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Retirement may seem untenable with inflation still elevated, interest rates rising and stocks whipsawing between highs and lows, but for some older adults, hanging on to their job can cause more harm than good. Sure, you still have money coming in, but at what price to your mental or physical health?
“In this economy, people are starting to worry that they don’t have a plan,” says Riley Rindo, senior wealth adviser and managing director at MAI Capital Management. “They are panicking and tending to hang on when they can retire and be perfectly fine.”
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The thought of retirement can be scary, especially when it can easily last 20-plus years. Staying employed for as long as possible keeps you socially connected and the cash flowing. Still, sometimes retirement is the better option, especially if any of these signs rings true.
1. You’re uninterested in the job
Work should give you a sense of purpose in addition to a paycheck, but for many people who have been there and done that for decades, it’s lost its luster. If going into the office or logging on for the day conjures up feelings of dread instead of joy, it may be a sign your job has run its course.
That’s particularly true if it’s hard to get motivated at work or if you’ve become resentful of daily tasks. “If you are 60 or 62, a bad day at work can turn into your last day of work,” Rindo says. “Just being motivated because you think you have to work isn’t very productive.”
2. Your health is suffering
Most people have plans for their golden years, whether it’s traveling the world, moving closer to the grandkids, kicking back at home or starting a second career. Those dreams cost money, but they also require decent health. If your health is suffering and you can afford to retire, now may be the time to make the leap. Why wait until you can’t enjoy the things you worked hard to save for?
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