Some people look at their lives and say, "I don't ever want to retire." If you are in good health, enjoy most aspects of your job, and want the income, why should you? The question becomes "Will you remain in the same job or change jobs?"
Work gives structure to life, and can give purpose to it as well. You may like the routine of work, what you do, and who you work with. If you have been at the same place for years, you may be in a salary bracket that would be hard to replicate elsewhere. Even if you reduce your hours, the hourly rate would far outweigh what you might get in a part time job in another setting. If you combine the other pluses with the money, why change?
If you retire at the typical age of 65 or 66, you might have over two decades of life ahead of you- a long time if you want or need to work, but need a job change. Retirement is a good time to reinvent your professional self. You may want to stay in the same line of work for a similar company -or try something new. Though 65 is not the ideal age for job hunting, if you have great credentials and a positive outlook, you may be a great catch of company who values experience. In the U.S. at least, a company may appreciate not having to pay costly health insurance premiums vs. the lower cost of Medicare supplements.
You can retire from one company, but not from work! If you have spent you life doing a job that paid that bills but was unsatisfying, you should definitely find a way to create a few good work years for yourself.
You may want to start a business or freelance. If you've had an idea simmering for years, with good planning, you can pull it off later in life, and clear enough to supplement your retirement income - or make you a late-in-life millionaire. Even if you live somewhere different for part to the year, you can have a seasonal business on one location, which you oversee by internet the rest of the year. Of course, another retirement option is volunteering. Especially in this economy, non-profits that do something you are interested in love volunteers (or low-paid help) who will approach working for free or close to it with the same commitment they showed toward their pre-retirement job.
Whether you change jobs or retire, there may be tax consequences. If you leave one company for another job, you must decide whether to keep your money in the retirement plan, move to another account, collect a one-time payment, or receive monthly payments. Your tax advisor can help you balance your need for income vs. your need to minimize your tax liability for a time. Money or tax issues should not tie to you a job you do not want in retirement, but you need to know your options.
Once you have decided whether to retire on not, consider whether you want to stay put or change jobs. Making the right choice can insure a great "retirement era" for you even if you go to the same job you've held for 20 years or venture out.
Work gives structure to life, and can give purpose to it as well. You may like the routine of work, what you do, and who you work with. If you have been at the same place for years, you may be in a salary bracket that would be hard to replicate elsewhere. Even if you reduce your hours, the hourly rate would far outweigh what you might get in a part time job in another setting. If you combine the other pluses with the money, why change?
If you retire at the typical age of 65 or 66, you might have over two decades of life ahead of you- a long time if you want or need to work, but need a job change. Retirement is a good time to reinvent your professional self. You may want to stay in the same line of work for a similar company -or try something new. Though 65 is not the ideal age for job hunting, if you have great credentials and a positive outlook, you may be a great catch of company who values experience. In the U.S. at least, a company may appreciate not having to pay costly health insurance premiums vs. the lower cost of Medicare supplements.
You can retire from one company, but not from work! If you have spent you life doing a job that paid that bills but was unsatisfying, you should definitely find a way to create a few good work years for yourself.
You may want to start a business or freelance. If you've had an idea simmering for years, with good planning, you can pull it off later in life, and clear enough to supplement your retirement income - or make you a late-in-life millionaire. Even if you live somewhere different for part to the year, you can have a seasonal business on one location, which you oversee by internet the rest of the year. Of course, another retirement option is volunteering. Especially in this economy, non-profits that do something you are interested in love volunteers (or low-paid help) who will approach working for free or close to it with the same commitment they showed toward their pre-retirement job.
Whether you change jobs or retire, there may be tax consequences. If you leave one company for another job, you must decide whether to keep your money in the retirement plan, move to another account, collect a one-time payment, or receive monthly payments. Your tax advisor can help you balance your need for income vs. your need to minimize your tax liability for a time. Money or tax issues should not tie to you a job you do not want in retirement, but you need to know your options.
Once you have decided whether to retire on not, consider whether you want to stay put or change jobs. Making the right choice can insure a great "retirement era" for you even if you go to the same job you've held for 20 years or venture out.
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