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6 Signs That You Should Delay Retirement

Filed under: Retirement

Image of senior leader smiling at camera in working environment

Most workers in their 50s or 60s are feeling eager to retire. But not everyone feels so ready to clean out their cubicle and head to a retirement village. Whether you’re concerned about your finances or something else, there is nothing wrong with changing your mind about retirement. After all, you likely made your retirement plan years ago under very different circumstances.

If any of the following six signs apply to you, then delaying your retirement could be a very smart idea indeed!

Your spouse isn’t happy about the plan. As with all things in marriage, it’s better to be on the same page about big decisions. Talk to your spouse, and ask whether their concerns are centered around emotional or financial matters. You should work through possible solutions and come to a compromise together, as you always have.

You aren’t sure what to do with yourself after you retire. Contrary to popular belief, many retirees aren’t happy with a sedentary lifestyle. For the first week or two, you might enjoy sleeping until noon, but old habits die hard. If you’ve been a motivated worker all your life, you might find that you miss a busy office environment. Don’t retire until you have formulated a solid plan to spend your days pursuing interests, hobbies, volunteer work, or travel.

You’re planning to take on a part time job in retirement. If you want to work in order to stay busy and engaged with your community, that’s a great plan. But if you’re counting on part time work to make ends meet, retiring now might not be the best idea. You might experience difficulty finding a job, and you can’t count on good health forever. One possible solution is to talk to your current employer, and see if they would allow a gradual transition into a partial retirement.

You’re relying heavily upon the stock market. As we learned this summer, the stock market can surprise us in unpleasant ways. If you’re counting on big gains in the stock market, or you’re simply hoping it remains stable, don’t retire without accepting that occasional dips in the market will happen.

You haven’t planned for health care. Contrary to popular belief, Medicare won’t actually pay for all of the health care services and medications you need in throughout your retirement year. It’s not a good idea to retire until you have formulated a plan to pay for your out-of-pocket expenses and the possibility of long term nursing care.

You’re in too much debt. If you’re saddled with credit card debt, you co-signed for someone to get a car, or you’re about to begin paying for your children to go to college, it might be a good idea to postpone retirement. The last thing you want is to stretch your budget too thin, and regret your decision to retire.