Pre retirement stress

by Gary

I am suppose to retire in seven weeks. I will be turning 62.

If I worked for at least another 4 years I would probable feel much better about it for financial reasons. It would give me a additional $1000 a month income between my pension and social security benefits. But I really need to retire now.

My job is pretty physical and is taking its toll on my health. My spouse will still continue to work for another two and a half years after I retire so we will still have decent income, but still less income.

We do have about $500,000 in 401k and IRA's but I am really scared to touch any of that. Investment returns on the income have not been that great and I would feel much better if the money was able to generate decent income but in these markets that almost seems like you are gambling in Las Vagas.

I will probably be just fine in the big picture but leaving a secure job good paying job sure makes me nervous.

Comments for Pre retirement stress

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Thank you Gary, Rose and Wendy
by: Linda, SC

Thank you Gary for posting your concerns as I considered retiring last year at 62 (only without much of a nest egg).

So, I didn't retire, but my career is slipping away, and I have too many moments of financial fear and regret. (I could continue to somewhere in retirement.)

Health wise, I just have to do what I know to do to optimize my mental and physical conditioning. Time left on the planet and other scary thoughts, well, another year has passed, and it passed quickly. I don't have to take my last breath at my desk.

Rose, you and I are in similar financial situations and you're having a great time. There's no reason why I shouldn't and Wendy, you summed it up for me by exclaiming "Just Jump!" Thanks for that message.

My new mantra, or maybe even a tattoo. I needed to be reminded that my life transitions have all required a leap of faith. And, everything is alright!
What will you do when you retire?
by: Elna Nugent

Dear Gary,

Aside from the money issue, what do you plan to do when you walk out the door of your employment?

If you have physical issues, will you be dedicated to helping yourself back into better health and mobility?

Hopefully at first you will enjoy the healing silence of being able to plan your day anyway you want. This kind of freedom alone can be a heady luxury that most people rarely enjoy. This alone can lessen anxieties and worries that affect health.

You have worked hard and earned well. Even if you had more money than you do you would still wonder if you had enough.

One study proved that people who earn millions are no happier than they were when they earned 50-70,000 a year.

You are doing the right thing. Your body is telling you so.

Enjoy the birth of a new life. E,
Retirement Plan
by: Joe W.

Gary,

What is your retirement plan? It's great that you have an adequate financial plan. What's going to happen after you reach age 62 with all that pre retirement stress?

Joe W.
Seniorpreneur
Some consideratons
by: James, Arkansas

Would part-time be a possibly? Maybe waiting one or two years, instead of four lessen your money concerns? This is, if you can handle it physically for that period.

About your 401k, 4 % is recommended maximum for withdrawal. My answer doesn't resolve all concerns, but hope it helps.
always amazed
by: Rose Raintree Arlington Wa.

I retired 3 years ago as an RN, single, with no retirement or 401K other than my SS which is a good amount since I worked for 45 years, however, much less than so many think they must have to retire and be at peace.

I was making over $75,000 a year just prior to retiring. I knew I would need to change some things so I could retire and have my needs and some comfort when I did retire.

So I let my home I had purchased in 2005 go and bought a mobile home in a 55+ senior park and paid $10,500 cash for it with lot rent of 480.00 a month + water and electricity, it is now 510.00 a month plus water and on budget billing my electric bill is 97.00 a month.

Now I was scared as I had for years known quite a bit of freedom in doing most of what I wanted with the income I had and now all of a sudden I was going to be living on just over 1,700/mo. So I knew things would change. But it is possible.

I was 68 when I retired so I did draw my full SS. My living is quite comfortable, living in a great community with a beautiful yard now that over the past 3 years I have learned alot about designing and planting with the help of my son who lives near by.

Yes, I do not get to buy clothes as often, and mostly what I missed was not being able to spend on my family as I have in the past, but in return I have had the best 3 years of time spent with my 6 year old granddaughter that no amount of money or gifts would be as good. We have shared so many good times in my keeping her 2 days a week until this year as now she is in school every day, but I wouldn't take anything for those years spent with her.

I pay internet, satellite, and power and water, I have a car which I pay insurance and gas for. Groceries vary from 250-300 a month. I live just 5 miles from every store I might need including my dentist and medical. I stay healthy by walking my little dog 2-3 times a day in my beautiful community that feels like we are in the country.

I don't get to travel as I had hoped to do,but life is good, and the peace and joy and stress free life I now have I would not trade for anything.

I think many people stress about retiring often because they do not realize and are not willing to make some drastic life changes in their living situation that while different and maybe in a different location in doing so can and will give them the stress free retirement they deserve without sacrificing real quality that money cannot buy.

God bless I hope you and your partner will be able to consider some changes that an and will give you the retirement that will give you peace and joy!
Retirement Financial Worries
by: Wendy

All I know... when is enough, enough?

There are no guarantees in life... at some point, you have to jump into retirement with both feet, just JUMP.

Financial planners can predict your retirement finances, and yet -- one market crash, one long-term illness, one of many different circumstances -- and all their calculations were just estimates. Period.

Please Please don't start off retirement worried about money issues. It's not a good way to start this huge life transition... seriously.

Some people love the market ups and downs, others have a hard time watching their investments. If you are the latter, find a different financial planner, or put some retirement monies in saf

e investments where you don't play the market. Do what you must to feel comfortable about where you are headed... it's difficult enough without this added stress.

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