Are you delaying retirement because of retirement fears and you aren't sure if you have enough income and you might run out of money? Worries like this can be minimized if you study your spending habits, current budget and retirement budget. This takes a little work, but is worth it because of the peace of mind you will have knowing you have covered all the possibilities.
This process will help you be absolutely sure if you are ready or not for retiring, and will resolve a couple of your retirement fears.
This fear is about losing your status.
For example, if you are an expert and well-known in your field, what will people admire about you if you leave the field?
Here are some possible solutions to this problem:
You probably have mixed feelings about leaving the friends you've made at work. You may imagine that you will be "out there" all alone while the world passes you by. It will happen if you don't actively prevent it. Plan to keep in touch - Meet your ex-coworkers for lunch regularly to catch up. They will surely be interested in how it feels to be free of the day-to-day work and commute. Develop a social life with them outside of work.
This is one of the retirement fears that may motivate you to change your lifestyle and possibly move to a new location better suited to the social life you would enjoy.
You may have heard stories about husbands getting in the way of their wives when they retire.
This is just one example of the way marriage problems can occur.
Marriage problems can occur at any stage in life, and retirement is not an exception.
If one partner is too needy or at the other extreme, too independent, the other partner may become resentful.
It is important for both partners to be able to express their needs, preferences, and feelings so that there can be understanding, give and take, and compromise.
This is especially important if your retirement goals are drastically different or if one partner has health problems and one doesn't.
Both partners need to have a retirement plan.
If one spouse has a significantly lower individual "net worth" than the other, marriage problems can be dangerous to that person's future.
During marriage both parties should build up assets in their own name. If one partner doesn't work, he or she should still have assets for retirement, as part of the marriage contract. See this page about the special concerns for women (applies to both stay at home moms and dads.) Talk and think about this before problems develop!
What you don't want to do with your free time is become a couch potato!
Make sure you have interesting, engaging, and active plans for your much-anticipated freedom.
Walk on the beach, go fishing, hiking, biking, or even just shopping!
Think about retirement hobbies and a bucket list for things to do in retirement.
An unexpected illness or accident can hit us anytime and change all of our plans for retirement.
From my perspective, many people start to have health issues just as they are starting to think about slowing down.
My plan is to semi-retire early enough to reverse some of my health issues, such as losing about 20 pounds and increasing my muscle mass.
If not, my health will only get worse from here.
What fears do you have? Look over this checklist and work on those issues.