Has Being Quarantined Changed Your Thoughts of Retirement?

The pandemic has some rethinking retirement plans, as this event has a lot worried about their post-career years.  The sentiment of US citizens aged 65 and older echoed across the nation is that they have worries about their decisions regarding retirement now that the pandemic has seeped into the country. Concerns over too much togetherness and fears of boredom surfaced in the last few months. This has prompted seniors to wonder if they’ve saved enough for a decent pension and how would a retirement fare if the “togetherness” we’re experiencing at home during the pandemic lasted for the rest of our lives.

Loss Of Value Equals – Loss Of Identity

There can be a lack of togetherness as well. This aspect of the sheltering is a real hard pill to swallow for everyone. Even younger generations are experiencing the loss of their value in society due to being locked down for so long, and senior citizens are no different. Friends, work, and freedom are apart of our fabric as human beings. Almost half of US senior citizens experience loneliness regularly. The idea that all retirees enjoy being retired is absurd, and now all ages are realizing just how much.

Is Retiring Really Like Sheltering?

No. Many are approaching retirement age, and under the assumption sheltering in place will closely parallel their December years. In a moderate amount of instances, this is the case especially for potential retirees who experience health issues, just like to be home, or have other situations that would require them to stay mostly at home. For them, life during the pandemic’s shelter orders is what retired life would resemble. Then, there are the aging travelers, snowbirds, hobbyists, entrepreneurs, and volunteers, just to name a few, who feel there is a second life after retirement. For these seniors, sheltering is nothing like what they dreamed of in terms of  being a retiree.

Indecision: The New Coronavirus Age Accessory

The best advice:  talk over your concerns about retirement plans, and don’t be embarrassed. An excellent place to start is with a financial planner. No one is immune to having their lives upended. Still, people approaching sixty-five or retired already feel particularly vulnerable to making ill-fated decisions concerning finances, and one misstep could turn retirement into a hardship. This fact is particularly truthful with the ever-changing landscape of many retirement programs meaning more and more out-of-pocket expenses for seniors.

Unforeseen Circumstances Curtailing Retirement Plans

Some argue there are two schools of thought on how the coronavirus is affecting retirement. The first say if the lockdown is an indicator of what retirement looks like, they can’t wait to retire. Some feel they would enjoy sleeping in, watching television all day, rarely leaving the comfort of home, and being a couch potato. The second, think if this is what retirement has to hold, they want to work as long as possible. This group of pre-retirees has become attached to their ties at work, feel valued, and even enjoy their jobs, and as they work more years, their retirement plan grows.

There is no doubt the pandemic has reached into many lives regardless of economic status, race, age, intelligence, career, or gender, and most Americans’ lives are already affected in so many ways, and more is to come. Everyone should look at their home as a haven, not a prison. Our need to return to the pre-pandemic world we left behind may be rushing to put our health at risk. In a year from now, we will miss the relaxation, time with family, time alone, camaraderie, and wonder why we didn’t appreciate the silence a little bit more.

Source: https://www.wsj.com/articles/in-quarantine-a-glimpse-of-what-retirement-might-look-like-11587135637

May 2, 2020

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