Roy Gilbert

What If You Can’t Retire When Planned?

Image by skeeze from Pixabay Are you counting down the years until you can leave your soul-crushing job? The one with the useless boss? Or the one that requires you to work long hours, travel, or simply be available 24/7? Or, the one where you must endure a long commute every day in order to “be present” in the office? But alas, your finances aren’t in good shape. No doubt you felt the need to compensate for your painful employment by spending more: including meals out, a nicer home to relax in, and taking exotic vacations far far far away… I could go on about how you need to save more and readjust your lifestyle, blah blah blah. But you already know that. You’ve taken an inventory of all your savings accounts, including 401Ks, IRAs — past and present. Any from an old job you may have forgotten about? Unlikely. If you’re 62, you can take Social Security early. But if you’re already struggling to make your current savings last, that’s not recommended. A reverse mortgage of your home is an option. There are definite pros and cons that you should review . It can stretch your current savings, but it won’t be enough to live on exclusively. The solution? Redefine “retirement.” What does it mean to “retire”? Back in the day, our parents and grandparents worked until age 60 or 65. Had a nice party, then went home, never to work again. In fairness, they weren’t as healthy […]

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