The Retirement Newsletter: Ten reasons why I won't be retiring in 2022
Issue Number: -105 — why I can’t retire in 2022?
Welcome
Welcome to issue -105.
In this week's issue, I will be looking at ten reasons why I won't be retiring in 2022.
Ten reasons why I won't be retiring in 2022
In issue -111, I looked at 10 reasons why I should retire in 2022, and these were:
My pension pot is looking pretty healthy
Can I continue to do my job?
The twenty-plus rule
COVID-19 — the commute is killing me
COVID-19 (again) — there is more to life
COVID-19 (and again) — the risk
I want to do other things
Get back control
Time
My friends keep retiring
But, there are also ten reasons why I shouldn't retire in 2022, and those are:
1. Money
In 10 reasons why I should retire in 2022, I said my pension pots are looking healthy and that I felt I could afford to retire, but things would be tight. If I wait a couple of years to my planned retirement date, the pots will be healthier. I will have a further two years of investments and savings.
2. I'm still enjoying my job
In 10 reasons why I should retire in 2022, I questioned whether I could continue to do my job. Now that I am a few weeks past running the two weeks of six-hour labs, I feel I can continue with the work. The memory of the pain of the labs in my feet and back have faded. Plus, I enjoy teaching, and I would miss that aspect of my life.
3. My plans don't come together for another two years
I plan to retire in two years; hence some of my plans are linked to that time point. If I retired now, I would not have access to some of my pension pot. Plus, on one of my pots, there is a bonus for getting to 2024, and it would be a shame to miss that bonus. (It is always worth checking your pensions for such bonuses. In my case, the bonus is not a one-off lump sum but an additional payment each year.)
4. I don't feel ready to retire
Well, I don't. Part of me is desperate to retire. I envy my friends who have retired in the last couple of years. But, I am also terrified of retiring and moving onto the next phase of my life. It is acknowledging that I am getting old.
5. I still have things left to do in my job
I do enjoy my job (see point 2 above), and there are things I want to do with the way the courses I teach are delivered. Furthermore, I want to improve the student experience. I want to move things forward.
Thanks to COVID-19, I am much further along the path of change and innovation in teaching than I ever thought I would get in my career. But there is still a way to go, and I want to bring in more changes.
6. Current family situation
Item 6 links with items 8 (below) and 4 (above).
At present, I have caring responsibilities. My job (employment) adds an identity that means I am not just a carer. Retirement would mean becoming a full-time carer, and I could not cope with that label. It feels like a loss of identity.
7. COVID-19
COVID-19 — the virus that keeps on giving.
While COVID-19 is still on the loose and impacting travel and socialising plans, I may as well stay employed as I can't go anywhere or meet anyone.
8. What will I be?
Currently, my job defines me — I am a scientist and a lecturer. When I retire, what will I be? How will I define myself?
What will I be is a big question, and while it links in with point 4 above, it is a big question and gets its own entry on the list.
9. Hidden expenses
Until COVID-19 came along, I hadn't thought about possible hidden expenses of retiring. I had identified savings, but I had not thought about hidden costs.
One hidden expense that surprised me was the increased cost of heating and lighting due to working at home. OK, so it is still less than I was spending on my commute, but it does mean the savings from not commuting are not as big as I had first thought.
10. I can't afford to retire
If I am honest with myself, I can't afford to retire now. Retiring now would cause a series of minor impacts on my pension pots. These impacts would be amplified during my retirement and could make things financially tricky later on — a sort of compound interest in reverse.
Summary
When I set out to write this newsletter about why I won't be retiring in 2022, I thought it would be a light-hearted piece. How wrong I was! Sorry about that.
From the list above, it appears that I am not financially or mentally ready to retire. I need to do some more work on my finances and where I am mentally with the idea of retirement. Maybe this is something I should add to the 'Life List' of my retirement plan (see How's my retirement plan going — end of year review)?
It looks like I will be working through 2022 and on to 2024.
Useful links
UK Government Website:
Next week
Next week, I reach another milestone — I will be two years out from my retirement date.
Thanks
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Until next time,
Nick
PS, If you have something you would like to contribute to the newsletter — a story, advice, anything — please get in touch.