Have you got enough money? Is there a point in time when making new guesses about your retirement funds become an exercise in futility?
Sure, you could probably work a few more years and have a few more bucks in the bank, but at what price? I’m reminded of the Social Security dictum that everything else being equal, you can claim your benefits early and get a smaller check for a longer period of time or wait and get a larger check for a shorter period of time. Whichever way you go, you’re going to get essentially the same amount of money.
That’s because when you die, the checks end. And yes, you may leave a spouse behind who gets a larger check if you’ve waited, but if we’re just talking about you, then it makes little difference.
Meanwhile, you’re having second thoughts because you haven’t spent enough time figuring out what you’re going to do when you leave the workforce. What are your goals? What is going to motivate you to get up every morning and stay busy?
If you don’t know already, I’ve created an online school called Successful Retirement Secrets. The big secret, assuming you have some definition of success, will not be found in the answers that other people are trying to persuade you are essential. The big secret is knowing what questions to ask of yourself and then using your unique answers to draw up a strategic ‘road map’ to follow. That map will lead you to a life you’ll enjoy for as long as you can.
Successful Retirement Secrets starts with a question. How much money is enough? The two courses then teach you how to think about retirement. I have no interest in ‘selling’ you investments or even exactly where to put your money, or how soon you should sign up for Social Security. I am interested in teaching you how to think about retirement which involves coming to terms with who you are and how you want your remaining years to play out.
That implies you’ve thought about and have developed some strategic goals for yourself. The sooner you get busy with that part of planning for retirement, the quicker and easier it will be for you to trigger the switch that says I’m no longer working for money, money is now working for me.
My thoughts above were inspired by this article: https://tinyurl.com/y4ss2cyu
Tony Kendzior, June 10, 2019