Retirement

Retirement Motivation: Are you stumbling or happily jumping into retirement?

Some people get stuck in retirement. Others make a decision inspired by something negative that happened: death, feeling upset at work, or facing a serious illness. Many feel in complete control of the decision and happily jump into this chapter of life. Motivations for retirement vary from person to person. However, a recent study has shown… New retirement group on FacebookI found distinct trends in the motivations that drive people toward retirement and living life on their own terms.

What motivates you to retire? Explore the eight most cited inspirations new (and soon-to-be) retirees are taking the step into retirement:

1. The happiest and best reason to retire: financial confidence

Being able to see how all the financial pieces come together helps make leaving the workforce possible. Retirement doesn’t take a million dollars. It takes a detailed plan. Many people find the motivation or confidence to retire once they feel satisfied that they can pay for the rest of their lives.

Julie summed it up by describing her motivation for retirement: “I realized that I did not need the income and that I should use this blessing to enjoy each day to the fullest. Institutional life did not provide that.”

Janice wrote:I’ve always enjoyed working, but one day I looked up and said, I’m ready to get down! I was 64 and started working when I was 14. I stayed on my husband’s health insurance until he retired two years later. By then we were at FRA. We signed up for Medicare, I requested full use of my SS and he requested spousal benefit. He has been doing IRA conversions and will roll over his benefits roll at age 70 in just a few months. We are happy with the way everything came together.

Buddy intends to retire financially secure but will return to some type of work on his own terms. he wrote, “Net pay and net retirement income were close to the same level which provided the opportunity for investments to continue to grow…Wanted to transition into a new career while he was “young” enough to do so…Opportunity to reduce stress and improve health…Ability to reclaim some time .

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People tell us every day that they are retiring soon or that they have just retired because of the confidence they have found with the NewRetirement Planner.

2. A health event often leads to retirement

Health concerns are another big motivator for living the life you want to live – in retirement.

David wrote that he jumped into retirement after seeing so many people missing out on the good times. He said, “I’ve seen too many people work too long and only retire due to ill health. I wanted to enjoy retired life while still being healthy. I started a small business, but now I control my own schedule and do what I enjoy.

Kevin is out of the rat race after undergoing surgery. It is to explain, “The health issues – knee issues/replacement and then a slow recovery with a lot of fatigue – are accelerating [retirement]. It doesn’t seem like it’s worth going back for a few more years.

Tim made the decision to retire on his way to the hospital. He said, “I had a bike accident. In the ambulance, it struck me as the wise thing to do.

Covid-19 has pushed the masses into retirement

The pandemic caused what some called “the great resignation.” Large numbers of people have retired for reasons related to the pandemic. Microsoft Business Trend Index a report It found that 41% of the global workforce had considered leaving their jobs due to the pandemic, and more than 30% of NewRetirement survey respondents cited COVID as a catalyst for retirement.

Allen received a wake-up call when she contracted the virus. She wrote that she was excited to retire yet, “Infection with the Corona virus and ending up in the hospital, followed by infection at work. It was enough for me to say time to take care of me.”

3. The death of a loved one can refocus you on the value of time over money

There is no better incentive to live life on your own terms than facing death. Losing a loved one is devastating, but it can help you reprioritize your life. For some people, this means retirement.

Cheryl was affected by the death of family members. “and reversed”We lost my brother (he was 28) and his father only enjoyed 3 years of retirement and passed away at 58. Life is short. We didn’t want to spend it at work.”

Kay wrote that her motivation for retiring was, “The death of a close friend. It made me appreciate that time is short. Live life to the fullest.”

Research suggests that there are tremendous benefits to confronting and thinking about death. According to the data summarized in Teach dailyThinking about death can:

  • Improve physical health
  • Positive changes in life are quick
  • Motivate you to help others and “increase expressions of tolerance, equality, compassion, empathy and pacifism”

4. Discrimination against the elderly and forced retirement

According to a study conducted by Edward Jones in April 2024, 40% of retirees were forced into early retirement.

Age discrimination is widespread. Recent AARP Stady It found that in 2018, 61% of older workers had experienced age discrimination. This number rose to 78% in 2020. research A study from New York University found that workers who publicly oppose racism and sexism are still biased against older workers.

Even then, less than 10% of people in the NewRetirement survey cited ageism as their motivation for retirement, but some did.

Jeff wrote:Age discrimination is real and older IT workers are not valued. My company offered an early retirement package. If I did not accept the dismissal, I was at risk of being laid off in the future. “The company didn’t see any long-term value in my lifetime.”

5. I’m tired of working and stagnating at the job

Retirement is defined as a slowdown. However, sometimes the real slowdown is the job itself, and the worker is willing to leave the slack behind for more vitality.

Sam was ready for something new. is poetry, “I was tired of the toxic culture of my work with no opportunity for advancement.”

Kevin laid out his business problems more succinctly, ““I’m tired of the BS.”

In these cases, people are more motivated to walk away from something than to retire to something. But knowing how to spend freedom can be very easy.

Doug wrote about not seeing any new challenges. He said, “My boss wasn’t going anywhere, and the client wasn’t buying new properties, the same stuff every year. So, I thought it was time to go and do something I wanted to do. I moved out of state, played pickleball, rode a bike, went to the beach and the pool.” I took things easy until I was sure what I wanted next might include teaching or some other part-time job.

6. There’s a bigger fish to fry: finding meaningful work

Many of us spend our lives in a job that pays the bills. While some of us are fortunate to find meaning in our work, it is rare for our profession to be defined by what is most important to us.

In this case, people retire because there are bigger things to worry about – more important reasons to work on now that we have achieved some degree of financial stability.

Maybe it’s volunteering for a cause, starting a business that benefits the world, making time to write a novel or any other endeavor, but retirement can be a time to devote yourself to what’s meaningful. It could be for money or not.

7. Bigger Fish to Catch: Ready to focus on family, travel, and/or entertainment

Oddly enough, lifestyle considerations such as hobbies (fishing anyone?), family, travel and other leisure activities were not widely mentioned in the survey.

While other research has found that travel and hobbies are a big factor for people who want to retire, they may not be the reason people ultimately decide to quit smoking.

8. She retreated into a family crisis

Many people, especially women, enter retirement in order to help an aging parent.

As family members age or face health challenges, the need for personalized care often arises.

Retiring to become a caregiver allows individuals to provide needed attention and support to their loved ones without the added stress and time constraints of the job. Furthermore, caregiving can be emotionally and physically exhausting, making it difficult to manage alongside professional obligations. Therefore, the decision to retire is often made to ensure that family members receive the best possible care, improve their quality of life and ensure their needs are effectively met.

I retired to care for my mother who had a stroke. The decision was filled with emotion. The stress of caregiving is very real and has been difficult financially;“Jill wrote.

Caregiving can be fun. It is also stressful and can have a significant impact on financial well-being.

What is your retirement motivation?

Are you retiring away from something? To something? Have you prioritized your retirement date appropriately in light of what is important to you? How your retirement date could change if you wanted to:

  • Maximize time with family?
  • Laugh more?
  • Travel?

Retirement is a completely personal decision. As Jeff wrote, “We all have to make decisions based on our circumstances. I remember being on a high diving board when I was a kid, and I decided to take this jump. It’s a deep breath moment when you look down. I’m sure when the time comes, you’ll know it’s time.

Are you financially prepared for all the adventures that await you? Use your new retirement planner to imagine your future and discover ways to achieve it.


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