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The Case for Retiring Sooner Rather Than Later

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Memory loss is one of the scariest things that can happen to a person.  Fear of dementia, or at least, acknowledging that it can happen to anyone, motivates some people to be proactive about estate planning while causing others to avoid it, just so they do not have to confront their fear.  The desire to keep their minds active is a frequently cited reason among people who choose to delay retirement; that Freakonomics podcast episode about the correlation of retirement and the onset of dementia symptoms is disturbing indeed.  Fear of having no income except savings and investments is another reason that some people continue working for as long as their health will allow.  No one is saying that you have to retire next year, but you should have an exit strategy and at least one back up plan for how you want your professional career to end.  A Hillsborough County estate planning lawyer can help you think through these strategies.

Twiddling Your Thumbs in Retirement Is Better Than the Alternative

Some people work until they are 70 or older simply because they have little or no savings or retirement income, but most seniors who have been working in white collar jobs for decades have at least something saved for retirement; for them, the choice of whether to retire at 65, 67, 72, or some other age is truly a first world problem.  They continue working because their profession makes them happy and gives them a sense of purpose.

Unfortunately, though, dementia sometimes manifests in professionals who are in no hurry to retire.  Holly Barker’s heartbreaking “lawyers with dementia” article shows the disastrous effects of having people who are already showing signs of cognitive impairment still in a position to make business decisions.  Their bad financial decisions affect their families and coworkers, and telling them the horrible truth is the hardest part of all.

Better a Going Away Party Than an Intervention

Having the “Dad, we’re taking away the car keys” conversation was probably one of the most painful moments in your life and those of your family members.  Now imagine it taking place at work, with your family as well as your colleagues.  Is this how you want your decades of service to your profession to end?

It’s better to embrace your role as a retired doctor (or investment banker or architect or whatever your profession is) even before your last day of work, and to look forward to your retirement date instead of dreading the day when your family and colleagues have no choice but to remove you from your job against your will.  You can always stay friends with your work colleagues, and you can proudly tell the new friends you meet in retirement a lifetime of stories about your career.

Contact an Attorney Today for Help

No one likes to think about no longer being healthy enough to work, but a Tampa probate lawyer can help you look forward to retirement, even if retirement is in the distant future.  Contact David Toback for help today.

 

Resource:

news.bloomberglaw.com/us-law-week/a-preventable-mess-how-dementia-takes-toll-on-aging-lawyers

https://www.davidtobacklaw.com/early-retirement-is-overrated/

 

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