Getting Your Share (June, 2012)
June 1, 2012To Retire or Not to Retire
Most of us would like to retire one day. Wouldn’t you? Maybe there are some people who really love their work and would continue working even if they didn’t need the money. But I don’t think that is most of us.
Have you ever really thought about what it means to retire? Well, It’s a wonderful beginning of a new stage of your life. We forget that work is really only part of who we are as a person. Retirement gives you the opportunity to spend more time with those you love and on other interests in your life. Retirement is not exactly one size fits all. It’s very personal and deserves your attention. So in preparation you may want to ask yourself:
- Do I really want to retire?
- Will my spouse be retired at the same time? Should he or she?
- Am I ready financially? Emotionally?
- Will I miss going to work?
- Will my friends also be retired?
- How much money do I need to retire?
- Should I ease my way into retirement? Maybe retire partially?
- If I don’t have enough money to retire fully, should I get a part-time job to make ends meet?
This is a very personal decision and can be a major lifestyle change. Are you ready? Some of us would like to nestle among the mountains of Santa Fe, New Mexico and for others near the beaches of South Carolina. What is your lifestyle? Where will you find comfort and joy as you relax and enjoy your retirement years. Maybe it will be somewhere close to the grandchildren. For others it might be living in a big city while traveling to all the exotic countries they didn’t get to visit in their younger years. For others it could be staying in the area where you have business contacts so you can do some part-time work to supplement your retirement income. Give it some thought! There’s a whole big world out there.
When is the right time to retire?
Well, that depends on how old you are, your health and if you are ready financially and emotionally to retire. If you have saved enough money to retire and you are retirement age (whatever that is these days) then perhaps it’s time. Remember, retiring from work is a very personal matter. Balance the pros and cons of your decision. Give your retirement careful consideration. Proper planning and good decision making can have a long and lasting effect on your lifestyle. It will make a big difference in living happily ever after in your retirement.
Preparing for retirement is important and it is never too soon. These days I hear from clients more often than I would like to that they can’t afford to retire. Some of the challenges of retirement are not in our control. With the rising costs of healthcare insurance, housing costs and the loss of employment, some of us just can’t afford to save for retirement because we are busy living paycheck to paycheck.
If you are having trouble saving for retirement, here are a few tips that might help:
- cut back on unnecessary expenses like eating out
- expensive haircuts
- buying those Starbucks coffees
- all those magazine subscriptions
- consider using coupons at the grocery store
- drink more water and less soda and juices - it’s not only cheaper, it is also healthier.
Affectionately referred to as “The DIVORCE Doctor” Lois Brenner is a Divorce Attorney for over 30 years, an accredited Mediator, and a licensed Physician Assistant with training in Psychology. Lois Brenner is the Author of Getting Your Share, a book on divorce published by Crown. She has written for and has been quoted by The New York Times and New York Magazine. Lois Brenner has been interviewed on national television programs such as “Oprah,” “Good Morning America” and CNN as a family law expert. Ms. Brenner is in private practice with offices in New York and Connecticut.
To reach Lois Brenner call 212.734.1551; send her an email at firstname.lastname@example.org or visit her website at www.divorcelawyerny.com. To Retire or Not to Retire?