We have $7 million for retirement but ‘I feel bad about not working’ — should I retire anyway?

Our expenses are astir $6,000 a month, which are much than covered by my husband’s required minimum organisation and Social Security. He tin get retiree aesculapian for each of america for astir $700 a month.

I person a well-paying occupation but the absorption and the enactment are stressful and not thrilling. I consciousness that I americium capable financially to retire, but I consciousness atrocious astir not working.

What is up with that?

Feels Bad successful Florida

See: ‘Retirement? How?’ I’m 65, person thing saved and americium coming retired of bankruptcy. 

Dear Feels Bad successful Florida, 

Retirement mentation is truthful overmuch much than attaining the magnitude of wealth you request to unrecorded the remainder of your life. The intelligence constituent of preparing for this section is conscionable arsenic important, truthful cognize that you are not unsocial successful feeling atrocious astir moving connected from the workforce. 

I americium going to absorption this missive much truthful connected your struggles to flip the switch, but I did privation to interaction basal truly rapidly connected the wealth portion of retiring. 

Based connected the fiscal accusation you shared, it sounds similar you could beryllium precise comfy successful retirement, with the magnitude you person saved and besides coming successful each month. But of people I person to pass you to deliberation of each imaginable disbursal you whitethorn person successful status — including healthcare (the expected and unexpected costs), taxes, immoderate large trips, and location oregon car exigency repairs. Then triple cheque your budgets, portfolios and the different sources of status income you expect to receive. A fiscal planner could truly assistance you guarantee that the wealth you person invested is moving for you arsenic champion it can, and besides that your currency inflows and outflows are connected track. 

Check retired MarketWatch’s file “Retirement Hacks” for actionable pieces of proposal for your ain status savings journey

A nonrecreational could besides code the property spread betwixt you and your husband, and supply a program for however to marque the astir of your wealth during some of your lives (this includes having the close property readying successful place). You whitethorn besides privation to look into long-term-care insurance.

Let’s get to the nonfinancial aspects of status prep, though. 

First, there’s nary hard-and-fast regularisation connected however you retire. You whitethorn beryllium financially equipped to exit the workforce, but if you consciousness bad, inquire yourself why. Is it due to the fact that you’re disquieted astir finances successful the future? Or due to the fact that you deliberation you should beryllium spending your clip astatine a occupation if you haven’t deed 60 yet? Or bash you really similar the thought of working, and you’re conscionable not blessed wherever you are? 

I cognize this file is called “Help Me Retire” but you don’t person to discontinue yet, if you weren’t acceptable to bash so. It sounds arsenic though your existent employment isn’t bringing you joy, and acknowledgment to your ample nest egg, you person options for what to bash instead. You could instrumentality the clip to look for different position, oregon possibly determination from full-time to part-time work. You mightiness besides find it beneficial to permission your occupation wholly and get into immoderate benignant of consulting oregon freelance work. 

Don’t leap close into immoderate decision.

“Clients should commencement readying for their status good earlier they retire,” said Ryan Marshall, a certified fiscal planner astatine Ela Financial Group. This includes the wealth matters, similar a budget, healthcare changes and withdrawal strategies, helium said. But it should besides incorporated what you’re going to bash with your time. You could extremity up retiring tomorrow, but if you person thing planned for you and your hubby to bash — unneurotic and separately — you whitethorn extremity up feeling conscionable arsenic atrocious oregon unfulfilled successful this caller chapter.

Also see: I’m 49, my woman is 34, we person 4 kids and $2.3 cardinal saved. I gain $300K a twelvemonth but ‘lose a batch of slumber worrying astir tomorrow’ — erstwhile tin I retire? 

Know that determination are besides galore ways to attack retirement, erstwhile you get into it. I emotion to stock the database of the “six types of retirees” created by Nancy Schlossberg, an writer and erstwhile counseling professor. Schlossberg has been penning astir the modulation to status for decades, and has made a fewer changes of her ain during this signifier of her beingness (she’s present successful her 90s and acts arsenic a advisor for Zoom programs astir beingness transitions). 

She identifies the six retirees arsenic these: the adventurer, who goes into status trying thing new; the continuer, who follows a way aligned with his anterior career; the casual glider, who has nary docket and conscionable seizes the day; the progressive spectator, who whitethorn be events successful a tract of involvement but doesn’t enactment them; the searcher, who isn’t rather definite what she wants to bash successful status conscionable yet but is retired anyway; and the retreater, who acts similar a “couch potato” and doesn’t cognize what to do. Retirees tin beryllium immoderate of these types astatine immoderate constituent successful their retirement, but which bash you deliberation you’d be? 

Some retirees find that consulting enactment makes them happy, and it doesn’t wounded to person different root of income. Others are happier to walk their clip volunteering, trying a caller hobby oregon pursuing a puerility passion. “The worst happening a retiree tin bash is thing each day,” Marshall said. 

“Some retirees whitethorn beryllium paralyzed with the magnitude of accusation retired determination and person a hard clip figuring retired what is champion for themselves,” Marshall said. “Everyone’s status is antithetic and they should fig retired what is champion for them and not their neighbour oregon friend.” 

Readers: Do you person suggestions for this writer? Add them successful the comments below.

Have a question astir your ain status savings? Email america astatine HelpMeRetire@marketwatch.com