One particular goal in most people’s lives is to eventually retire. However, retirement planning can also be as daunting as simply planning out what to do during retirement. Saving up for your golden years can be a complicated task given the limited help you can get from Medicare and also the unexpected illnesses you might get. Imagine asking yourself this question: What happens if you don’t have enough money to retire?
But there are several people who have found a way around this troublesome ordeal.
Well, they say, to avoid the problems of retirement is simply to not retire. Well, there are more people than you can imagine who would love to continue moving around, flipping through pages and documents to feed their slowly shriveling brains.
Some people just can’t imagine doing nothing. While some of us might admire these individuals, we still hope to spend the remaining days going on holidays in the tropics and watching the grand kids play. Now, if you happen to be one of these unique individuals, take heed of these pieces of advice on the ins and outs of not retiring and keeping yourself busy all the way until 70!
Stay Physically And Mentally Fit
One of the main concerns of staying out of retirement and keeping yourself moving and busy is that your body should always be at its healthy state. All that work interaction and new ideas you come across should not burn out all your brain cells from staying idle.
Keeping your day job can help maintain your social activity, giving you a sense of purpose while keeping you away from the feeling of isolation, which gets most retirees depressed and grumpy.
Retirement may not be the same for many people. For some, retirement is a holiday in the Bahamas or that coveted tropical cruise every year or that fishing session with the grand kids. But for others, retirement can be such a boring idea. Some people have just worked their butts off so much at such a young age that it has become part of their system.
This is not entirely a bad thing for you, holiday cruise goers out there. Keeping yourself busy will make your mind healthy and your body fit. Don’t dwell in your sedentary work. Remember that boredom can cause the feeling of isolation and depression for some older folks.
REINFORCING THAT SAVINGS ACCOUNT
Early in your life you tend to consider creating a savings account for retirement. This is, of course, a good thing as you never know what may happen in the future. What if you are no longer fit for a job? What if your savings are diminished and they can no longer cover the high costs of health care?
Now, keeping yourself in the workforce can help you reinforce this as for obvious reasons. You will still be earning and, given your many years of work experience, your position may be higher that time and pay bigger than what you had several years ago. This would be the perfect opportunity to reinforce or start that retirement savings account.
REINFORCING YOUR SOCIAL SECURITY PAYMENT
Something that you can benefit from not retiring immediately is basically delaying your social security payments. This means bigger and better returns. Sure, you’ll be working a few more extra years (that’s your choice) that will help you save up more for your inevitable retirement when you’re old and gray. Once you get your Social Security payment you’ll be rolling big time for the remaining of your life.
Medicare does not kick in until you’re 65 and if you started working at an early age that means you can basically retire at a younger age. Now, those who decided not to retire but cannot escape the cold grasp of aging before 65, then you can benefit on companies that give healthcare to their employees.
Once Medicare coverage kicks in, you can use the coverage of your healthcare and Medicare to cover most of whatever medical bills you expect to have cutting out a huge part of your expenses, possibly entirely covering the whole cost.
THE POSSIBILITY OF RECEIVING PENSION WHILE WORKING
Here is a little trick for those of you who want to maximize your earnings and savings if you don’t plan to retire. Some companies and/ or organizations allow you to retire thus commence receiving pension then get rehired into your last position before retirement or into a new branch of service, giving you more room to save up or reinforce that eventual retirement plan of yours.
Let’s say you were such a good planner that you had all the initiative to start investing in different stocks or businesses when you were much younger, but like in all things, you can never know how the tide will turn. Maybe your investments will boom. but for some unfortunate individuals they may come crashing down like the rusty and rattled roller coaster that the stock market is.
As we have mentioned countless times, this will be a good chance for you to reinforce whatever savings you have combined with your ballooning social security payment, this will be an opportunity for you to maybe re-invest in other businesses or stocks now that you are much older and wiser with the work experience you have had all these years.
Now that you have a general idea on what to expect or benefit out from not retiring, now the time to decide on how you want to spend the remaining work years of your life. There is no bad choice whether it is to retire or not, what matters most is what makes you happy and what will be the best for your family and loved ones.