I’ll postpone my retirement as long as I can, besides…
I like what I do anyway, or at least I plan to work part-time after retirement and I cannot currently max-out my 401(k) without having to scrimp too much.” We’ve heard the comment a few times in our careers, in our roles as financial planners, and more often than not, when we enroll folks in a new 401(k) plan, as we espouse maxing-out the individual contribution.
Never retiring or planning on working part-time after retiring are commendable strategies. Some folks shouldn’t retire, their identities and profession may be too intertwined, and retiring may be psychologically damaging or at least result in unhappiness.
Delaying retirement or working part-time may become a necessity for some if the retirement nest egg falls short of the desired, existing or required lifestyle: think of having to support a child or parent at about the time you planned on retiring. According to Gallup’s retirement poll, a quarter of retirees provide financial assistance to an adult family member.
Our point being no one knows what the future brings. All of us, in our opinion, need and should plan for retirement. It’s not just about the nest egg. It’s about the time frame, the location, our health, our work, our employer, our family and our dreams.
The nest egg, however, helps provides the freedom. And if substantial enough, the options to tackle the unexpected curves life is going to throw at you when you least expect them and when you least can recover from them financially.
The more you save now, the more you should have later, you reap what you sow, you know.
So, max-it out.
Help get yourself the freedom you want and should have about the time you reach your magic age. https://windsorwealth.management/wealth-management/
Our portfolios favor Domestic and Foreign Equities
Carlos Dominguez – Portfolio Manager, RJ
Sources:
https://news.gallup.com/topic/retirement.aspx
Galatians VI (King James Version): Whatsoever a man soweth, that shall he also reap
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