Deciding when to retire, now more than ever, has become a moving target. In the best of times, it’s never a simple decision. Lots of variables to consider and assumptions to make. But with Covid-19, past careful thinking for many has been thrown to the wayside. Pundits galore have been making predictions about Covid-19’s impact on retirement. Here’s one more.
I’m an analytic guy (no surprise there; after all, I am a lawyer). Accordingly, I’m going to list all of the reasons why the pandemic will accelerate the retirement for some and why it will slow it down for others. I’ll then let you decide.
Retirement Will Be Sooner Rather Than Later
Does this sound like you?
- “I can’t stand this working from home. Yes; I know I can still come in, but what about the others? I miss being with people and seeing Zoom just doesn’t quite do it for me.”
- “I’m going to be too scared to go into the office once this WFH deal ends.?
- “I can’t believe that just because I’m only 65, I’m considered a higher risk. Yikes! Better enjoy what’s left in life before it’s too late. I surely don’t want my last days to be ones of practicing law.”
- “I survived fax machines, websites, and emails, but I still need paper! If you ask me, going paperless is BS. And I can’t get used to all these new security protocols while working from home. I knew technology would do me in, I just thought I had more time.
Retirement Has Been Postponed Until Life Returns to Normal
Or does this?
- “So much for thinking that I’ve made my number. I thought I had enough, but am now way too nervous to stop receiving a steady paycheck.”
- “My Bucket List is hardly a list any more. What am going to do with all of those frequent flyer miles that I saved to see the world?
- “If my grandkids in LA, Seattle and Miami are off limits, what’s the rush?
Personally, I’m going to guess that the “sooner rather than later” crowd will be the more dominant one in the future. What do you think?