We may recommend NOT retiring yet if we see these 5 things during the planning stage. But the good news about these is that they can be fixed quickly.
Dave Zoller, CFP®
Retirement Purpose Guide
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00:00 The 5 Things
01:06 Part Financial and Part Non-Financial
01:47 1 – Running From Something?
02:40 Retirement Depression
03:30 Important Questions to Answer
05:09 Example of how one retiree found purpose
06:33 2 – Are you currently getting the”3 Cs”
08:00 Making a gradual transition?
09:12 3 – If you have more control over your time (Business Owners)
11:23 4 – The word most people don’t want to hear
12:35 5 – Part financial and part mindset
13:49 Retirement Purpose Guide
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Can I Retire? 5 Reasons Why You Should NOT Retire – retirement planning Truths
Retirement is often seen as the ultimate goal in life. After years of hard work and dedication, the idea of relaxing, traveling, and pursuing personal interests seems incredibly appealing. However, retirement may not be the best choice for everyone. In this article, we will discuss five reasons why you should consider not retiring and explore the retirement planning truths.
1. Financial Stability:
One of the most crucial factors to consider before retiring is your financial situation. If you are not financially prepared to sustain your lifestyle without a steady income, retiring might not be the wisest decision. Many people underestimate their expenses in retirement or fail to save enough money to support their desired lifestyle. It is important to evaluate your current financial stability and ensure that you have enough savings to sustain yourself throughout your retirement years.
2. Health and Wellbeing:
Retirement does not always guarantee happiness and fulfillment. In fact, studies have shown that transitioning from a busy working life to a state of idleness can negatively impact mental health. Work often provides a sense of purpose, structure, and social interaction, which can diminish after retirement. It is crucial to consider how retirement will affect your mental and emotional wellbeing and explore alternatives, such as part-time work or volunteering, to maintain a sense of purpose and connection.
3. Social Interaction:
As mentioned earlier, employment typically offers an avenue for regular social interaction. When retiring, many people find themselves longing for the camaraderie and friendships that were an integral part of their working life. Retirees who are not proactive in establishing new social networks may feel isolated and lonely. It is important to assess how retirement could impact your social circles and consider ways to maintain or build new relationships.
4. Intellectual Stimulation:
Work often offers opportunities for intellectual growth and stimulation. Retirement, on the other hand, may limit these opportunities or leave retirees feeling unchallenged. Engaging in intellectually stimulating activities is crucial for maintaining cognitive function and overall wellbeing. Before retiring, it is important to consider how you plan to continue learning and growing intellectually. Pursuing hobbies, enrolling in classes, or engaging in new experiences can provide the mental stimulation that retirement might lack.
5. Sense of Purpose:
Finally, retirement can sometimes feel like a loss of purpose. Many people derive a sense of identity and fulfillment from their careers, which may be difficult to replace in retirement. Without a clear sense of purpose or something to strive towards, retirement can lead to feelings of emptiness and dissatisfaction. It is necessary to reflect on what gives your life meaning and explore ways to maintain or discover new sources of purpose, whether through work, volunteering, or personal pursuits.
In conclusion, retirement is not a one-size-fits-all concept. While it may be a dream for many, it is crucial to weigh the pros and cons before deciding to retire. Financial stability, health and wellbeing, social interaction, intellectual stimulation, and a sense of purpose are essential considerations during retirement planning. By carefully evaluating these factors and exploring alternatives, you can make an informed decision that aligns with your overall happiness and wellbeing. Remember, retirement should not be an obligation but rather a choice that supports your unique circumstances and aspirations.
Retired six years ago, enjoying it
I was off work for 8 months and loved it ,No disenchantment here,actually l've never been happier, Between going on long walks everyday,then working out on weights,my side hustle on ebay ,planning my meals out,my coin collecting,my gardening, ect,ect all on a daily basis actually not enough hours in the day.Also no stress having to go to a job that kinda sucked.l felt free lm not working a day past 62 tomorrow is not guaranteed go at 62 ppl.
