushed out of her job as a Web site editor at age 63, according to the article. One thing she did when that happened: she moved from Manhattan, where her job was, to Portland, Maine, the article says.
Although she searched for work after her layoff, it was like “banging my head against the wall,” the article quotes her.
Bennett’s example is fairly typical in this day and age. First, she was fortunate to survive at her job until age 63. Others were not quite as lucky.
It boils down to this: it probably won’t matter how long you WANT to work, the workplace will more or less dictate when you “retire.”
Decades ago, workers looked forward to retirement. In fact, an early-retirement package was a real gift. Workers were much more secure then. They had ultimate confidence that their employers would keep them until at least age 65, the common retirement age back then.
Remember, though Social Security and some pension plans – if you are fortunate enough to have a pension plan—have age rules about when you can access them. But your “retirement” may be foisted upon you much sooner.
What should you do? How should you plan for that unknown time when you “retire?” First, have a Plan B started. Have some of your paycheck go into automatic savings as early in your career as possible. Second, take a look at one of the many programs out there that allow you to devote a few, part-time hours a week toward picking up extra income – potentially a lot of extra income – while you still have your job. These programs require work, but it’s not really like having a second W-2 job. They also require you to have a mind open enough – education, skill and background are not factors – to check them out. To look at one of the best such programs, message me.
We are all getting older. Regardless of how healthy you feel today, as time passes your health will start to deteriorate. If you are lucky, that deterioration will come more gradually, and you can feel healthy well into your elder years. Of course, much also depends on how well you take care of yourself.
The job market today is fluid. Companies reorganize rapidly and frequently. You will never know from day to day when your last day at your job will come.
So, prepare now for that eventually. If you are lucky, when the day comes when you have to leave your job, you can do so with a smile, because you properly prepared.
Peter