After more than four decades of working – as a rookie reporter in Chicago, then Dallas and Boston, and finally 13-plus years writing this blog at Boston College – I have decided to dramatically reduce my hours of work.
I need more time for myself when I’m not taking care of my 88-year-old mother, who moved from Florida to an assisted living facility nearby. But I am not going cold turkey into retirement, and that is the point. I will continue this blog but will write less.
The financial and emotional issues I wrestled with in reaching this decision are no different than what many of my baby boomer readers are dealing with as they think about whether and when to wind down.
First, the financial. I turned 67 in June and have passed my full retirement age under Social Security’s rules. This entitles me to my full benefit but my monthly check has increased every year that I’ve waited and will continue to grow.
Still, it was eye-opening to see that my check would be about 30 percent larger if I can hold out to 70. Let me repeat that: 30 percent more every month for as long as I am breathing.
I urge older workers to take 10 minutes to investigate what this means for you. Set up a personal MySocialSecurity account online. It will have a chart showing the hefty increases in your monthly benefits if you delay until 67, 68, 69, 70. The estimates are pretty accurate, because they are based on your actual earnings. The chart also shows the big hit from signing up early.
My husband and I would’ve managed financially if I was retiring cold turkey now and waiting for Social Security. But it would’ve required sacrifice. We’re not getting any younger, and we’d rather not lower our fairly comfortable standard of living.
Of course, not everyone can or wants to delay. As my readers have pointed out, it is extremely difficult for people worn down by years of working in physically demanding jobs to keep going well into their 60s. Some of these workers are in my family, and they really struggle.
At the other extreme, there are boomers and probably some older members of Gen-X who can afford to retire and are eager to. Not everyone’s employer would go along with my strategy either. I am lucky in that respect.
The emotional aspect of retiring is just as important as the financial considerations. I had hoped to have a well-honed plan to remain productive as I age. Unfortunately, the demands of caring for my elderly mother dashed that plan. It is common for women to drop out of the labor force to take care of a parent or spouse. I now understand why.
But I also can’t imagine going from my current, frazzled state to having loads of free time. Working less is a happy compromise. Although experts say boomers should have a plan for retirement before they make the move, my many retired friends assure me that this dramatic life change has to unfold – and it will. In time, I will figure out what my new life will look like.
This stage of my life is going to be, well, different. How did I ever get this old?
Squared Away writer Kim Blanton invites you to follow us @SquaredAwayBC on X, formerly known as Twitter. To stay current on our blog, join our free email list. You’ll receive just one email each week – with links to the two new posts for that week – when you sign up here. This blog is supported by the Center for Retirement Research at Boston College.
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