Jaspreet Singh Says You Shouldn’t Retire at 67 — Here’s Why
Written by
Adam Palasciano
Edited by
Nicholas Morine
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Retirement should ideally be a time to spend time with loved ones, indulge in favored hobbies, and perhaps travel in search of new experiences. For many Americans, that time has arrived.
According to the Alliance for Lifetime Income, a record number of Americans will turn 65 years old in 2024 — an estimated 4.1 million people. That’s about 11,200 or more people per day! This means that more Americans will soon be retiring than ever before. However, jumping into retirement too soon might not be the best idea.
Financial guru Jaspreet Singh explained in a recent YouTube video that you should reconsider retiring at age 67 for several reasons. While you might feel both financially and mentally ready to retire, there are other big factors to consider first.
Here are five reasons why Jaspreet Singh suggested that retiring at age 67 might do more harm than good.
1. You Might Feel a Lack of Purpose After You Stop Working
Retiring can mean that you stop working altogether. Many retirees struggle with a loss of purpose and mental decline after stopping work. This can lead to boredom, depression, and even physical and mental health issues. Consider taking on a part-time job or side hustle to bring in extra income after retirement (and delay mental decline).
2. You Might Be Misunderstanding How Retirement Will Look For You
Many people often focus solely on the financial aspect of retirement. If you’ve saved and invested enough money, you might be able to comfortably stop working and not have any financial worries. But, it’s crucial to consider the importance of having a purpose and doing activities that keep you mentally engaged. Retirement from work can’t mean retirement from a meaningful, daily purpose.
3. Your Work Might Be Misaligned With Your Personal Interests
You may have developed a successful and fruitful career over many decades. But did you also develop meaningful hobbies and personal interests? Traditional retirement can lead to dissatisfaction if you don’t cultivate hobbies or passions to fill your time in a meaningful way. After all, there’s more to life than just work.
4. You May Have Misconceptions About Financial Independence Once You Stop Working
Retirement should be viewed as achieving financial freedom rather than reaching a specific age, enabling you to pursue activities you enjoy that may also generate income. If you need a few more years to build up your retirement savings, it’s okay if you work past age 67. Additionally, your income may be reduced or fixed once you stop working, so it’s important to consider the implications this can have on your lifestyle.
5. You’ll Have Continued Engagement if You Keep Working
Engaging in work or activities that you enjoy can provide continuous mental stimulation and fulfillment, which is crucial for long-term well-being. So, if you really love your work and you’re healthy, there’s no need to call it quits once you turn 67.
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