I Planned on Retiring in 2025: 4 Reasons I’m Having Second Thoughts
Written by
Lydia Kibet
Edited by
Rebekah Evans
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A well-deserved retirement is all you need after decades of toiling hard. But when you approach the planned retirement date, things might change. That’s the exact situation Terry L., from Texas, is in. After years of planning to retire in 2025, she’s now having second thoughts. She shared with GOBankingRates why she’s rethinking her decision.
Also find out why “micro-retirements” are gaining traction.
Not Ready To Walk Away From My Career
At 62, many people are always ready to walk away from their careers and start enjoying their golden years. But for Terry, this is different. As a registered nurse, her job is more than the paycheck. It’s about making a difference in people’s lives and having a sense of purpose each day.
“I love what I do. Being a RN is more than a job for me. It’s who I am,” she said. “I’ve spent the better part of my life caring for others. Retiring now feels like giving up a part of myself.”
Terry is not ready to walk away from her career. Instead of retiring completely, she’s considering shifting to a less physically demanding position.
Social Security Uncertainty
Social Security is a major source of retirement income for millions of Americans. However, with the uncertainties surrounding the trust fund benefits, many seniors, including Terry, wonder whether they can rely on it.
According to the Social Security Administration, the program’s trust fund will be able to pay out 100% of the total scheduled benefits until 2033. Afterwards, the fund’s reserves will be depleted and can only pay out 79% of the benefits.
“I always thought Social Security would cover most of my expenses. But I now think that what I planned for might not be what I actually get,” Terry said.
A Little More Financial Cushion Would Give Me Peace of Mind
Everyone wants a relaxing retirement, doing things they’ve always wanted to, without worrying about money, which is why Terry is rethinking her decision. She thinks retiring this year is risky, even though she has saved for retirement.
“I’ve some retirement savings, but what if it’s not enough? Everything is costly now, medical bills can be unpredictable. I don’t want to spend my retirement always worrying about money,” she said.
One of Terry’s major concerns is inflation. With the rising cost of groceries, gas and healthcare, Terry thinks her retirement savings may not stretch as far in the next 10 or 20 years.
The Economy Is Too Unstable
You can plan for everything in life, including retirement, but you can’t control the state of the economy. With market fluctuations, rising interest rates and concerns about recession, Terry thinks 2025 may not be the best year to retire.
“I don’t want to retire, only to watch my savings shrink because of something I can’t control. The economy is unstable right now and that freaks me out,” she said.
Her biggest worry is how economic instability will impact her investments. For this reason, Terry is considering keeping her job, something she loves doing, to avoid withdrawing from her retirement accounts too early.
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