Retirement Motivations: Are You Stumbling or Leaping into Retirement With Joy?

Some people stumble into retirement. Others make this decision after being inspired by something negative that has happened: death, anxiety at work, or experiencing a serious illness. And, many people feel in complete control of the decision and jump happily into this chapter of life. Motivations for retirement are as varied as people. However, a recent survey on New Retirement Facebook GroupDistinct trends were found in the motivations that lead people to retire and live life on their own terms.

What motivates you to retire? Discover the 8 most-cited inspirations for recent (and soon-to-be) retirees to jump into retirement:

1. The happiest and best reason to retire: Financial confidence

Being able to see how all the financial pieces come together helps make the workforce viable. Retirement doesn’t take $1 million. It takes a detailed plan. Many people find the motivation or confidence to retire when they feel good about their ability to pay for the rest of their lives.

Jolie summed it up when describing her motivation to retire: “Reaffirming that I don’t need an income and that I should use this blessing to enjoy each day to the fullest. Corporate life didn’t provide that.

Janice wrote, “I had always enjoyed working out, but one day I just looked up and said, I’m ready to get off! I was 64 years old and I started working when I was 14 years old. I stayed on my husband’s health insurance until he retired a few years later. By then we were both in FRA. We enrolled in Medicare, I applied for my full SS benefit and he applied for spousal benefits. He is making IRA conversions and will turn over his benefit record at age 70 in just a few months. We’re happy with the way it all came together.

Buddy plans to retire financially secure but will return to some form of work on his own terms. He wrote, “Net salary and net retirement income were the same allowing investment to grow… Wanting to move into a new career while “young” enough to do so… Reducing stress and improving health The opportunity to… the ability to regain some time

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People tell us every day that they are retiring soon or have just retired because of the confidence they found using the New Retirement Planner.

2. A health event often accelerates retirement.

Health concerns are another big motivator for living the life you want to live – in retirement.

David wrote that he jumped into retirement after seeing so many people missing out on happy hours. he said “I have seen many people work too much and retire only because of ill health. I wanted to enjoy retired life while being healthy. I started a small business, but Now I am in control of my schedule and doing what I love.”

Kevin is out of the rat race after enduring surgery. He explained, “Health issues – knee issues/changes then a slow recovery with a lot of fatigue – fast [retirement]. It didn’t seem like going back a few more years.”

Tim decides to retire on his way to the hospital. he said “Had been in a motorcycle accident. In the ambulance, he thought it was the sensible thing for me to do.

Covid-19 encouraged people to retire.

The pandemic caused what some called “the great resignation.” Large numbers of people retired for reasons related to the pandemic. Microsoft’s Work Trend Index Reports It found that 41 percent of the global workforce considered leaving their jobs because of the pandemic, and more than 30 percent of respondents to the New Retirement survey cited Covid as a retirement trigger.

Aline made a wake-up call when she caught the virus. She wrote that she was motivated to retire after that, “Catching Covid and ending up in hospital followed by an injury on the job. Taking time off to take care of myself was enough for me.

3. The death of a loved one can make you focus on the value of time more than money.

There is no better motivation to live life on your own terms than facing death. Losing a loved one is devastating, but it can help you re-prioritize your life. And, for some, that means retirement.

Sherrill was affected by the death of family members. He thought, “We lost our brother (he was 28) and his father only enjoyed 3 years of retirement and died at 58. Life is short. We didn’t want to spend it on working.

Key wrote that the motivation for his retirement was, “Death of a close friend. Time is short to praise me. Live life to the fullest.”

Research is overwhelming that confronting and thinking about death has tremendous benefits. According to summary data Science DailyThinking about death:

  • Improve physical health
  • Immediate positive changes in life
  • Encourage you to help other people and “increase expressions of tolerance, equality, compassion, empathy and pacifism”

4. Ageism and forced retirement

According to an April 2024 study by Edward Jones, 40 percent of retirees were forced into early retirement.

And, ageism abounds. A recent AARP the study It found that in 2018, 61% of older workers had experienced age decline. This number increased to 78 percent in 2020. And, research New York University found that workers who openly oppose racism and sexism still suffer from prejudice against older workers.

Even so, fewer than 10 percent of people in the New Retirement survey cited age as a motivation for retirement, but some did.

Jeff wrote, “Ageism is real and older workers are not appreciated in IT. My company offered an early retirement package. If I didn’t accept the package, I risked being kicked off the road. The company saw no long-term value in me at my age.

5. Boredom and stagnation at work

Retirement is defined as slowing down. However, sometimes the real slowness is the work itself and the worker is willing to leave the status quo behind to become more active.

Sam was ready to try something new. He felt, “Tired of the toxic culture of my job with no opportunity for advancement.”

Kevin describes his work problems more succinctly, “I’m tired of the BS.”

In these cases people are more motivated to move away from something than to retire from something. But, figuring out how to live the freedom can be very easy.

Doug wrote about not seeing any new challenges. he said “My boss wasn’t going anywhere, the client wasn’t buying new properties every year, the same stuff. So, I thought it was time to go and do something I wanted. I moved out of state, Pickle. Play ball, ride a bike, go to the beach and pool, take it easy until I’m sure what I want to do next. It might include being a teacher or other part-time jobs.

6. There are bigger fish to fry: Finding meaningful work

Many of us spend our lives doing work that pays the bills. And, while some of us are lucky enough to find meaning in our work, it’s rare that our careers are defined by what is most meaningful to us.

In this case, people retire because there are bigger fish to fry – more important reasons to work now that some degree of financial stability has been achieved.

It might be volunteering for a cause, starting a business that does good in the world, or finding time to write a novel or some other endeavor, but retirement is a There may be time to devote yourself to meaningful work. It may or may not be for money.

7. Big Fish to Catch: Ready to focus on family, travel, and/or recreation

Oddly enough, lifestyles such as hobbies (fishing anyone?), family, travel, and other recreational activities were not widely mentioned in the survey.

While other research has found that travel and hobbies are a big factor in people wanting to retire, they may not be the reason people ultimately decide to leave.

8. Dragged into a family crisis

Many people, especially women, enter retirement to support aging parents.

As family members age or face health challenges, the need for endowment care often arises.

Retiring to become a caregiver allows individuals to provide needed attention and support to their loved ones without the added pressures and time constraints of employment. Additionally, caregiving can be emotionally and physically demanding, making it difficult to manage alongside professional responsibilities. Consequently, the decision to retire is often made to ensure that family members receive the best possible care, improve their quality of life and meet their needs effectively.

I retired to take care of my mother who had a stroke. The decision was full of emotion. The stress of caregiving is very real and it was financially difficult.Jill wrote.

Caring can be fun. It is also a source of stress and can have a significant impact on financial well-being.

What is your retirement motivation?

Are you retiring from something? something? Have you properly prioritized your retirement date based on what is important to you? How you can change your retirement date if you want:

  • Spend more time with family?
  • Laugh more?
  • Travel?

Retirement is an entirely personal decision. As Jeff wrote, “We all have to make decisions according to our circumstances. I remember being on a high dive board as a kid, deciding to make that jump. It’s a deep breath moment when you look down. I’m sure when it’s time, you’ll know it’s time.

Are you financially prepared for all the adventures that await you? Use the new Retirement Planner to envision your future and discover ways to achieve it.

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