Many people look forward to their retirement. Retirement for most people is an opportunity to explore life outside the constraints of career responsibilities. A hefty pension, traveling the world, working on hobbies, and even spending more time with the family are some of the perks that come with retirement.
Retirement Can Be Terrifying
But for some people, the thought of retiring is scary. They cannot imagine a life without work. They dread each day when they have to pack up and leave their places of work. Just like a shark that has to keep swimming to survive, some people need to occupy their minds with work just to stay sane!
If this sounds like you, and you truly enjoy working, there’s good news. Retirement doesn’t have to be a death sentence. Look around, and you’ll find lots of people working well beyond their retirement age. Entrepreneurs, politicians, and CEOs are still working well into their 70s. Why shouldn’t you?
But, the fact that you enjoy your work doesn’t mean you will not have to retire eventually. In fact, arguing that your love for work is enough to guarantee you a job after hitting 55 is completely irrelevant because you could be forced into retirement.
Forced Retirement Is Real
As strange and absurd as it sounds, retirement is not always a choice. Sometimes, circumstances force you to hang the proverbial boots. Here are a few circumstances that may force you into retirement, even if you love your job:
- Automation: Advances in technology are swallowing up more and more jobs daily. You might remember several decades ago Detroit was at the heart of the American motoring industry. People who grew up in the city back then worked in the auto industry. But when they made machines to automate the assembly line, nearly half of Detroit’s workforce was laid off. Today, automation is taking up all manner of jobs. Amazon uses robots in its warehouses, self-driving cars are creeping into the job market, and computers are getting better at doing taxes and other tasks typically preserved for human workers.
- Recession: We all witnessed the economic slump of 2008. The housing market tumbled like a house of cards, and with it, numerous realtors were forced out of business. A recession can force an industry to lay off even its best workers.
- Health Issues: Age comes with the implied consequence of poor health. After a point, the body cannot keep up with the demands of the job.
- Age Discrimination: Unfortunately, old people get discriminated across the board.
What do you do if you find yourself facing one of these circumstances? Are you prepared to retire?
Looking Beyond Forced Retirement
Assuming none of these circumstances happen to you and you are in your 60s, there’s that urge that drives you to take a risk. You’ve already had a long and illustrious career. The economy is strong, and the market demands your skill set.
At that point, you may want to take a risk and start your own business, write a book, or take your career on an entirely different path. But without heeding the best retirement advice, you will never achieve any of these dreams because you won’t have the financial muscle to make them come true.
Your Need For Money Increases After Retirement
What can you do to have the financial freedom to do all of these things? You need money because you are taking a risk into the unknown. That means you need a fat retirement fund to help you take whichever path you decide.
Set Up Your Retirement Fund Today
If you want to be in control of your life after retirement, and especially if you want to go into business after retiring, your pension might not be enough. Think about it, after you retire, you don’t have a source of income apart from your pension, and that pension is supposed to sustain you in your golden years.
You cannot dip into your pension to take a swing at starting your company. What if it fails? What do you do then? You have no pension, and you have no source of income. Life can get pretty hard when that happens.
The best retirement advice anyone will tell you is to set up a retirement fund as early as today. You might be a year or two away for retirement. Don’t think you are already too late to start saving up because every penny will count when you are out of a job.
This probably makes sense to those of us who went for several months without a stable job. Back then, you had to save every penny because you knew getting the next dollar was not always guaranteed. So it is with retirement. If you want to venture into something different after you leave your job, you’ll need to build your war chest.
To your Retirement Success!