The definition of retirement has been changing over the past few years. And many more people have decided to retire (or just not go back to work) since the pandemic started in March 2020.
One dictionary definition of retirement is “to withdraw from office, business, or active life due to age”. That age is usually somewhere around 65, 66, 67, or 68. But due to COVID – 19, some people are retiring much earlier than expected. One person I know retired early rather than face another year of teaching during this pandemic. And there are others, in the healthcare field, who plan to retire as soon as possible. COVID – 19 has really taken a toll on the healthcare industry. People are burned out.
Many people are living longer today. Will those who retire stay retired? Will they get a job in another field? What will they do with their time? These are important questions.
For some, retirement means never working again. For others retirement means travel and adventure. And still some other people continue to work (during retirement) at something they enjoy.
Even during this pandemic, there were those workers who were deemed “essential”. These folks have been working all along. With COVID surging over and over again, these workers had to go to work. Many of them actually enjoy working. And for them, retirement might come later in life, if at all.
Retiring from work during a pandemic is not always easy. For one thing, there is a worker shortage right now, so most current workers are badly needed. And retirement is not always a matter of personal freedom and choice. Sometimes financial circumstances decide if one can retire. Sometimes health concerns decide if one can retire. Some companies offer attractive retirement packages. Some people work part-time. Others switch careers later in life.
How can one make the most of retiring from work during a pandemic? How can a person plan? Here are a few things to keep in mind:
1.) Your goal should be financial independence. Retire with no debt.
2.) Have your family raised.
3.) If possible, try to maintain your current standard of living.
It takes money to live. It takes money to raise a family. And it takes money to retire. But even more importantly, it takes sound “money management” to do all three.
How much money will you need to safely finance your life after you stop working? This question requires an answer in order for you to start “getting real” about retirement.
The baby-boomers are now maturing and living longer. The average lifespan is increasing. That means that several generations in one family could all be alive at the same time. For example, we currently have five generations alive in my family. Their ages range from 96 to 71 to 49 to 22 to 1 year old. Two are already retired and one is thinking of retiring early.
Try to avoid any more sleepless nights (during this pandemic) worrying about retirement. Instead, try to plan ahead.
* Save enough money to live on until the end of your life.
* Invest wisely.
* Be thrifty.
* Account for inflation.
* Reduce daily spending.
* Stay on a budget.
There is hope for a brighter future. With a little frugal living now; and some planning and saving, you too will be a little more ready to “get real about retirement”. Even during a pandemic.
