At some point, many working professionals face this kind of dilemma: they’re burnt out, apathetic about work, or unsure whether they want to stay in their current role. This inner battle causes them to question: do I retire? Do I stick it out? Do I look for a different job altogether?
Does any of this sound familiar to you? If you’re currently experiencing this internal conflict, here are some considerations to keep in mind.
When Is the Best Time to Retire?
Despite all the formulas or expert advice, there just isn’t a “perfect” retirement age. Everyone’s situation is so personal and unique, and your specific context truly matters. If and when you do retire will ultimately depend on numerous factors, including:
Current retirement savings: Retirement can be largely driven by finances, and most people need to ensure they have adequate savings to sustain their life expectancy. Debt, alternative retirement income sources, social security benefits, and the cost of health insurance may all play into retirement planning.
Health concerns: Many people desire to have an active and fulfilling retirement. Alternatively, if you have certain health issues, you may be more apt to retire early to better focus on your well-being.
Economic conditions: Personal finance also intersects with macro trends, including retirement benefits, inflation, political considerations, and more. Many people consider the current and future market conditions before deciding to retire.
When Should You Consider Changing Careers in Midlife?
Research shows that approximately 1-2 million people over age 50 change their careers each year. The thought of changing careers can evoke mixed feelings- you may be excited, uncertain, scared, or insecure about making such a drastic change. Here are some signs it may be time to move forward.
You no longer emotionally connect to your current career: People outgrow their professional roles and sometimes feel stagnant or even resentful. Just because you felt aligned with your job when you were 25 doesn’t mean you can or even should feel the same way at 50. If you persistently feel disconnected from your job, it may be time to make a change.
You continuously feel drawn to another path: You may reach a point where you can’t deny the desire to make a change. Sometimes a specific career path calls to you; other times, there’s this nagging feeling that you need to be doing something differently.
You can absorb the financial instability: Changing careers may disrupt your financial plan, and it’s important to ensure you have enough money to buffer the ebbs and flows that might occur when quitting a job, taking new classes or trainings, or switching positions.
Your support system is on board: It’s a good idea to make sure that your loved ones understand your plan and can support your career goals. Remember that these may not be one-time conversations. Your friends or family may be worried about how these changes will affect you (or them), and it’s important to truly listen to their concerns.
Retirement Vs Working Longer: How to Decide
Retirement itself can be a complex concept, and the idea of stopping work can trigger varying emotional reactions. None of these feelings are “bad” or “wrong.” Just as some people love the idea of early retirement, others can’t fathom the idea of not working. You may also find that your preference changes over time- that is normal and common!
Give yourself six months: Before making any big decisions, consider pausing for six months. Then, reassess how you feel and see if anything has changed.
Meet with a financial advisor: You may need the logistical peace of mind to ensure that you can have a financially secure retirement. An advisor can review your current budget, living expenses, anticipated retirement assets, and how to start withdrawing money to cover expenses after you’re no longer accruing employment income.
Consider part-time work: Premature retirement can have some negative effects on mental health. Some people need to “step down” from full-time work to settle into making a significant career change. This can look like transitioning to part-time work, freelancing, or even taking a sabbatical. These options allow you to see how the changes feel both logistically and emotionally.
Therapy for Career Satisfaction and Retirement Concerns
Both your work and your retirement can represent deeply emotional processes. It’s not necessarily about how much money you earn or whether you have a solid financial plan to carry you through. Work can also encapsulate parts of your identity, personal fulfillment, relationships, and legacy goals.
If you’re struggling with how to proceed with your career, therapy may help. Together, we can explore some of your inner conflicts and discuss potential paths for how to proceed. I offer a safe, nonjudgmental environment for you to better understand your emotions, values, and needs. In this space, you may be more apt to make decisions that align with your life goals.
If you’re feeling stuck, I would be honored to support you. Please contact me to schedule an initial consultation.