Chuck Bentley Answers: How Can I Prepare for Retirement?
Dear Chuck,
My wife is urging me to retire. I am not ready yet and do not know if I ever will be. I enjoy working. However, what do you think are the best financial moves to be ready?
Prepping for Retirement
Dear Prepping for Retirement,
This year has caused many people to consider retirement. There are several factors to consider which I address below.
From the way you stated your question, I think it would be wise to discuss this and pray with your wife to be sure you are united about the issue of if and when you should retire. There is great strength in being united with your wife. She will have insights and intuition that will help clarify your decisions and plans.
Chuck Bentley (Courtesy of Christian Economic Forum)
Transitional Options
Unless you are offered an exceptional retirement package, I suggest you ease into this new chapter by cutting back on your hours slowly. If you like your current employer, explore the possibility of consulting or work part-time. Crown’s CFO took this step by taking off every Friday as a transitional move.
The extra income, as well as staying mentally and socially active are benefits of this approach. Perhaps there is an opportunity for you to work somewhere completely different that can involve more time with your wife and family. I recently met a gentleman who retired from a successful career in the insurance business and opened a real estate office with his wife in an area where they wanted to live out their retirement. They are an incredible duo working wholeheartedly in their 70’s because they love serving people.
“Although the popular press and financial advisory firms would have us believe that fiscal insecurity is driving the trend, for those fortunate enough to have a choice and to be in good health it’s job satisfaction, having a sense of purpose, finding meaning in the work; using knowledge, skills, abilities and experience acquired over many years; helping others, making a difference; mentoring younger workers; enjoying their colleagues, clients, patients, or students. In short, they tell me that they love what they do. And, it’s older women even more than older men who are powering the extended work life, or EWL, phenomenon.”
BCNN1 WP 