A recent poll suggests that 41% of consumers are reporting that they did not retire on a date of their choice. These people were either forced to retire or found that they had health issues that caused them to retire. Some found that it was the best decision for them at the time based on the company situation. The bottom line was that they retired on a date that they did not choose or plan. They had expected to work for a number of additional years. So what do you do When retirement is not by choice?
When retirement is not by choice – Short Time to Adjust
20% of those people who retired on a date that they did not choose also found that they had less than one month to adjust. There was no advance notice. They were shown the door on a date that they did not choose.
Even though there is such a high percentage of people who are retiring on a date they did not choose, fully 70% feel that they retired at the right time in hindsight. They wanted to enjoy an active retirement. They till have their health, they did not need more money. As well they were not happy at work, they wanted to join their spouse or partner in retirement. Some did have health concerns. Others wanted to volunteer or they needed to take care of someone else.
Need Strategies to Retire
Those people who were forced into retirement earlier than what they had planned needed retirement strategies. Many of the people who retired based on their own decision also needed strategies to help them. The strategies included downsizing or staying in their home but selling some assets. In some cases orrowing against their home equity or returning to some kind of paid work was an option. Still others considered renting a portion of their home. Taking a loan without borrowing against their home equity and finally asking a family member for financial help are considered.
Plan Now for Retirement
If you are still working or expect to be retiring in the near future, it is time to take stock of your financial situation and determine whether you are able to retire and live the quality of life that you would like during retirement. Planning now and taking steps to achieve financial freedom while you’re still working is one of the best things that you can do to ensure the quality of life for you and your spouse that you’re looking for.
Discussing your retirement needs with your spouse and creating a plan that you both buy into will take some time as you incorporate the needs of both parties. It can be stressful since many people do not discuss financial issues very well and may need some help. Use online programs or meet with a trusted financial adviser to help figure out what you need financially to do some of the things that you want to do.