CHANDA TORREY FOUND RETIREMENT wonderful for the first two weeks. Then, not so much.
Torrey, 50, of West Palm Beach, Fla., retired in mid 2019 as a Red Cross regional chief development officer. At first, she thought retirement was “paradise,” she says. “But after a few months, I didn’t know who I was. Not having a goal or something to do every day had an effect on my mental health.”
Torrey’s experience is not unusual. Retirement may sound wonderful in the abstract, and for some, it’s a perfect opportunity to leave the working world behind and travel, volunteer or spend time with grandchildren. But for others, a job is a necessity, either for their finances or for their psyche.
And now the fall-out from the COVID-19 pandemic has left some older people facing particular problems. Some have been forced into retirement before they were ready, and many new and existing retirees have seen their savings plummet along with the stock market.
How do you assess your next step? First, ask yourself some questions. Do you want to work full-time? If your finances don’t require full-time work, is part-time a better fit? Are you eager to tackle a whole new career, or do you want to continue primarily in the field you just left? Do you want something that can be all-consuming, such as starting your own business, or a more low-key job with fewer responsibilities? (For more self-assessment advice, see the box at right.)
Bu hikaye Kiplinger's Personal Finance dergisinin July 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Kiplinger's Personal Finance dergisinin July 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
FREE HELP FOR COLLEGEBOUND STUDENTS
This program’s mentors assist applicants as they fill out the FAFSA, write essays and more.
WHAT YOU SHOULD KNOW ABOUT SPOUSAL IRAS
You typically need earned income to contribute to an individual retirement account, but a spousal IRA provides an important exception to this rule.
SELLING SHARES? HERE'S HOW TO MINIMIZE TAXES ON YOUR GAINS
ET'S say you've been regularly buying shares in a booming tech company over the past few years, but now you want to start taking some of those profits, perhaps to rebalance your portfolio.
Strategies for Novice Investors
AS part of a lifes kills program for young, single mothers, I was asked to teach a class on how to get on top of your finances.
ANSWERS TO YOUR 529 PLAN QUESTIONS
Thanks to recent policy changes, families have more options for what to do with money sitting in these tax-advantaged accounts.
Rate-Cut Winners and Losers
NOW that the Federal Reserve has cracked the interest rate ice, the next development will be to separate winners from losers.
SHOULD YOU BUY THESE RED-HOT FUNDS?
Covered-call ETFs are popular but come with plenty of caveats.
DIVIDEND STOCKS ARE READY TO REBOUND
Our favorite dividend payers are poised to benefit as falling interest rates lure investors back.
IS A 55+ COMMUNITY RIGHT FOR YOU?
These age-restricted developments appeal to older adults seeking abundant amenities and an active lifestyle.
AT LONG LAST, RATES ARE DROPPING
Consider these portfolio moves now that the Federal Reserve has cut its benchmark interest rate.