[ad_1]
Should you retire?
There are many reasons to stay employed. Maybe you have an emotional attachment to your office chair, or maybe you think your work is too important to leave.
The truth is that there are many reasons to quit a job and as many reasons not to quit. For most people, a career of 30 years is sufficient. But is early retirement realistic for you? Let’s look at a few things.
When you’re 50, the government says you’ll live about 33 more years (this is from Social Security’s actuarial tables). That 33 year retirement could be longer than your entire working career.
Life expectancy is increasing rapidly with advances in medicine and technology and you might want to think about retirement at 40. Maybe you should ask another question. Should You Retire First?
Rising costs and political uncertainty have many people questioning the future. This makes it extremely important to figure out how to finance a successful retirement and make the most of what we have.
What will retirement cost?
In addition to travel, golf, fishing and macrame classes, what else would you like to put on the agenda? How much will your retirement cost? Will you have enough income to do all this? If you’re still saving for retirement, how much more will have to be taken out of each paycheck to amass that much? Good question! Let’s get to the answers!
One thing I didn’t think about was inflation and how much stuff would cost in 15 or 20 years. After all, if you look 20 years into the future, you can bet that $50K that looks like a decent annual income now will definitely have to be huge to buy the same things as it is today. Inflation can affect where your money goes.
But what is inflation going to be in these years? Any figure you come across will probably be enough to help you through the first year of retirement. Can we guess what the inflation will be and guess what will be the effect 40 years after that?
where to retire
where are you going to live With luck, the mortgage will be paid off so all you have to worry about is property taxes and maintenance for the home. You might be able to sell it and store it in a smaller space in warmer climates. It certainly won’t be a problem shoveling snow when you’re 70, even if it’s far away from family and friends. Plus, you don’t get to see the kids as often anymore and they can always come over to visit.
You should probably also think about insurance. You are probably currently insured under group policies for disability, life and health coverage. In fact, your employer probably bears some or maybe even the entire premium for that wonderful insurance.
If you retire, you may lose that insurance coverage. What will happen to your spouse and family if you are so careless that you die at an early age? If (God forbid) you become permanently disabled, how will you pay for a major illness or hospitalization and all the paramedic bills?
You can probably forget about getting government assistance. You are too young to apply for Social Security or Medicare. And even if you do qualify, government assistance might not be enough for a survivor and all the medical bills? If so, what are your options? What about long term care costs if you need it?
Right about now you’re probably thinking: “Hmm, maybe I should have a few more kids to help my old age.” Don’t worry, you don’t need any more kids. But you probably won’t be able to quit your job. I’m kidding about it. I am convinced that you can retire at any age without increasing the population or being tied to a desk.
[ad_2]
