During your working years, financial incentives tend to make decisions for you. As you age toward retirement, you’re able to make decisions allowing your money to serve you, rather than continuing to be a servant for the money.
Just as an unhealthy relationship may string you along with false promises and expectations, many employers offer lousy incentives to continue working longer than you might otherwise. At retirement age, a modestly increased pension benefit, employer healthcare, or other incentives to stay a few more years often won’t increase the quality of your life.
When should you stop exchanging your time for money?
Do you find your work interesting and meaningful? That’s great. Many pre-retirees continue working simply out of habit. If you find yourself working for reasons other than enjoyment, it may be time to consider spending your time elsewhere. For those who find purpose through work, there is no need to retire completely. You can, however, downshift and spend time pursuing other interests, even if it means losing certain financial benefits, such as health insurance.
Whether we like it or not, we all face the proverbial “game clock.” Making the decision to live your best life possible sooner rather than later, could make all the difference.
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