WHEN IS THE RIGHT TIME TO RETIRE?
Once we reach our 60's, most of us will begin to consider
retirement. Some may feel the need to exit the busy and often stressful
business world, while others are full of creative ideas about what to do with
newly available free time. Perhaps you’re also ready to relax, take it down a notch
and savour peace and quiet each day. These visions of retirement can be compelling reasons to
finally exit the workforce. But before you can begin our second act, you have
an important decision to make. You need to commit to a time and date to pull
the trigger and commence retirement. This important decision will impact the rest of your life.
Here’s how you can decide when it’s the right time to retire:
Examine your
financial resources. The first and most obvious duck to have in a row when
picking a retirement date is sufficient financial resources. You want to have
enough money to meet your obligations, live the retired life you want and have
fun.
Without this prerequisite, retiring from the working world
is not the soundest of decisions to consider. However, once you feel you will
be able to live on the income generated by your savings and investments, it is
not necessarily the right time for you to retire
There are other considerations that might improve your odds
of realizing a truly fulfilling retirement.
Develop a plan. For
the next 20 or more years, you will be living this new chapter of your life. You
need to develop a plan detailing how you will spend your time. Decide whether
you want to relax and take it slow or fill your days with new and exciting
activities.
Coordinate with your
spouse. Whether your significant other is already retired or still working,
things will change when you retire. If your spouse is already retired, your
presence will be felt 24/7 and you will need to integrate yourself into your
spouse’s world. It would be inconsiderate to expect your spouse to drop everything
to accommodate you. Both of you can enjoy this transition by communicating openly
with each other. Be patient and give each other the freedom to pursue
individual interest. Being sensitive to each other’s point of view will add
enjoyable years. It will be well worth it in the long run.
Schedule enough to
do. Twenty years of retired life is a long time to just relax. Can you
enjoy your day if there is nothing on the schedule, just relaxing in the
moment? Decide whether your current collection of interests and hobbies will be
enough to keep you busy. For most people, retirement will be a combination of
engagement and relaxation. The appropriate proportion depends on your personal
tastes. If you are someone who is happiest when engaged in activities and
projects, define what those may be in the planning process prior to retirement.
