CBS News offers a possible retirement planning solution for people who are nearing retirement and frustrated with their current job but also aware that they are not able to stop working altogether. This advice may be something to consider but cannot replace personalized advice from an expert like a Fee-Only financial planner who can examine your entire financial portfolio.
So what does CBS News advise?
“Find a new work situation that addresses your specific work problems, pays you enough to cover your ongoing living expenses and allows your current savings and Social Security benefits to continue growing.”
Perhaps that is easier said and done but it might be worth considering for some. Especially if getting so frustrated with your current job would lead you to enter full-time retirement prematurely. Since you could possibly have 25 to 30 years of life in retirement, you don’t want to make a hasty move for the short-term relief of not going to a particular job. Plus, as the article notes, there are social and health benefits when older workers stay in the workforce. So you may need to keep working just not where you are working right now.
Part of this strategy will include delaying the start of your Social Security benefits. The writer of this article is of the opinion that, “So many older workers will get a really good financial deal from Social Security if they can delay the start of benefits as long as possible.” As we stated earlier, choosing when to start receiving Social Security benefits is a decision that you should make after research and an examination of your resources, financial goals, and personal situation since this is not a one-size-fits-all solution.
And of course simply staying in your current job and finding ways to improve your situation there is also an option.