Page 22 - Scene Magazine 46-01 January 2021
P. 22

 Many of today’s retirees are viewing retirement as the beginning of a new and exciting phase of their life, rather than an ending.
RefireYour Dreams
 challenges of COVID-19 have caused all of us to change the way we live and work. It has
caused many to solidify their path. It has also forced some to re-evaluate what the future could look like with different choices; to dare to dream about another future; to seek out new options to turn their sites toward what the heart desires regarding a current career, a new career, or possibly retirement. In fact, if you are nearing retirement age then your options abound.
According to a 2014 Gallup Poll the average age
of retirement in America was 62. Later in 2018, over 40% planned to retire by age 67. Now with changes in Social Security, many mature adults see themselves working to age 70. The good news is that life expectancy has risen right along with the opportunity
to experience maximum retirement benefits from Social Security.
Do you have a retirement
plan in place? If not, there’s no time like the present to start. If yes, evaluating your situation can help you decide what to do. There are many things to consider, most of which is what do you need to sustain
22 SCENE 4601 I MEN IN BUSINESS
the lifestyle you want in retirement. Can you afford it? Knowing when to retire is
a difficult decision because there are so many factors. The biggest of all is the economic impact. So take some time and meet with a financial planner. You can also get a quick snapshot of what your retirement will look like financially with a retirement calculator. Visit ssa.gov to get started.
Keep in mind that Medicare does not start until age 65 so you may need to investigate what your health care options and costs will be.
to a part-time position at your current company? Would switching jobs make you happier? Maybe you want to try making a career out of your hobby. Or did life events cause you to consider retirement before you were ready? Be sure to ask yourself these questions.
At a time when many jobs offer
an opportunity to work online or from home, there is also the possibility to phase into retirement. Reach out to your previous employer or make plans prior to retirement to determine how this type of arrangement may benefit both of
you. Baby boomers are great employees to have, even with reduced hours. It will cut costs for them while maintaining the most experienced employees. Surprisingly, if all baby boomers retired at age 65 there would be a significant labor shortage.
The best news is that more often than not, working after retirement is fueled more by personal fulfillment than receiving peak dollars. Your time becomes your own again and while you will have to be
responsible, especially if working for someone else, you can also choose how many hours a week you want to commit to. Now, you may have the greatest options.
BY SHERII SHERBAN
 Now for the big question: Do you really want to retire? Is it just the confusion surrounding the current situation that has you considering retirement? What about transitioning














































































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