Case in point: By selling my gas guzzler truck and borrowing to purchase a Tesla, I actually lowered my monthly expenses.
I have been working since 1977 .In last 46 years about 30 years equivalent days i have put in more than 12 hours work per day.Since my work involves lot of creativity i enjoy working but off course i can no longer work for long hours without feeling the stress.I have complete financial freedom but now work is not my priority but more of a passion and pass time.I am enjoying this period.I am 68 years old.Keep smiling and keep working to keep Alzheimer's away.
I retired at 46 and haven't regretted it for one second..
Don’t retire if you have no money!
I had to leave my FT job as a Nurse to help my 93yr old Mom who is now 95..I do work provisional 2 days a month to keep my current job. I'm widowed taking my SS widow benefit. Taking care of your elderly parent is challenging. Out of pocket elderly care is Very Expensive. The elderly if they didn't work outside their home doesn't give them extra $$. I've enjoyed all your information. I have always lived on a budget. But there is always room to improve. Thank you
Dave, there are exceptions. I'm that. I have no debt. I own multiple properties. What I need is the business of interaction with my multiple colleagues in my engineering industries. That energy drives me. Money is not the issue. Work, contribution is the issue. I'm am 70 and I'm not done yet
Phasing into retirement would be what your describing , staying at work with less stress, less money, more relaxed! We would love a templet to work from to approach our employer with in our phasing from work….
A severe recession can actually be a good time to buy things in the markets, as long as you're cautious. It can also lead to volatility, which can create opportunities for short-term buying and selling. This is not financial advice, but it's a time when cash might not be the best option.
Travel, ride a bike, plant a garden etc….
Why did the retired couple start a coin-collecting hobby?
Because they realized it's a great way to turn their loose change into a retirement treasure!
I cannot wait for boredom and purpose to be my biggest problems
Thank you, David. Very helpful. I am 63 right now and still happily working.
Four days before I graduated from High School. I line up my ducks in a row and follow it to the T. I'll be 60 this year and I can say my planned has worked flawlessly to this point. And I don't see nothing standing in my way to finish my life to the end of fullness of nothing but happiness. I'll never do a complete retirement plan. I set up my plan to semi-retirement plan. I already finish my bucket list and taking all the vacations that I would like to take. Short trips and long trips. My last trip which was only 4 hours away. Was a three day trip to Put-In-Bay island and had a complete blast like all my trips. I don't work hard, I have money, but not in the richest status. Just comfortable out of debt since 36 and even own my own home with no mortgage to owe. Life is to have fun. You plan it for today, not when you're old. I turn the tables to my advantage. Not the old fashion way, that's the wrong way of doing it.
Good points in this video. Any good decision must move one towards something rather than reacting. Retired 5 years ago to portugal. Blessed with a curious spirit throughout my life. Loving retirement
Was all set to retire with my 401 K then the keystone pipeline was cancelled, crashing economy so I am still working and losing $$$ faster than ever by investing
Health care payments are my concern as it is expensive and the waiting list where I am from is up to 7 years to have some operations done , If I can get a resolve for that I would be good to go – working on it.
Retired for 1 month now at 58 years old. I enjoy working with my hands have many projects to do that I did not have time for when I worked. However, I place maintaining my fitness first and excercise at least an hour everyday. I will continue to participate in several olympic length triathlons a year. Run, road and mtn bike, swim, cardio kick boxing and yoga take precedent over my projects. I stay as busy as when I worked selling medical implants. Excercise is the fountain of youth. Enjoy
I ma freelancer in 50s. Make a video about that topic
Thanks Dave ! And nice to see Joe watching this.
