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The Case For Delaying Retirement


After a year of social isolation, it feels amazing to social in person with anyone, even people you don’t particularly like.  If anything, when a live person is in your presence, a lot of people’s impulse is to reminisce about the things you are thankful for.  Maybe you are grateful to be back to your daily commute, punctuated by a much-needed Starbucks run.  Maybe you enjoyed the peace and quiet of working from home in the comfort of your elastic waist pants, with your cat happily sprawled out on the couch beside you; it didn’t matter if kitty was sleeping on her back the way cats do when a storm is brewing; you were already safely at work and at home, with no reason to venture out and dodge lightning bolts.  You can’t shake the feeling, though, that your retired friends really are lonely, and it isn’t just leftover pandemic blahs.  You couldn’t imagine spending your days birdwatching, decluttering, and working crossword puzzles, even though it is fun to do those things sometimes.  The good news is that no one is forcing you to retire, and your Central Florida estate planning lawyer can help you develop an estate plan that has you retiring later rather than sooner.

When It Feels Like the Four Percent Rule Is Just for the One Percent

Perhaps you pride yourself on being an industrious person who has been focused on saving for a rainy day since you were in your twenties.  Maybe you met with a financial planner or estate planning lawyer about planning for retirement, and the experience left you feeling stressed out instead of looking forward to enjoying your golden years.  You have been saving money your whole life, but the idea of having to live off of your savings scares you.  You have heard that you can afford to withdraw four percent of your savings per year, but that feels like making the decision to die within 25 years; unless you are extraordinarily wealthy, won’t your savings run out?

Strictly from a financial perspective, continuing to work is a better solution than any mathematical formula to determine how much you can afford to spend per year if you stop working.  Most careers do not require you to retire at age 65, so you can just keep working and building your retirement savings.  Every month of work past your 65th birthday is an additional paycheck and an additional contribution to your retirement fund.

Work Isn’t Just About Money

Gratitude for your good health could be driving your decision to continue to work, as could enjoyment of your career and your work environment.  This is just as important as the financial aspect of the decision.  People who retire later also stay healthier longer and are less likely to experience memory loss.

Contact an Attorney for Help

Your Clearwater estate planning attorney can help you develop an estate plan that incorporates your plans to remain in the workforce for as long as your health allows.  Contact William Rambaum for a consultation.



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