When Will It Be My Time?

In friendships, relationships, and business partnerships, one just seems to know when the timing is right to jump in or bailout. Over decades, the accumulation of experience at many levels provides us with an innate sense of good timing. Granted, we sometimes overstay our welcome and bow out prematurely, but wisdom on minor and major decisions is a learned experience.

Retiring, though, is hopefully only done once. And therefore, it’s not like we have a set of handy CliffsNotes to follow. Winging is ok if you go to a horse track and place a $2 bet or throw caution to the wind and try some $6 fancy coffee that you can’t even pronounce—but winging it on retirement? No way, right?!

Retirement encompasses several definitions for many people. Of course, the most common is saying goodbye to your office/work friends and set out to define/redefine yourself. To many others, people commonly might say, “I’m retiring to North Carolina,” which one would interpret as not only leaving your job but selling the house in Jersey and moving somewhere warmer, friendlier, and more economical.

watch, with time, dark background

So, just when do you put all of this into motion? What is the magical date to pull the plug at work or sell the business and set yourself out to pasture? Are there advisors or counselors to assist you with this mega-task? Do you have to make the decision all on your own? What happens if you make the wrong decision? Kind of daunting, isn’t it?

Finances

It’s a no-brainer that, historically – your finances are the #1 most crucial concern in if-and-when you are going to retire. Millions of Americans will never be financially stable enough to hang up their work boots or nurse’s license. These people will work until there’s no work left in them and pray that their meager savings or government contributions keep them comfortable for that duration.

For those fortunate enough to amass sufficient funds, pensions, or Social Security benefits, it’s often a daunting task to set in stone your “end date.” Cutting the proverbial umbilical cord is scary, and rightfully so – as no one wants to retire and then un-retire months/years later. That would be tough to handle mentally!

three white eggs with gold lettering of ROTH, IRA & 401K with dollar bills in background

Over Doug’s 20 years in real estate, many clients have said they need to speak with their economic advisor before purchasing real estate. Often these advisors are stockbrokers – so one must learn to take what they say with a grain of salt because very few are ever in favor of you selling some or all of your stocks. This is because that decision affects them negatively financially. So, be careful with whom you enlist financial advice. Your loved ones, family members, work friends, church members, neighbors, and others can be good sounding boards for collecting advice and suggestions on how much moola it will take to retire comfortably.

Health

Lord knows that this issue, with the advent of COVID, has risen significantly in the past two years. Instead of focusing on good, healthy practices, we have been a hundred down; in some cases, we are just trying to stay healthy and out of the hospital. Health issues certainly can trump financial matters, for if you are not healthy, the number of reserves you have is almost a moot point, correct?

COVID aside, getting healthy, staying healthy, and securing affordable healthcare in your retirement years is monstrously important. Doug turns 65 this year and is just beginning to address the mountain of paperwork required to sign up for Medicare and supplemental insurance coverage. He has many friends who have already enrolled and are pleasantly satisfied with their new set of instructions for securing medical services, so he’s keeping his fingers crossed that his transition period is minimally difficult.

older gentleman at the doctor getting his blood pressure checked with female doctor

One of the newer phrases of the past ten years is “reinventing yourself.” Instead of working 40-50 hours a week along with no longer fighting traffic for 5-7 hours a week, all with less sleep, of course, you suddenly will have 168 hours a week to fill up! This is a huge opportunity for most retirees to begin that exercise regime you have been lying about for decades. Any day now, right?

Get out of the house and just do it! Walk 4 miles a day, ride a bike, swim, relearn to play tennis, take up kayaking, golf, learn to play pickleball, ski, or buy that Peloton bike and bike until your legs ache 304 times a week. Exercise is the number one most critical element to your success, for if you choose to ignore it: the length of your healthy retirement years will inevitably be shortened.

Involvement

Retiring to your couch is not an option. Sure, you worked your butt off for 38 years and deserved a few quiet years on the couch, but not living a healthy lifestyle is like waking up every day and playing Russian Roulette.

Many years ago, Doug was a training instructor in industrial automation (boring, right?) During his tenure at that position, he took a class on training adults. Not only do most adults have the attention span of a tiny gnat, but if adults stopped learning and challenging their minds, their brains would turn to mush. Mental activities such as crossword puzzles, Sudoku, board games, reading, writing, and taking courses are just as important in some cases as performing physical workouts.

3 men and one woman working outdoors

We all know that if you have a special event planned for today, no matter how minor it may be, it’s far easier to get up and get your groove thing going, right? Therefore, if you are not involved with your family, your community, a local service organization, or volunteer work, you will be shortening your retirement and probably not enjoying whatever time left you have. So, get off your Butkus and dive into something, really anything.

The magical date to set all this in motion lies between your heart, wallet, and noggin. One significant advantage that our generation has over our parents and grandparents’ generations is the internet. Here lies vast information and opinions about every imaginable subject, including where to retire! We are here to help you with that decision in finding your dream retirement home located on the beautiful North Carolina Coast.

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