Cheers
Retired 7 years ago at age 62. Not one day of that 7 years have I missed working. Not one day of the 7 years have I thought that I made a mistake. If you work and you enjoy your weekends, holidays and vacation time, then know this, being retired is endless weekends, endless holidays and endless vacation time. If you get bored in retirement, you are doing it wrong. The idea that you must find something to do to be happy is BS.. I get to spend everyday with the love of my life. We will be together 50 years this fall. We love each others company. Look, we both worked, but never lost sight of the reason we worked and it's wasn't for anything silly like a sense of purpose. We were there for the money because as an adult you need money to live. Once we no longer we needed an income from work it was time to retire and reap the benefits of our life long labor. When I retired I retired. Remember you can't be retired and still be working. The definition of retired is literally "no longer working".
I was really hopeful of my investments this year, but all my plans have been disoriented, I've been studying the market crashes and I realized some investors made millions from the recent 2008 recession and I was wondering if such success rate could be achieved in this present market. and the Federal Reserve taking a more hawkish approach to interest rates and bond purchase tapering. Any recommendations?
As a longtime retiree I can tell you that retirement can be terrific. But not necessarily easy. It is another stage of life, and to be fulfilled and satisfied, you have to work at it. And it does not happen overnight.
For a young guy, you really have a lot of insight about this subject. Keep it up.
I retired a year ago at age 60. There is so much to do that I enjoy-Gardening, travel, volunteering, sometimes I work just as hard as when I worked for money, but it’s on my own terms, not for any entity.
We are looking at retiring in 3 months or so and the biggest concern we have is health care till we are both able to be covered by Medicare. The plans I have seen out there are expensive and really don't provide the coverage we are used to. We are both in good health but there is always that what if factor as we are not as young as we once were. The house is paid off along with a new car we bought 3 years ago kind of a treat for us both for retirement. The first thing I really want to do is remodel the house as we have lived here forever but really just maintained it for the most part. That is something I do enjoy doing We did take on a couple of projects the last couple of years replacing the cabinets and redoing the whole kitchen. Before that was a Bathroom. I have the rest of the house to go so I think we will bey busy for a couple of years, LOL..
I like to play video games, hit the gym and hang out with kids and family, walk the dog, do gardening, but… I tend to forgo things so i can decompress from work… Like reading, visiting family at cottage weekends, visiting brother at his Florida house, visiting infirmed mother, napping mid day when feeling tired and burnt out , etc. At 55, I'm already noticing what I'm giving up my continuing to grind. Maybe 2-3 more years but I'm looking forward to it
I met 3 out of 5 reasons…so currently i am not ready to retire yet but will work towards it! Very geniune & sincere advice! Thank you!
Dave, you are right on the money that some should consider “retiring” to a reduced workload that lessens stress and rids them of some of the less enjoyable parts of their work. As a “retired” CPA, I now do only consulting and business succession planning work a couple of days each week. Besides the benefits that you outlined, I find that it also has helped a number of clients, as well as myself, by creating a middle stage between full time career and full retirement. Many have a very difficult time with the thought that the nest egg that they have created over many years may now start to shrink instead of grow. In this middle stage, they likely make enough to fund their lifestyle and defer dipping in to the nest egg for another few years. Thanks doing these videos. I have referred many clients to them.
I’m retiring in 2 weeks. Really looking forward to it, but honestly my life isn’t going to change much. I’ve worked from home for the past 15 years and for the past couple years my job has been damn easy. So just not having to login every morning is about the only difference. That’s temporary though as we’re moving to Europe in October so I guess in that way we’re retiring TO something.
I retired at 55 (3 years ago) I had a successful career but stressful both my wife and myself have enough pensions money to be comfortable I have a house cars and a nice boat all paid for The children have had a good education and are both in decent careers If I’d won the lottery at 35 I wouldn’t have struck another bat !
Retired 4 years. Never disenchanted. Agee 59 now. Honeymoon ends and freedom emerges. Bored less than 1 in 100 days. Key is interests, hobbies and relationships