Worry. It really will drive you crazy if you let it. Worry about the present. Worry about the future. Worry about whether your retirement savings is going to be enough—and if not, what will you do?
The fact of the matter is many people aren’t doing enough worrying. They’re just assuming everything will be fine. Because after all, you can’t work forever, right?
Well, maybe you can…or at least you could work a little longer and make those retirement savings grow larger.
A report from Fidelity International looked at how both retirees and pre-retirees see their future:
- Around one in three worries about money at least weekly, and one in two admit that financial stress has adversely affected their physical or mental health. Financial stress also negatively impacts their family, social relationships and work life.
- It is no surprise then that over half of pre-retirees are not particularly looking forward to retirement and that two in five don’t feel they are on the right track to be financially prepared.
- Over three in five pre-retirees have no more than vague financial plans, if any, for their retirement. Only one in 10 claims to have documented retirement plans.
It sounds like a lot of people are leaving it up to chance. Many aren’t even eager to think about retirement at all. Or they are in the early stages of retirement and are already experiencing some feelings of panic.
That’s brought about a shift in what retirement really means these days. Not so much an “end” to working, but often working in a new way. It could be a part-time job. Occasional consulting for a previous employer. Even considering a whole new field of interest and exploring employment opportunities there.
The point is, if you yearn to be freed from the work you are doing now, maybe consider that once you’ve retired from that, you could “unretire” and try something else. Just consider the benefits:
- more income coming in
- new challenges to keep you interested and connected
- new connections with interesting people
- new possibilities for networking to other fields
- new ways to spend your time and feel a sense of purpose
- a lot less worry
You might be thinking…but I don’t want to get tied down again to a set schedule. Then find something flexible, part-time, or a remote-working situation. Maybe it’s a seasonal job. Or a temporary project that only requires your expertise for a short time.
If you have not yet retired, you might be thinking you won’t have the time to work at a new job and still enjoy life. But if you’re already retired, you probably are staring at the fact that you now have many hours to fill, and you might be wishing you had a place to go and contribute, if only for a portion of the day.
And then there’s the financial benefits for your retirement savings. If you keep working, you can use that money for essential expenses, such as food, utilities, housing, and health care, all without tapping into your retirement savings. It’s a great way to watch your retirement savings grow, while you get to indulge in some “leisure” spending without guilt or worry.
Working longer also could potentially increase your Social Security benefit. Approximately 40% of retired Americans rely exclusively on Social Security benefits. But if you want to increase your retirement savings, you most likely will have to work.
If you can’t see yourself in retirement, that’s because the retirement you’ve been imagining isn’t one that was created just for you.
Whatever you decide to do in retirement, you’ll have more success with a plan, which gives you the confidence that your retirement goals are no longer left to chance, but clearly mapped out. You’ll gain enhanced self-awareness and peace of mind. Because the truth is: many people feel at loose ends when faced with retirement.
All you need is some extra support and guidance to finally make the retirement lifestyle of your dreams your achievable reality. That’s why you come to Retirement Lifestyle Coaching.
