What happens if you're ready to retire, have enough money to spend your golden years in comfort, but your partner is too scared to stop working?
Meg, 63, has been married to Jo, 58, for more than 20 years. Meg, a social worker, is ready to retire. But Jo, who works in finance, is paralyzed over the question of when to retire.
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"I'm ready to retire. I'm afraid that my wife's nervousness will keep me at my job longer than necessary," Meg said during an episode of Ramit Sethi's "I Will Teach You To Be Rich (1)."
They have $2.1 million in assets, $4.3 million in investments and $133,000 in savings, along with $510,000 of debt. That gives them a net worth of about $6.1 million.
"It might seem a little absurd to watch hand-wringing over retirement. It's like, isn't that what
"You have to understand that if you have been working for 30, 40, 50 years, it is really difficult to just turn that off," he added. "People are good at what they do. They like being wanted." And, of course, they like getting a regular paycheck.
Meg and Jo have the money to retire by the end of this year. But it isn't money that's holding them back.
Not getting a regular paycheck — and not being needed anymore in all of the ways you're used to — can be scary. That's why Sethi says people keep pushing their retirement date. Just one more year. And then another year. "When you don't know how much enough is, it's never enough. And you just keep working."
While there's no universal number for retirement, Americans believe they'll need to save $1.46 million on average to retire comfortably, according to the 2026 Northwestern Mutual Planning & Progress Study (2).
High-net-worth Americans — those with more than $1 million in investible assets — believe they'll need at least $2.67 million. That's not surprising, since they'll want to maintain their lifestyle in retirement.
But nearly half (48%) of survey respondents believe it's likely they'll outlive their savings, thanks to persistent inflation, longer life expectancies and uncertainty about the future of Social Security.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
