10 Reasons to Just Say No to Retirement

8:11 pm Retirement Planning

yes or no sign 150x150 10 Reasons to Just Say No to RetirementNot everyone loves retirement.  In fact, there are many retirees who, after a few months of doing not much of anything, find they are missing the structure, steady paychecks and social opportunities their old life provided.

Here are 10 reasons you might want to avoid retirement:

You like your job.  If you still enjoy your work, there is no reason you need to leave just because you reach a certain age.

You need the money.  Most Americans have not put enough away to pay for 20-30 years of retirement living.  Delaying retirement gives you more time to save and less time to need your savings.

You like your current lifestyle.  Sometimes retirement means downsizing your lifestyle and you might not be ready to do that yet.

Your health.  Studies show that people who retire later decrease their chances of developing dementia since their brains remain engaged and active.

Your social life.  If your primary social structure revolves around work, losing that can be a mental jolt.

Your marriage.  As the old saying goes, “I married you for better or worse, not for lunch.”  Retirement forces spouses to forge a new home dynamic since they will be spending much more time together.  That can add stress to a marriage.

You want larger Social Security checks.  The more you delay taking your Social Security benefits, the bigger check you will receive.

You want to continue to defer taxes.  If you continue to work past age 70 ½ — when retirees are required by the IRS to take minimum required withdrawals from retirement accounts – you can defer withdrawals until you retire.

You have good work benefits.  If you have a good healthcare plan and a good 401(k) employer match, you might want to keep those in place for as long as possible.

You like helping others.  Being a mentor at work is something most older workers enjoy.

Whenever you decide to say yes to retirement, you will need a good plan to make sure your retirement years are indeed golden.  Contact our Newport Beach law firm for help.

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