Financial Planning, Retirement Issues


How do You Know It is Time to Retire

How do You Know It is Time to RetireWhen is the best time to retire? The answer is that is really depends on many personal issues that each person must consider. Retirement is a very personal issue which for most people is emotional as well as extremely stressful as you try to understand whether you have sufficient funds to retire on. Most people have no idea and are unable to determine if they have enough to live on. They need help figuring this out and should have a good financial adviser to help them, one that they can trust and be able to consult with. Here is a list of some of them. We will discuss them in more detail later in the post:

  • Hate going into work
  • Health issues
  • Family requirements, such as grand children
  • Time to move on to enjoy life
  • Other work opportunities
  • Change your life style

Time to Retire

We used to work until the magic age of 65, now people are retiring voluntarily at 50 or even younger and doing some of the things they always wanted to do. Some just move on to another job, so you cannot really call that retirement. Other work contract and take time off during the year, so you might call this semi-retirement or transition to retirement.

If you are flexible with your living expenses or somehow have sufficient funds to live on, why not take time and do something different. For most people, the trigger is something that either happens on the job were they have just had enough, or there is something in their personal life that triggers retirement.

If you cannot stand going to work, then it is probably time to retire or at least change. You are not going to do as good a job and it will become more frustrating as your boss gets on your case. Don’t let this happen, take control of your life and make your own decisions.

Before you make the big decision it is important to have some sort of plan and I am not talking about a golden parachute. Sure money is important, but so is what you are going to do with your time.  One of my neighbors was quoted as saying he watches the grass grow , since he is so bored. This is not good for him or his family. Here are some questions to ask yourself. Depending on your answers, you may need to really think about retirement and plan appropriately:

  • Do I have a life outside of my job?
  • How will this affect my family?
  • What else can I see myself doing?

Do I have a life outside of my job?  Build a social life outside of and away from the job. Once you move on, after a not to long a time, your colleagues at work will move on. Also they are not available when you are.

How will this affect my family? What will your spouse do and are your kids old enough and do you have sufficient income to enjoy retirement. You cannot go from managing your employees to managing your family. This will generate all kinds of conflict which you do not need or want. Spend quality time with your kids, and your grandchildren!

What else can I see myself doing? You need to have a plan for what you will do with your time after you retire. Typically you need to fill 40 hours of work plus your commute time. Sitting watching TV is not a good idea and you cannot golf every day. You really need a broad mix of things which can include more golf, but also other hobbies and projects around the house. Even volunteering or part time work  or starting a business or whatever you may find enjoyable. The important thing is do what you find interesting and enjoyable.

The best time to retire is when you can afford it and the life outside work looks much more interesting!

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One Response to “How do You Know It is Time to Retire”

  1. I have two years to work then I am going to retire, I do not want to wait too long, too many of my friends have passed away

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