PennyGem’s Elizabeth Keatinge tells us what to consider when retiring.
Category
📚
LearningTranscript
00:00You're just kicking back enjoying the retired life, but is it time to get back to a 9-to-5?
00:08Believe it or not, some people miss the daily grind once they retire.
00:12As Lillian Choney, executive director of Revisions Resources, tells Money Talks News, quote,
00:17If you're an energetic person who wants to feel alive, you're not going to feel happy
00:21sitting back and watching TV in retirement, unquote.
00:25There's obviously financial reasons you shouldn't retire.
00:27Investopedia says if you're not able to pay current bills or you're in debt, perhaps there's
00:32a few more years you need to put in.
00:34There's also emotional reasons, as Money Talks News suggests.
00:37You love being in the workplace, you miss social connections, you're becoming too sedentary,
00:42or you're having trouble adjusting to that new schedule.
00:46Forbes suggests considering health insurance options as well before retirement, focusing
00:50on what you need to spend versus what you have saved.
00:53If you retire at 55, and quote, your portfolio is $2 million and you need to take out $100,000
00:59per year, you'll run out of money when you're 84, assuming a 6% annual return.
01:04But if you only needed $80,000 a year instead, your income could last until age 96.