Asking Yourself: Is It Time To Retire?

Posted on Sep 12, 2014

Asking Yourself: Is It Time To Retire?

Retiring ages vary greatly throughout the world. Moreover, some people can’t wait to retire, while others don’t feel like giving up their career. Seniors who are close to the retiring age need to consider various aspects, such as income, how to spend their time, if they are ready to do it and so on. Here are the main things you need to give a thought before making a decision.

  • How much do you love your job? Will you miss your colleagues? What will be the social impact of your retirement?
  • How will you replace the benefits of a job, like mental stimulation, constant social contacts and structure?
  • What will be your income when you retire? Will it be enough for a living?
  • Will you be able to support potential expenses such as health care, children returning home or other financial difficulties?
  • Are emotionally ready to quit working?
  • Are your children financially independent? If they are still in college, they may need your help, and this can be very burdening for a retired person.
  • Do you owe any money to creditors?
  • Can you find a part-time job in case you may need to increase your income?
  • Will you still be able to land a job in case you change your mind and still need to work?
  • Have you considered starting your own small business or freelancing as a way to raise your income and feel useful?
  • Have you considered some leisure time activities that stimulate you?
  • Are you ready to spend even more time with your partner than before?
  • Are your savings enough for all the rest of your life, including the rising health costs?

Even if retiring may seem like a difficult decision, once you have taken care of the aspects above, you can enjoy life like you never have before. You will have more time for exercising, for discovering your neighborhood, for pursuing your passions, for spending more time  outdoors, for cooking or just for doing nothing at all but relax.