Encouragement for the Retirement Averse
Some people fear old age but look forward to retirement, but you are the opposite. You have never understood the FIRE movement, which stands for “financial independence, retire early.” The Great Resignation makes no sense to you. Why would people quit their jobs when they do not have another job lined up or enough savings to get through an extended period with no employment income? You don’t like the idea of being an old retiree or a young retiree. Rather, you enjoy being an elder statesman or elder stateswoman in your professional field. At least, that is what you say when people ask why you are still in the workforce even though you are 65 or older. In your own mind, though, maybe financial insecurities have more to do with your hesitation to retire than you willingly admit to other people. For help overcoming your fear of retirement, contact a Washington, D.C. estate planning lawyer.
Your Professional Self Does Not End Just Because Your Career Does
If you ask retirement averse people why they are still working in their late 60s and beyond, most of them will tell them that their professional field is where they feel that they can be their true selves and make a positive difference in the world. Most of these people work in professions that one can only enter after many years of rigorous education and mentorship programs and where a young body is not a job requirement. No one wants to slide down a fire pole at age 70, but septuagenarians can deliver closing arguments before a jury as well as someone half their age.
It is possible to retire without losing your professional self. If you retire, you can break free from the annoying parts of your job, like the annual performance reviews and the early morning meetings. You can keep doing the fun parts, though. The next time you attend a professional conference, you will probably find a large cohort of retirees. Ask them about how they stay connected with your professional field now that they have retired.
You Don’t Need $1 Million to Retire, Not Even in the D.C. Suburbs
It is true that a growing number of working adults will never be able to afford to retire, but this number probably does not involve you, not if your career requires many years of postsecondary education and you have consistently held salaried positions since you graduated. You are one of the lucky few with an employer-provided retirement account. If you own your house, then the monthly distributions from your retirement account plus your Social Security check should be sufficient to cover your retirement expenses; bonus points if you also have long-term care insurance. You will always feel financially insecure if you try to keep up with the Joneses, but if you retire, you don’t have to.
Contact Tobin O’Connor Ewing About Estate Planning for Professionals
A Washington, D.C. estate planning attorney can help you build an estate plan that involves staying connected to the network of colleagues you have gotten to know during your career. Contact Tobin, O’Connor, and Ewing in Washington, D.C. or call 202-362-5900.
Source:
hbr.org/2024/07/why-people-resist-retirement
