Do You Need to Retire?

When you think about retirement, you often have an image of happy, healthy older folks enjoying their lives in the sunshine. Golfing outings and sailboats are the images usually associated with the golden years.

While this might be true for some, it’s not the case for all of us. The fact is that many people actually become depressed when they retire completely. Studies show that the likelihood that someone will suffer from clinical depression goes up by about 40 percent after they’ve retired. 

This has something to do with the fact that for all the years of your working life you’re used to getting a paycheck and providing for yourself and your family. While some people may not enjoy their job particularly, it does generate a sense of purpose and social standing.

Suddenly not having a job or a paycheck can make some feel depressed or even anxious. 

Another issue that causes tension for couples is that they are in each other’s space a good deal more. It can disrupt routines set in place over the decades.

So should you retire? It all depends on how you define retirement.

For some, semi-retirement is the perfect answer. Even volunteer work can keep you busy, involved and help stave off depression. Keeping active and strengthening family ties through communication and shared activities are all ways to make sure you stay healthy in both body and mind.

If money is a worry, find a way to keep earning – whether that be a part-time position, consultancy work, or the gig economy.  If you’re concerned about having too much time on your hands, talk to your spouse, and figure out ways to keep busy and contribute to your community.

Get as much information about retirement and how it could affect you as you can. Make the best decision for you once you have done your research. Perhaps sailboats and golf are on the cards, after all.  Only you can make that decision. 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.