Is the Pandemic Making You Think This Is a Good Time to Retire?
Category: Financial and taxes in retirement
Oct. 12, 2020 — Many Topretirements Members are still working, wondering if and when they might retire. Enter the pandemic, and many new calculations enter into the mix.
So many corporations and small businesses have been affected in serious ways by the coronavirus. Airlines, restaurants, and hotels have been particularly devastated by people not traveling and going out to eat. States and municipalities, hit by extra expenses and declining revenues, are looking for ways to cut their budgets. Organizations like these are wondering how they are going to survive. One of their most obvious options is to layoff workers or encourage others to take early retirement.
You might be one of those people approached with a retirement package. Or you might have decided that the pandemic has made it too difficult to keep working. For example, if you are having to teach via Zoom and don’t find it rewarding. Or, maybe you found working from home so liberating that you don’t ever want to go back to the office. Worse yet, you might have been laid off and facing an early retirement you weren’t expecting. Whatever your situation, now is a good time to re-evaluate your retirement premises.
Comments on "Is the Pandemic Making You Think This Is a Good Time to Retire?"
RichPB says:
That last item, "lt's not all about money" is incredibly important. If you like your work/career, there should be other very important considerations involved before you allow a retirement decision. A satisfactory, fulfilling pastime can be almost impossible to replace -- especially if you mostly define yourself by your work. One of my previous careers was as career counselor. I have always suggested thinking twice or more about giving up a job you like/love. The unknown ramifications are beyond expectation.
Having personally retired early from another longtime career that I once loved (due to several years of unsatisfactory work environment), I also understand that a bad job/career is not a long term tenable condition. If you are self-motivated (self-driven), you can have a great retirement.
Doc Stickel says:
Rich, I would hope everyone would consider your sage advice.
My guess is that many watch the calendar click down towards their " last day", without a thought as to what comes next....just can't wait to be released from the harness of their work.
For better or worse, many define themselves by their work. It's a place where they fit in, are needed, and play a vital role. Part of one's social life is there a work, amongst people you interact with on a daily basis.
All of that network and interaction vanishes with your first day of "freedom". The life you've known for all those years....gone.
Suddenly, you have no role to play, no where to contribute, nothing to do, nowhere to go.
If you're not addicted to golf, it can be hugely unsettling.
It was for me, and volunteering was my salvation.
The " emotional income" derived from those pursuits was every bit as important as was the former paycheck.
It's important to have a plan for the " afterlife".
Hope you're doing well in these uncertain times!
Jennifer says:
I totally agree with Doc Stickel. I have found great satisfaction in volunteering (prior to Covid-19) and I work a part-time job three days per week, I am able to still help others. It does help to know I can still contribute. I found I could not go from 60mph to 0 as it were, so I am easing into retirement slowly.
Maimi says:
The pandemic has changed everything for me. After a cancer diagnosis and a very long treatment, I changed jobs from a very time consuming,stressful, and demanding position to a very rewarding job teaching in a high school. I am 69, divorced, and being treated for cancer and I am very high risk, so I could no longer be in a school. Life is about change. I have no intention of “retiring”, but this pandemic leaves me wondering what comes next? I have lived a purposeful life, and sitting around is not my style. I have never taken government handouts, so I hope this pandemic ends soon. Ruth Bader Ginsburg was my role model. So, I am trying to get creative, doing a lot of reading to stay current, and praying that a vaccine comes soon, and looking for another way to contribute and earn at least a small salary.
Daryl says:
I felt that way for the first two years of retirement, like a zoo animal released into the wild. Now, after seven years of freedom, I don’t think anyone could force me back to work. Maybe it depends on your personality type. You’d be surprised how your brain rises to the occasion with creative ideas when given a free pass. I started out with a rigid retirement plan A and B, but have since thrown it to the winds.
Vicki says:
I was told that July 1st we'd have to go back into the office. Working location being in a large university library on the 3rd floor I wasn't looking forward to that. I was under-utilized and under-valued in my job. Thankfully, I turned 62 in late June and at that age they still were offering a monthly contribution that would pay for almost half of the insurance cost. Of course the day after I gave my noticed they changed the required date to come back into the office to August. I was tempted to stay but I'm so glad I stuck to the retirement idea. It is so helpful to do outside projects or errands on my schedule, and not a weekend, especially when the weather is an issue. Is it the retirement I had hoped for? NO! We had plans to move out of state by 6/30 but we're not buying or travelling in this COVID environment. But am going to convert part of my machine shed to be able to hit tennis and pickleballs against an inside wall. Maybe by the time we get to our location I won't need to be in the beginner group!
Mary11 says:
Have been retired for 7 years and really don't miss working. I enjoy doing everything I couldn't do when I was working. If you get involved with others or have time to enjoy your hobbies you won't be bored.
Michael Horn says:
At almost 74 years old - I remain employed in South Korea by a defense contractor coordinating instruction via computer wargaming. As a retired Army Officer since 1996 - and a computer gamer - it's been a centerpiece of my last 24 years - 7+ years overseas. Up until the COVID-19 plague - my wife and I have made good our wish to tour Asia, the Pacific; the near and far east ... Japan/Okinawa, China, India, Myanmar, Sri Lanka, Thailand, Taiwan, Vietnam, Indonesia (Bali and Komodo Island), Malaysia, Singapore (4x) Australia, and New Zealand. We hope to do Tahiti and the Philippines if/when we can - then perhaps returning to the US or see the rest of the world. My wife- a retired Special Ed teacher has her online businesses to run-we enjoy our lives immensely. South Korea is a safe country, vibrant democracy, rich in tradition, culture with gracious people, and has astoundingly good health care covered by our insurance. By continuing employment which I enjoy and making a difference in a world I know well - we are able to travel more often and in greater comfort than retiring and traveling from the USA.