How To Face Your Fears About Retirement
Most people retire earlier than they plan to, but not you. A common piece of retirement advice goes that, when you are 61, you should count the number of years you want to continue working and divide that number in half to find out how soon you will probably retire. Since you have no plans about retirement, this formula does not work on you. You are among the people who plan to continue working for as long as your health permits. Some people who choose this path do so because they have no retirement savings, so if they retire, they will have no income except for Social Security, but this does not describe you either. You have a professional job with a retirement account, and you own your home, so compared to most of the population, you are financially well off. The thought of retirement scares you, though. For help facing your fears about retirement, contact a Tampa estate planning lawyer.
You Can Still Keep Your Professional Titles After You Retire
People who hesitate to retire from professional jobs, despite having retirement savings and other sources of financial security, often cite their fear of losing their sense of identity if they retire. They have invested years in building their professional reputation, and they are proud of their career accomplishments.
If you are being honest with yourself, though, this is just an excuse. There are plenty of ways that you can remain connected to your professional identity after you retire. For example, many professional associations have a membership option for retirees. In fact, if you attend a professional conference, you may find that the retired members have shown up in droves. Perhaps next year you can join their ranks. Beyond attending conferences, when you retire, you can spend your time on the aspects of your professional life that you enjoy the most. You can research and write about topics related to your field of study and give advice to younger colleagues at leisurely weekend lunches.
Being Old Enough Not to Keep Up With the Joneses Is a Relief
Even though you have a house, retirement savings, steady income from your job, and perhaps even long-term care insurance, you do not feel wealthy. It is hard to feel prosperous when society constantly bombards you with aspirational content about things that other people can supposedly afford. You do not need $1 million to retire, despite what financial planning websites might say. Your retirement savings distributions plus your Social Security checks may be plenty, and if you still need more cash, you can take out a reverse mortgage, which you will not have to repay unless you later decide to sell your house.
Contact David Toback About Estate Planning for Dedicated Professionals
A Central Florida estate planning lawyer can help you be realistic about your financial situation and transition to a comfortable, but not opulent, retirement after a successful professional career. Contact David Toback in Tampa, Florida to set up a consultation.
Source:
hbr.org/2024/07/why-people-resist-retirement
