There was a time when people did not need to think about when to retire; their employer or organization decided for them. Retirement benefits were more secure and often more generous but, with a shorter life span twenty-plus years ago, many people did not live long after they retired.
Decisions can feel complicated when the timing of retirement is up to you. You may be asking, how will retiring now affect our financial future? Am I bored, tired of what I’m doing or just burnt out? Am I supposed to retire because I’m sixty-two or sixty-five, or whatever the age may be?
Many people in their sixties and seventies love what they do and have no plans to stop working in the foreseeable future. Others may have lost their jobs due to layoffs and downsizing, but are not ready to retire. On the other hand, some younger boomers in their fifties still dream of an early
Having accurate information and facts and talking about how you feel will help you make decisions you’re able to live with. Whether you are in your fifties, sixties, or seventies, you need to think carefully about how you want to use your assets and resources. Hopefully you can still have fun and do the things that are important in your life, but be sure to consider the pros and cons so that you can make informed choices.
The most important part of decision making is communication. Some couples, like Sharon and Clarence, have based their relationship on good communication, planning ahead, and making decisions together.
Here is their story:
Sharon and Clarence began planning their future after they had their first child forty years ago. Retiring together in their early sixties was the vision they are now living. They are both retired from full-time careers but work a few days a week in their respective fields. Part-time work allows them the time and extra income to visit their children, travel and enjoy their lifestyle.
Sharon continues to receive health insurance through the school department where she had worked for thirty-five years. Sharon and Clarence communicate well and make important decisions together. They share similar values and goals and are able to compromise and negotiate differences. For them, the decision about when and how to retire fit into the long-term plan they developed together.
There are many variables and considerations in making the decision to retire, but it is important to be clear about two questions: “Why now?” and “What do I want to retire to?” You and your partner can begin to get on the same page with your retirement vision when you thoroughly explore these two questions.
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