I Will Be Able to Retire

I love what I do, I make decent money, my kids are grown up and independent and I am strong and healthy. Call me oblivious, but I was at a point in my life where I had few worries and every day held a new promise.  It’s strange, but when the economy was stable and my investments were growing, I hardly gave much thought to retirement. I knew that I was going to wait until I reached 66 but I didn’t think much past that.  However, that seems to have changed considerably since this past October.  Lately every thought in my head, every plan that I make seems to be overshadowed by the damage done to my retirement fund.  I can’t stop thinking about my future; will I have enough money or will I have to work longer?  With the contributions I have been making over the years, I always assumed that I would have more than enough to settle into my  golden years without worry but, I can’t loose this nagging feeling that it isn’t going to be enough. I have talked to friends who feel the same way too.  It’s such a rude wake up call that none of us were expecting and it is coloring every move we make.

An article in US News & World Report reminded me to let go of these negative thoughts because there are still many reasons to be optimistic about my retirement prospects.  One of the best reasons is that Social Security guarantees cost-of-living increases.  I had forgotten this simple fact and even though most years that increase isn’t much, it does help.  The government is going to have to find a better way to manage Social Security, but they are never going to do away with it for those of us who have already paid into it. You know it’s funny, but as I read this article, I also realized that I don’t need to start drawing down my 401K immediately after I retire.  I can wait until I am 70 1/2, so that still gives me 10-1/2 years to recoup my losses (not 6) if I need it.  Compound that with the fact that I am still investing regularly and getting bargain prices, means that my losses should evaporate much more quickly when the economy begins its upswing.  There are still some concerns I have about medicare and health insurance in general, but I need to see what this new administration proposes before I decide what I need to do about that.  Right now, while I am working, I have good insurance so I don’t need to worry about that for a while.

I know we are in for a bumpy ride and a lot can happen in the next six years but I think that things are going to be financially okay for me and I will be able to stick with my retirement goals.  If not, I will work another year or two.  After all, it’s not the worst thing that could happen.