Is There A Right Time To Retire?
You Get To Decide When It’s Time To Retire
The one thing in life that is all yours is your retirement. So guess what, you get to decide when it’s the right time to retire. Retirement is one of those things that is, well, personal. Everyone has a different time frame just like everyone has a different vision of their retirement years. For some, retirement means relaxation; for others it means catching up. Do you have a retirement vision? And how will you know when the time is right? Well, there will be signs. That may sound a bit illogical but there are signs everywhere if you are paying attention for them. Your retirement is all about you. There are 5 signs you should start watching for to help you decide when it is the right time for you to retire.
5 Signs That Say It’s Time To Retire
#1 – You’ve Got The Dollars & Cents
If you have enough money, it just might be the right time to retire.
If you have run the calculations and have enough money to carry you through your retirement years, maybe it is the right time to retire. But check and double-check your calculations. The biggest fear most people have about retirement is that they will run out of money. One of the best ways to avoid making the mistake of retiring too soon is to practice retirement. Sounds crazy? It may be, but it could also save you from future financial stress.
How do you practice retirement? Glad you asked. For 6 to 12 months spend as if you are already retired. In other words, live on your retirement budget. Remember that retirement spending habits will be different from your spending habits during your working years. Once retired your paycheck stops so your spending gets curtailed. In retirement you will be forced to live on the money coming in from social security (if it’s available), your personal savings and your retirement plans. It will be a different financial mindset so practicing that type of mindset ahead of time will help you determine if you are ready to retire.
#2 – You Worked The Plan & The Plan Works
If you have reached your retirement goal, maybe it’s time to let go. If you set a retirement target goal, be it age or money, and have achieved it, why keep on working if financially speaking you do not need to?
You set the plan, worked the plan and now the plan is ready to implement. So what’s stopping you? Well could it be that you like the work, like the people your work with or need to keep busy. Some people continue to work even after they have reached their retirement target goal, and that’s okay. Just be aware that it’s okay to stop working too. Some people are afraid that they will experience a real let down once they leave the work force. And that may very well be the case. Maybe you are afraid that you will lose touch with your co-workers or will not find enough busy work to do after you stop working. If that is the case, before you quit be sure to come to grips with why you want to keep working even though you are financially set. Otherwise, you may regret retirement.
If you are financially prepared but need to keep busy you may consider part-time work or volunteer work. There are plenty of part-time jobs available and the opportunities in charity work are endless. And it those options can’t satisfy your need to work, maybe you could look into starting your own business. Again, if you are ready to retire, go for it.
#3 – You’ve Had Enough Already
If after 40 years of working you are tired of working, and can afford to stop, why torture yourself any longer?
Stop the grind of working, enjoy the fruits of your years of hard work. Unfortunately for some folks it’s hard to pull the trigger to start their retirement. People get so used to their routine, it’s hard to change it. Our work becomes our identity and it shouldn’t. Retirement is your opportunity to find a new identity, spend quality time with your family and friends, find new things to do, meet new people and do all of those things you may have put off for the last 40 years. Life is too short to spend time doing the things you do not like doing…like working.
#4 – Change, Change, Change
It may be time for a change-over.
You may not necessarily be tired of working, but you might be tired of working at the same job. If that’s the case, it may be the right time to retire…from that particular job at least. If you are just going through the motions at your current job, maybe it is time to consider an entirely new career. If you have been working at the same type of work for years and do not have the same passion you used to, this might be a good time to stir things up. Change is not a bad thing; it just depends upon how you handle it. Think about it.
#5 – So Much To Do, So Little Time To Do It
So you have the money, your to-do list but just need more time to “think about” retirement. Why? What’s there to think about? You made it.
If your health is good, your finances are in order and you know what you want to do in retirement, stop thinking and start doing. Pull the plug, begin your retirement. Stop resisting that little nudge into your retirement; it’s time. Working years are for working and saving. Retirement years are for enjoying, relaxing and spending. Be careful not to confuse the two. You have worked hard your whole life and maybe you even had to give up somethings during those working years. Retirement is your time. It’s your time to focus on you. It’s time to catch up. It’s time to live, love, laugh and create a new you and new lifestyle.