5 Signs It Is Time To Retire
It can be difficult to know when to retire; for most people leaving the working world behind is a scary thought. Being financially ready is a no-brainer, but are you thinking about how you will continue to enjoy your life once you leave the workplace?
How do you know if you are really ready? Here are five signs that suggest it may be time to retire.
1. You Can Afford It
Perhaps the biggest question to ask yourself before retiring is, “can I afford it?” Being financially ready is an important factor when deciding whether or not to retire and if you have planned well, then you are off to a great start. Put your money issues into perspective:
– Is your house paid off?
– How much debt do you have?
– Will you have enough to live comfortably?
Financial advisors will suggest you need at least 50% of your working income to retire and maintain your current level of living. Your bank can also provide retirement calculators that will help you assess your financial position.
2. You Are Emotionally Ready
Retirement is much more than finances, you also have to feel emotionally ready. If you are still enjoying work, the decision to stop and end your career is a big adjustment.
A big portion of your identity can stem from work, and in its absence many people feel they need to redefine themselves. Spend some time thinking about how your life would change, how you would adjust to those changes, and finally how you would accept those changes.
3. You Are Making Other Plans
A busy work schedule or family obligations often means holidays and travel are cut-short. If seeing the world is on your checklist and you have begun looking into that month-long Mediterranean cruise then don’t ignore your wanderlust.
Bear in mind travelling can be expensive; frequent holidays and indulging in a more luxurious lifestyle can quickly eat away at your savings. Ensure you have enough savings set aside for retirement and even consider waiting until you have a firm plan in place for meaningful pursuits.
4. Your Children Are Financially Independent
The desire to retire can be curtailed by children, especially if they are still living at home or not financially independent.
At a certain point you have to stop worrying about your children, but life doesn’t always unfold as you think it should. If you are still supporting your children financially, now might not be the time to stop working just yet.
5. You Are Ready To Relax
If you have you found yourself wanting to revisit leisure activities that motivate, inspire, relax or entertain you, then this is a good indicator you are ready to relax.
Whether it is a hobby or volunteer work, once you retire, having a new plan in place to keep yourself busy is key. Consider starting a to-do list and fill your days with things you have always wanted to do such as go fishing or start a vegetable garden.
