Should you retire this year? This is a big question, and one we know is playing on the minds of many. There’s uncertainty in the economy and a pandemic that doesn’t seem to be going anywhere; this is planting seeds of doubt. However, there are also four reasons why 2021 could be the right time to leave the world of work.
1. Unsafe Working Conditions
First and foremost, it could be time to put your health first. Some people can work from home, but others are being asked to work in an office where there’s a risk of picking up COVID-19. Recently, news surfaced of a new variant of the virus, which is more transmissible than the first (as if the first wasn’t enough!).
It’s easier to isolate and stay safe during what is a difficult time for all Americans by leaving the workforce. You could save your health, your money, and more.
2. Steady Stock Market
Over the years, plenty of near-retirees have been forced to take from their 401(k) or IRA during a dip. When this happens, we’re securing the loss and will never gain the lost amount back again. Fortunately, the stock market is actually relatively steady right now, and experts aren’t predicting any major changes in 2021. In fact, Americans are enjoying high stock values and have been since the end of 2020. Even as the pandemic continues, it seems the stock market will remain consistent, which is great news for our retirement portfolio.
3. Incoming Vaccines
Every day, news breaks that we’re moving closer to a vaccine for the coronavirus. Although we’re still in the early stages, we’re likely to make more progress in the coming weeks, and older generations are likely to receive the vaccine first. For those worried about retiring and then spending every day stuck at home, we needed the positive step in the country. After the vaccine, you’ll feel safer outside and this could open the door to entertainment and travel.
4. Stress Relief
Lastly, wouldn’t it be nice to have one major thing off the to-do list during this stressful time? You’re worried about family members, you’re concerned about the health of others, you’re fearful about stepping foot outside the front door; the last thing you need is to be worrying about work deadlines too.
Retirement could be perfect for 2021 with incoming vaccines, a steady stock market, an end to work stress, and unsafe working conditions. Of course, your decision depends on retirement savings and many financial factors too. Be sure to speak with a financial professional if you need assistance this year.