Golden Handcuffs- A term to describe the psychological feeling of being trapped in a well-paying job you want to leave, simply because the financial loss of quitting would feel too great.
If you work at an electric cooperative there's a chance you might have experienced the feeling of "golden handcuffs."
No doubt about it, working at your cooperative is a great job. In most cases, it's probably the best available job in your county/area and if you are anything like me, the thoughts in your mind often tell you that you would be a fool for ever leaving that job.
I talk to many cooperative employees that feel this way. They know they have a great job and are very thankful for the job but deep down they would like to retire but they think they may not have enough money to retire right now or if they stay just another two years their R&S pension will be "X" amount higher and then that will be the perfect time to retire, etc, etc, etc...
There is no perfect time to retire. There is no perfect anything in this world. There is no guarantee of tomorrow. On your deathbed are you going to think about how glad you were that you worked an extra year or two or three at your cooperative? Maybe you will, but I kinda doubt it.
If you love working and want to keep working, this blog isn't for you. I'm talking to the people that love their job, but maybe their ready for a new chapter of life, whatever that might be.
The doubt of if you can leave or not is usually because you have no plan. And when I say plan, I mean you have no idea if you have saved enough money to retire or what you would with your life if you did retire.
That's not a bad thing and honestly that just makes you normal. Most people I speak with have no idea how much money they need to retire. I was that person too at one point in my life.
Turns out it's just a math problem. Have you saved enough money to sustain the life you want in retirement? That's the math problem that I, or most qualified advisors, can help you with. It's usually a 15-30 minute conversation but it requires some homework for you.
Pretend retirement wasn't years away, pretend it was next month. How much monthly income would you need to sustain your current lifestyle? That's the homework.
Once I know that number, along with some additional basic information, like how much do you currently have saved for retirement, how much is your Social Security, etc, etc... I can tell you if you have saved enough or if you have to keep working a few more years.
When you and I have this conversation, you will know if work is optional or not and that's a really good feeling to have because at that point you will have a plan in its simplest essence, which is a method to achieve an end goal.
If you love your job but are ready for a different chapter in life, but you just aren't sure if you have enough money,
If you are interested in discussing your retirement options, I am available for a complimentary consultation to review your unique situation.'
I can help you evaluate whether your current savings may be sufficient for retirement, considering your goals and circumstances or if you need to save more, you will leave the meeting knowing that answer too.
Retirement isn't some magical age or magical number, it's simply have you saved enough to support a lifestyle you would be happy with in retirement. If you aren't sure let's talk.
https://www.8020financialservices.com/lets-plan-your-retirement
Brian