Help me retire. I am 59 years old and working. My 73 year old husband retired 3 years ago. We have no debt and we own the house and the car. Our last kid was a college senior, fully paid. I have $2 million in my retirement account and our other retirement savings have another $5 million.
Our costs were about $6,000 a month, more than what my husband and Social Security required for the minimum distribution. He can get medical money for all of us in retirement for about $700 a month.
I have one is fine-paying jobs but management jobs and jobs are stressful and not thrilling. I feel like I can afford to retire, but I feel bad about not working.
What’s the problem with that?
Feeling bad in Florida
Dear Feels Bad in Florida,
Preparing for retirement isn’t just about getting the money you need to live the rest of your life. The psychological component of preparing for this chapter is just as important, so know that you’re not alone in feeling bad about moving from the workforce.
I will focus on this letter more on your struggle to flip the switch, but I wanted to touch on a really quick basis on the money part of retirement.
Based on the financial information you’ve shared, it sounds like you could be very comfortable in retirement, with the money you’ve saved and also coming every month. But of course I have to warn you to think about every possible cost in retirement – including health care (expected and unexpected expenses), taxes, any big trips and emergency home or car repair. Then triple-check your budget, portfolio, and other sources of retirement income you expect to receive. A financial planner can really help you make sure that the money you’ve invested is giving you the best possible return, and that your inflows and outflows are on track.
Check out MarketWatch’s column “Retirement Hacking” for helpful tips for your own retirement savings journey
A professional can also address the age gap between you and your husband, and come up with a plan for how to get the most out of your money over the course of your life (this includes estate planning). suitable product). You may also want to consider long-term care insurance.
However, let’s get to the non-financial aspects of preparing for retirement.
First, there are no hard and fast rules for how you retire. You may be financially equipped to exit the workforce, but if you’re feeling bad, ask yourself why. Is it because you are worried about your future finances? Or is it because you think you should be spending time at a job if you’re not 60 yet? Or do you really like the idea of working, and you’re just unhappy where you are?
I know this column is called “Help Me Retire” but you don’t have to retire yet if you’re not ready to do so. It doesn’t seem like your current job brings you joy, and thanks to the big egg, you have options for what to do instead. You can take your time looking for another position, or you can switch from full-time to part-time. You may also find it beneficial to leave your job altogether and engage in some type of consulting or freelance work.
Don’t rush to make any decisions.
“Customers should start planning for their retirement before retirement,” says Ryan Marshall, a certified financial planner at Ela Financial Group. This includes money issues, like budgeting, health care changes and withdrawal strategies, he said. But it should also combine what you’re going to do with your time. You may be retiring tomorrow, but if you and your husband don’t have plans to do anything – together and separately – you’re likely to feel bad or unsatisfied in this new chapter.
Know that there are also ways to approach retirement, once you’re in. I want to share the list”six types of retireesCreated by Nancy Schlossberg, an author and former consulting professor. Schlossberg has been writing about the transition to retirement for decades and has made a few changes to herself during this stage of her life (she is now in her 90s and serves as a consultant for various programs). Zoom program on transforming lives).
She identifies six retirees as: adventurers, who are about to retire to try something new; successor, who follows a path consistent with his previous career; the light surfer who has no agenda and just captures the day; Relevant audience, who may attend events in an area of interest but not active them; the seeker, who is not sure what he wants to do in retirement but is retired anyway; and the retreat, who acts like a “couch potato” and doesn’t know what to do. Retirees can fall into any of these categories at any point in retirement, but who do you think you’ll be?
Some retirees find consulting work makes them happy and there’s no point in having another source of income. Others are happier spending time volunteering, trying out a new hobby, or pursuing a childhood passion. “The worst thing a retiree can do is do nothing all day,” says Marshall.
“Some retirees can get numb to the amount of information out there and have a hard time figuring out what’s best for them,” says Marshall. “Everyone’s retirement is different and they should figure out what’s best for them, not their neighbors or friends.”
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Have questions about your retirement savings? Email us at HelpMeRetire@marketwatch.com
https://www.marketwatch.com/story/we-have-7-million-for-retirement-but-i-feel-bad-about-not-working-should-i-retire-anyway-11624314423?rss=1&siteid=rss We Have $7 Million To Retire But ‘I Feel Bad Not Working’ – Should I Retire?