Have you ever thought, what if retirement isn’t really for me? What if you don’t want to spend every day on the golf course or lounging around with nothing to do? Well, good news—you don’t have to. The idea of retiring at 65 and never working again doesn’t fit everyone anymore. And that’s okay.
The “retire at 65” idea came from the original retirement age set by the Social Security Act in 1935. Back then, the average life expectancy was just 62. That means many people didn’t even live long enough to collect benefits. But now? The average American lives well into their 80s. So why are we still using the same retirement age from nearly a century ago?
A lot of people today are saying “no thanks” to traditional retirement. Some people keep working into their 70s—or even beyond. Why? Three big reasons: personal fulfillment, financial needs, and health. Some people love what they do. Others may need the income or want to delay claiming Social Security. And research shows that continuing to work can increase your health and emotional well-being.
You don’t have to keep grinding 40-plus hours a week either. Working part-time can create more space for hobbies, family, and travel. You might enjoy mentoring, training, or consulting roles to share your expertise without the full-time pressure. Or maybe you finally want to chase that dream of starting your own business. Just be cautious of using your retirement savings as business startup capital. Plenty of businesses can be started with minimal costs.
Working longer could also boost your Social Security benefits. The Social Security Administration calculates your benefit using your top 35 years of earnings. Plus, delaying your benefits past age 62 can increase your monthly check for each year you wait until age 70.
Healthcare is another major consideration. If you retire before 65, you’ll need to figure out how to cover health insurance until Medicare kicks in. That can get expensive. Even after 65, Medicare doesn’t cover everything. You might want to stick around longer if your employer offers healthcare benefits.
Don’t forget your relationships either. It’s common for couples to have different ideas about when and how to retire. Suddenly spending every hour together can be a tough adjustment. Time apart through work, hobbies, or volunteering can make your time together more meaningful.
So, should you retire? It’s a tough call. Whatever your answer, just remember—this is your retirement, and it doesn’t have to follow someone else’s rules. It’s time to decide what you want your future to look like.
If you’re thinking about retiring soon, we highly recommend the book Retirement the Right Way, written by NextGen Wealth founder and financial planner Clint Haynes. It covers everything you need to consider when you’re approaching retirement.
And if you want personalized help building a plan for a flexible, fulfilling retirement, reach out to us at NextGen Wealth. Our Financial Planning Process is built to help you align your money with your goals so you can live the life you truly want. We start every relationship with a financial assessment to see what’s right for you. If we decide to work together, we’ll help you develop your retirement goals and build a plan to achieve them.
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