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Retirement Planning Gives the Confidence Needed to Retire, part 1

The online version of the Washington Post article ‘Dying at your desk is not a retirement plan,’  has a graphic of someone sitting up in a casket typing on a laptop. This is striking image and while it is not actually possible to do this, the article does address those who just don’t know when to stop working.

Some people cannot end their work life because they are serious about saving and cannot imagine spending their nest eggs, even when they have amassed a significant amount. Retirement requires a shift in mindset from putting away money to taking it out. While a younger person who is tired of working may think that to stop working is the goal, the transition can be tough for some once they are close to actually leaving the working world.

Others are reluctant to retire because they don’t think they have saved nearly enough. They would rather keep working whether it is prudent to retire or not. There are also people who want to put more money aside not for themselves, but for children or grandchildren. It is noble to continue to work for your family’s sake but when do you stop and life your yourself?

And then there are the workaholics who can imagine that any hobbies or activities they may pick up in retirement can replace the satisfaction they get from going to work.

As the article notes:

“For most people, retirement won’t be carefree. They will replace whatever worries they have now with a new set of concerns: health (and their mortality), money, humankind’s future.

Of course, timing is everything: Retire too early, and you risk outliving your money. Stay at the desk too long, and you might miss out on life.”

Sound retirement planning can give you the confidence you need to retire at a time that works best for you. It is important to remember that preparation and saving are important for reaching your retirement goals but in addition to having the money set aside, you also need to prepare mentally.