CHANDA TORREY FOUND RETIREMENT wonderful for the first two weeks. Then, not so much.
Torrey, 50, of West Palm Beach, Fla., retired in mid 2019 as a Red Cross regional chief development officer. At first, she thought retirement was “paradise,” she says. “But after a few months, I didn’t know who I was. Not having a goal or something to do every day had an effect on my mental health.”
Torrey’s experience is not unusual. Retirement may sound wonderful in the abstract, and for some, it’s a perfect opportunity to leave the working world behind and travel, volunteer or spend time with grandchildren. But for others, a job is a necessity, either for their finances or for their psyche.
And now the fall-out from the COVID-19 pandemic has left some older people facing particular problems. Some have been forced into retirement before they were ready, and many new and existing retirees have seen their savings plummet along with the stock market.
How do you assess your next step? First, ask yourself some questions. Do you want to work full-time? If your finances don’t require full-time work, is part-time a better fit? Are you eager to tackle a whole new career, or do you want to continue primarily in the field you just left? Do you want something that can be all-consuming, such as starting your own business, or a more low-key job with fewer responsibilities? (For more self-assessment advice, see the box at right.)
This story is from the July 2020 edition of Kiplinger's Personal Finance.
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This story is from the July 2020 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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