Retirement may not be the Paradise You expect

We talk a lot about how much money you'll need to retire but there are other considerations. Are you sure you're ready emotionally? All that time off may not be as good as it sounds.

STA Wealth Management CEO Luke Patterson says unlimited fishing sure sounds like fun when you're stuck at work.

"People have been thinking about retirement, dreaming of retirement and all that time they're going to have on their hands, but they do need to be sure they don't make that leap too soon into retirement."

Patterson says many of his clients opt for part time work in retirement.

"Many times hobbies can become redundant and something they don't necessarily want to do every day, as they thought."

Patterson says you need to make sure you're ready to retire emotionally as well as financially.

"Keeping up with friends, family, social activities -- certainly hobbies -- are all good ways to stay in a good place emotionally as you retire, but there's lots of considerations; health and health insurance for many people is an issue you want to make sure you've taken care of."

Reportedly, retirees are 40% more likely to suffer from clinical depression than younger Americans.

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