{"id":5634,"date":"2019-03-12T17:48:23","date_gmt":"2019-03-12T22:48:23","guid":{"rendered":"http:\/\/billlosey.com\/?p=5634"},"modified":"2019-03-12T17:48:23","modified_gmt":"2019-03-12T22:48:23","slug":"a-gradual-retirement-plan","status":"publish","type":"post","link":"https:\/\/billlosey.com\/knowledge-center\/a-gradual-retirement-plan\/","title":{"rendered":"A Gradual Retirement Plan"},"content":{"rendered":"\n<p><em>Not everyone retires the\nsame way<\/em> \u2013 <em>or at the same pace.<\/em><\/p>\n\n\n\n<p><strong>Are you in a hurry to\nretire? <\/strong>Not everyone is rushing to\nthat particular finish line. According to the 2018 retirement survey from the\nTransamerica Center for Retirement Studies, which gauges the outlook of\nAmerican workers, 56% of those who describe themselves as \u201cfully retired\u201d did so\nbefore age 65, while another 14% said goodbye to the daily grind in the year\nthey turned 65. But that still leaves a significant number \u2013 30% of respondents\n\u2013 working beyond age 65, with some even indicating that they never \u201cexpect to\nstop working.\u201d<\/p>\n\n\n\n<p><strong>Are financial needs\nshaping these responses? <\/strong>For some,\nthough not everyone. Those who retired after age 65 offered a wide range of\nresponses. Forty-seven percent of respondents indicated that they wanted to\nremain \u201cactive\u201d or that they \u201cenjoy what they do.\u201d But many indicated that they\ncouldn\u2019t afford to retire (24%), needed to maintain health benefits (12%), or\nsimply wanted to continue making money (56%). That latter statistic may speak\nto a desire for more financial independence, or a hope to spend a few extra\nyears in the workforce, so they can continue making contributions to retirement\naccounts.<\/p>\n\n\n\n<p><strong>\u201cRetirement\u201d and \u201cwork\u201d\nare no longer mutually exclusive.<\/strong>\nWhatever your reasons for not retiring at the earliest opportunity, the truth\nis that many people enjoy good health and vitality well into their seventh\ndecade (and beyond) and see no reason to speed their way into that phase of\ntheir life.<\/p>\n\n\n\n<p>Social Security will\neventually become a factor, whether you retire in your sixties or wait until\nafter you turn 70. We are sometimes cautioned that working too much in\nretirement may result in our Social Security benefits being taxed. Your\nbenefits stop accumulating at that age, as do delayed retirement credits.\nDelaying collecting benefits until age 70 does have one big plus: your monthly\ndeposit will be 132% of the basic monthly benefit.<\/p>\n\n\n\n<p><strong>If you do want to make a gradual retirement transition, what might help you do it? <\/strong>First of all, work on maintaining your health. The second priority: maintain and enhance your skill set, so that your prospects for employment in your sixties are not reduced by separation from the latest technologies. Keep networking. Think about Plan B: if you are unable to continue working in your chosen career, even part time, what prospects might you have for creating income through financial decisions, self-employment, or in other lines of work? How can you reduce your monthly expenses?\u00a0\u00a0 <\/p>\n\n\n\n<p><strong>Easing out of work &amp; into retirement may be the new normal. <\/strong>Pessimistic analysts contend that many Americans will not be able to keep working past 65, no matter their aspirations, and that 70 is out of the question. They may be right, and many will not be able to meet that goal. That said, they may be wrong \u2013 you are part of an active, ambitious generation that has changed the world, so don\u2019t be surprised if you also help change the definition of retirement. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not everyone retires the same way \u2013 or at the same pace. Are you in a hurry to retire? Not everyone is rushing to that particular finish line. According to the 2018 retirement survey from the Transamerica Center for Retirement [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-5634","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/5634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=5634"}],"version-history":[{"count":0,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/5634\/revisions"}],"wp:attachment":[{"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=5634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=5634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/billlosey.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=5634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}