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But when you approach the planned retirement date, things might change.
Thats the exact situation Terry L., from Texas, is in.
After years of planning to retire in 2025, shes now having second thoughts.
She shared with GOBankingRates why shes rethinking her decision.
Also find out why micro-retirements are gaining traction.
But for Terry, this is different.
As a registered nurse, her job is more than the paycheck.
Its about making a difference in peoples lives and having a sense of purpose each day.
I love what I do.
Being a RN is more than a job for me.
Its who I am, she said.
Ive spent the better part ofmy life caringfor others.
Retiring now feels like giving up a part of myself.
Terry is not ready to walk away from her career.
Instead of retiring completely, shes considering shifting to a less physically demanding position.
Social Security Uncertainty
Social Security is a major source of retirement income for millions of Americans.
Afterwards, the funds reserves will be depleted and can only pay out 79% of the benefits.
I always thought Social Security would cover most of my expenses.
But I now think that what I planned for might not be what I actually get, Terry said.
She thinks retiring this year is risky, even though she has saved for retirement.
Ivesome retirement savings, but what if its not enough?
Everything is costly now, medical bills can be unpredictable.
I dont want to spend my retirement always worrying about money, she said.
One of Terrys major concerns is inflation.
I dont want to retire, only to watch my savings shrink because of something I cant control.
The economy is unstable right now and that freaks me out, she said.
Her biggest worry is how economic instability will impact her investments.
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