A Major Lifetime Decision — Should I Retire or Should I Stay?

A Major Lifetime Decision —

Should I Retire or Should I Stay?

Mike Tussey

The Ashland Beacon

    It’s October, and the new year of 2027 will be here in just 80 days. Many decisions are made during the final weeks of any year.

    One of those major decisions comes when you give serious thought to retirement. There are many factors to consider when making this significant decision, such as your eligibility to retire and your ability to take advantage of your retirement benefits.

    There is no question that your tenure, financial status, and health care are all contributing factors that should be considered. Of course, discussions at home with your spouse can always shed light on such a major decision.

    Retirement will serve as a way of “closing the door” on what you have earned and accomplished throughout your career.

    Many people retire between the ages of 65 and 67, but the right time depends on your savings, health, lifestyle goals, and when you want to claim Social Security benefits.

    Claiming Social Security at age 62 results in reduced benefits, while waiting until age 70 increases them. Let’s look at a few key factors that can help determine the right time to retire.

• Financial Stability: Retirement works best when you can replace 70% to 85% of your working income. Be sure to consider all your income sources, such as Social Security, pensions, and withdrawals from 401(k) plans or IRAs.

• Health Care Considerations: Medicare eligibility begins at age 65, making it a common retirement age. Of course, many retirement packages also provide health care benefits through your employer. Be sure to review all the details carefully.

• Lifestyle and Personal Goals: Early retirement, between ages 55 and 62, offers ample free time but requires substantial savings and careful planning. Those who plan to retire between ages 62 and 67 may find that waiting helps balance financial security with the opportunity to enjoy their healthier years.

    For many people, the future is always a little scary. The unknown can sometimes make us very hesitant when making such an important decision.

    For me, I retired from the Ashland, Kentucky, Police Department at age 51 after 20 years of service, with full benefits.

    However, my intention was to move into broadcasting full time. During my years at APD, I supplemented my income by working available overtime while also working as much as possible in local broadcasting.

    My availability created many opportunities in broadcasting, which I gladly accepted throughout the years that followed.

    There’s great wisdom in this popular career adage: “FIND A JOB YOU LOVE, AND YOU WILL NEVER WORK A DAY IN YOUR LIFE.”

    Throughout my broadcasting career, which began in 1961 and ended in 2022, I grew to love my position as Program Director at WTCR and calling play-by-play sports, including games for ESPN+.

    These years coincided with my full-time career in law enforcement, as I balanced my commitment to radio and television until I retired from APD in 1990.

    You are truly blessed if your full-time employment has kept you busy doing what you love while working with people you admire and respect.

    If you are like millions of others and need extra income, you may have found a part-time position that you enjoy as well.

    However, the day will come when you feel it’s time to retire. It may well be that your part-time job could become your full-time retirement pursuit. You never know!

    So, the question is: What do you really want to do? Do you want full retirement, or would you prefer to consider early retirement while pursuing other career opportunities? Once again, discuss your options carefully with your spouse or family.

    Here are some key takeaways regarding early retirement:

• Retiring early can offer health benefits, such as reduced stress and healthier habits.

• Early retirement could result in reduced Social Security benefits and require long-term financial planning and savings.

• Finding suitable health insurance before becoming eligible for Medicare at age 65 can be costly for early retirees.

• The transition into retirement can be challenging, potentially leading to boredom or difficulty reentering the workforce.

    Realistically, full retirement offers freedom, potential health benefits, and time to pursue personal interests and happiness. However, it can also bring financial challenges, a potential loss of purpose, and significant lifestyle adjustments.

    If you are concerned about your retirement age, consider this: According to the Social Security Administration, a 65-year-old woman can expect to live approximately 20 more years, while a 65-year-old man can expect to live approximately 17 more years.

    These estimates are based on the SSA’s life expectancy information, which includes calculations using your birth date on its website.

    Many retirees have a difficult time transitioning from the daily routines of full-time employment to the less-structured life of retirement.

    Of course, they may miss their former colleagues and even yearn to return to work. Keep in mind that it’s not always easy to reenter the workforce once you have left it.

    Considering all the factors involved, retirement becomes a complex decision that goes beyond money alone. Your health, family obligations, and temperament are all part of the decision-making process.

    Perhaps most important is whether you have thought through what you plan to do with the years ahead. Wisdom tells us that it’s important not just to retire from something, but to retire to something.

    As mentioned, 80 days will bring us to 2027. Whatever your thoughts and dreams may be, consider all the factors that will affect your future. Discuss your plans with your family and perhaps even with some retirees who may offer valuable insight.

    There’s the door. It’s your decision.

    MAKE IT A GOOD ONE!