In the United States alone, there are about 10 000 people who turn 65 each day. It is the ideal age for retirement, meaning there is a possibility of 10,000 employees retiring daily. The number still does not include those who are eligible for early withdrawal of employment.
Professionals, especially those who are employed, always come to a point where they are satisfied with what they have achieved. The majority of the time, they end up asking themselves the question, “Can I retire yet?”, especially after long years of work.
If you wonder when to retire or when to answer “yes” to that question, here’s what you should consider.
Are You Nearing Your 60s?
Even if you are nearing your 40s, 50s, or 60s, no one can tell you the perfect time to retire. It depends on a plenty of factors, but most importantly, it needs certainty. Regrets after saying goodbye to the working life usually follow, but it is also fleeting. It would be hard to back down after saying yes to retiring.
In modern times, early retirement has become a trend. Usually, companies are the ones to offer it, along with an intriguing amount of separation pay. Some individuals who decide for themselves, hopefully, do so after considering a whole lot of other factors.
Are You Financially Secured?
Having financial security does not only mean that you can live off the next ten years without having to worry about anything else. It also means paying off every single cent of your debt- no loans, no credit balances, no mortgage.
Of course, it also means having enough savings to live worry-free when it comes to the essentials and recreations. Travel all around the world, or at least do what you have always wanted to do after you retire.
Is Your Healthcare Covered?
Healthcare is incredibly expensive, and it is not wise to invest in it only when you are about to retire. Invest as early as possible as sickness and diseases can strike at any time.
When you retire, there is no company medical insurance or sick leaves to back you up. Mostly, you are on your own. Hence, investing in healthcare as early as possible can prevent you from worrying about what you can do once you need to avail of the services of a doctor.
Do You Feel Mentally Prepared?
Mental unpreparedness might be the worst mistake anyone can do when considering retirement. Most of the time, the employees focus on the “Can I retire yet?” and forget the “Am I ready for this?” part.
Some people conclude on retiring after feeling burned out. However, what these people fail to understand is that after retirement, they are left with nothing to do. To avoid this, plan ahead of time.
As you go along in life, keep a journal with your ultimate bucket list. Try to achieve each one even while employed, then go for the ones that are left unticked the moment you stop working.
No one can say what the exact and most ideal time to retire is. It is up to the capabilities of would-be-retiree financially, mentally, and emotionally, whether he or she is ready to say yes to the question.
After working for almost half of their entire lives, some people are more than eager to disconnect with their working life. Some call it retirement, while others call it freedom. However, there is a question that always follows whenever the topic arises, “when is the right time to retire?” and the answer is ever-changing.