I love working and don’t want to retire. Do I need a retirement plan?

While most Arkansans look forward to their retirement, not everyone wants to leave the workforce. Some people genuinely enjoy their jobs and wish to continue working until they are no longer physically able. Staying employed for longer could provide you—and your family—with a sense of fulfillment, as well as additional income.

However, your plans to stay employed do not mean you do not need a retirement plan. After all: life circumstances change, and accidents happen. You may find yourself in need of a nest egg, even if you hope to leave it unhatched.

Why You Still Need a Retirement Plan

Not everyone wants to retire. You might not have enough savings or simply enjoy your work—many doctors, dentists, and lawyers, for instance, are so dedicated to their profession that they avoid retirement at all costs.

Unfortunately, life rarely goes according to plan. While you might remain in good health until the end of your life, circumstances can change quickly and unexpectedly. You might find yourself forced into retirement if:

• You are diagnosed with a serious illness, like diabetes or cancer.
• You develop a mental condition, such as dementia or Alzheimer’s disease, that prevents you from working.
• Your cognitive abilities decline, and you can no longer safely perform your duties.
• You are infirm for another reason and need long-term care.
• A spouse or other loved one falls ill and requires your full-time care and attention.

What You Should Consider If You Don’t Want to Retire

People who do not want to retire can still benefit from retirement planning, in large part because they—unlike retired workers—can reap the benefits of drawing a reliable, work-based income while receiving investment dividends.

If you are not planning to retire, you should speak to a financial adviser to discuss:

• Your IRAs. You can still contribute to traditional and Roth IRAs even after you have reached retirement age, so long as you still have employment-based income. While you might be required to receive disbursements from a traditional IRA after you turn 72, you could structure your investment accounts and withdrawals to build a bigger, better inheritance for your loved ones.
• Your anticipated living expenses. You might find your needs and wants changing as you get older. Oftentimes, people find themselves spending less money after a certain age, as they may already own their own home and have few significant monthly payments. A financial adviser could help you allocate your investments in accordance with your risk tolerances.
• Your government benefits. If you are still working, you may not need Social Security to supplement your income. Even if you are eventually forced to retire, delaying the receipt of benefits can prove a boon—the longer you wait to retire, the higher your social security disbursements become.
• Your healthcare. Many seniors are surprised at Medicare’s cost and limitations. If you have health insurance through your employer or private enterprise, you could save money staying on your current plan.
• Your contingency plan. Nobody wants to imagine themselves or a loved one incapacitated. Unfortunately, we have little control over genetics and natural events. Even if you never wish to retire, you need a comprehensive retirement plan—one that accounts for your wish to continue working but will still protect you from a worst-case scenario.

Living without a retirement plan is easy, but that does not mean it is ideal. If you have not put away money for later, you are effectively gambling with your future. Even if you are a high-paid professional, the costs of a debilitating disease could quickly overwhelm your finances, ruining your life’s work and driving your family into debt.

Fortunately, Quraishi Law & Wealth has experience assisting clients from all walks of life. We will consider the totality of your circumstances to identify and suggest the wealth management and financial planning strategies that work best for you.

Contact Us Today 

Quraishi Law & Wealth believes that every hard-working Arkansan, no matter their age, wealth, or profession, deserves to spend their golden years happy and healthy, regardless of whether they remain in the workforce or decide to retire in a faraway place.

Please send us a message online or call us at 870-275-4304 to discuss your options for better, wiser savings.