How to know if it’s time to retire | personal finance

If you can answer yes to these questions, it might be time to consider retiring

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Many people spend decades planning their retirement, eagerly counting down to that milestone. But sometimes retirement isn’t the wonderful experience seniors expect. And if you can answer yes to these questions, maybe it’s time to consider retiring.

1. Are you using your savings faster than expected?

Ideally, you shouldn’t retire from Social Security alone. Rather, you should have a solid nest egg that you can tap into to supplement the income you receive from these benefits.

But the savings you take with you into retirement may need to last 20, 25, or 30 years — or longer. So if you find yourself spending your nest egg faster than expected, it might be time to go back to work for a while and start earning a paycheck again. This way you can increase your savings and help ensure your money doesn’t run out down the line.

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By the way, if you decide to stop retiring and you’re already on Social Security, you may be able to opt out and secure a higher benefit. You are allowed to make Social Security contributions once in your lifetime provided you withdraw your benefit claim within 12 months and pay back all the money you received.

Let’s say you retired at age 65 and started receiving Social Security immediately. If you’re not happy with retirement now, 10 months later, you could potentially undo your Social Security filing, return to work for three more years, and then claim a higher benefit once you’re ready to try retirement a second time.

2. Financial worries keeping you up at night?

Financial worries in retirement are natural. Because instead of bringing money home, you’re spending the money you’ve worked hard to save.

But if your financial worries are so extreme that you’re losing sleep, staying in retirement may not be worth it. Instead, it might be worth returning to a job and knowing that you’ll have a steady paycheck for a few more years.

3. Are you bored more often?

Some people enjoy the slower pace of retirement – they don’t have to rush to an office or stick to a rigid schedule. But if you’re overwhelmingly bored and restless in the absence of a job, you might as well consider going back to work and earning a paycheck once more.

This is especially true if you like your field of work or if there is another field of work that you are interested in. It’s one thing to force yourself to return to a job you hate. But if you really enjoy your work, there’s no reason not to do it just because you’ve reached a certain age.

Retirement doesn’t have to be permanent

Many people look forward to retirement, only to realize that it’s not all that matters. If you’re feeling this way, whether it’s because of money or boredom, don’t be embarrassed. Instead, own your feelings and act on them instead of forcing yourself to stay out of work for no good reason.

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