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Finding the right age to retire

retirement planning

A person’s quality of life is a key factor in deciding when to retire.  At the same time, however, it is important not to forget about the financial considerations as well.

Choosing when to retire is a very personal and sometimes difficult decision that everyone in the workforce will have to make.  It is the kind of decision that will have lasting effects on a person’s future lifestyle, so should be thought out carefully and strategically.

There are many reasons as to why a person will want to retire.  Some may simply want to leave a busy or stressful business world, while others may want to pursue ideas and hobbies with their newly available time.  Others are perhaps ready to relax and enjoy the peace and quiet of each new day.

But what time is the right time for retirement? Below are some points to consider to help pick the right time:

Financial resources

The obvious factor influencing how a person will choose when to retire is whether or not they will have the financial resources and support that allows them to live out their ideal retired life.  People should essentially aim to have enough money to pay the bills and give them the freedom to have fun and live comfortably.

Retiring from the workforce without an adequate financial supply is a dangerous move to make.  However, even if you do believe you are at the stage that allows you to live off the income generated by your savings doesn’t necessarily make that the right time to retire.  It is important to also take other considerations into account that may help you lead a more fulfilling retirement.

Collaborate with your spouse

The dynamic with your spouse will ultimately change upon your retirement.  If your retirement means that you will spend more time together, you will need to adjust your two worlds to fit each other.  Openly communicating with one another and giving each other space to pursue individual interests can overcome this.  Remember that you may spend years together in retirement, so making the effort to work it out now will pay off in the long term.

Make a plan

Developing a plan for how you will spend your time for the rest of your life can be quite beneficial in a number of ways.  It can help determine whether or not current interests and hobbies will be enough to keep you content and may help you realize that now isn’t the best time to retire.  Planning out what kind of jobbies you would like to pursue in the next stage in your life can help make the future more enjoyable.