8 Signs That You Shouldn’t Retire Yet

We know that in life, hindsight is often 20/20. We can often look back and see the warning signs that existed before a poor decision, but we didn’t recognize them at the time. Because you don’t want to experience any regret after retirement, it’s a good idea to assess your readiness before making this big decision. The following eight signs signal that you’re probably not quite ready to retire. 

You aren’t familiar with your Social Security options. Have you estimated your expected Social Security benefits? Do you know how to maximize your benefit amount? Are you familiar with rules regarding spousal and survivor benefits? If you don’t fully understand how the timing of your claim affects your benefit amount, along with other facts about how Social Security works, you should spend some time learning about the system. 

You don’t know what your retirement income will be. You haven’t adequately estimated your retirement income from all sources, or you have calculated the income but aren’t sure if it will last long enough. 

You don’t live on a budget currently. For most of us, income drops a bit (or more) in retirement. If you’re not living on a budget now, it’s time to develop this skill. 

You don’t have a plan for surprises. How will you cover unplanned expenses? Make sure you have a plan for unpleasant surprises that can impact your budget.

You’re in debt. If you still need to pay down significant debts, retiring to a fixed income now will usually lead to a strained budget. 

You don’t have a plan for long-term care. The majority of us will need long-term nursing care at some point in our senior years. If you haven’t planned for this significant expense, retiring now could be risky. 

You aren't satisfied with your social life. Once you stop working, your social life will take on more importance in your life. Make sure you’ve established strong connections, so that you don’t suffer from loneliness. 

Your job provides fulfillment and joy. If a large part of your identity and happiness comes from your career, giving it up could lead to emptiness. Gauge this decision carefully and consider other options like partial retirement. 

We certainly don’t mean to discourage you. If you’re ready to retire and seeing one or more of these warning signs, just make an appointment with us. We will discuss your options and help you address any roadblocks, so that you can get back on the road to retirement.