Timing Your Retirement
Whether you wish to retire fully, or just cut back your working hours, requires thinking about the emotional aspects of retirement as well as the financial. Research reveals that the happiest ‘retirements’ are those with balance, structure, strong social contact and yes, a little work. You may also need expert advice from a financial planner on timing your retirement and to make the most of your money.
It is, however, important to remember that while money, (how much you have and how long it will last) plays a vital part in the timing of your retirement, your emotional readiness should hold equal weight. There are many factors to consider when deciding if you’re emotionally ready to retire, such as your relationships, support network, how you plan to keep yourself busy and what you hope to achieve from the next stage of your life. One way to evaluate your readiness is to take our simple ‘Are you ready to retire?’ quiz. While just 25 questions won’t give you the definitive answer, they will highlight the areas that may need more consideration.
How and when you make the decision also needs to be considered. Very few people simply wake up one morning and know the time is right. It’s often a gradual process that needs to be discussed and agreed with those closest to you and for whom your decision will also impact.
As well as the factors that you need to consider, there’s also the information you need to have. Will you get an Age Pension? Will your money last? What does retirement mean to you? And of course, what don’t you know?
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Many retire as soon as they hit retirement age, but is there a better way?
Have you done the necessary planning before beginning your transition?
Research from the US indicates that working longer may actually be beneficial.
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