Is It Time To Retire? What to Ask Yourself
You’ve punched your timecard more times than you can count, and you’re counting down the days to retirement. When is the right time to finally pull the trigger and hang your work hat? Age is only and number and it doesn’t always factor into when it’s right to retire. It can be a difficult question to think about, because everybody’s situation is slightly different. If you can answer these questions with confidence, then you are off to a good start.
- What money will I live off of? One of the biggest questions is how will you maintain your lifestyle when your paycheck ends. Hopefully you’ve started a retirement fund a while back. There are multiple avenues for retirement savings. There’s Social Security, 401k, IRA, etc. One of the best ways to compound your money is to have your employer match what you contribute, and to put it into stocks. As you get closer to retirement, switch those stocks over to bonds to hold firm to what you have accumulated.
- Where will I live? Why pay for more house if you don’t need it. Now is the time to consider downsizing. Renting is always an excellent option for those an a fixed income. You have the maintenance, and grounds taken care of, and you know exactly how much you’ll need for the rent each month. You aren’t tied down to a job anymore, which means you get to choose where you want to live. Do you want to go close to the grandkids, or would you like to make the migration down south where it’s warmer?
- What will I do with my time? Many people get fixated on not working, and forget to put a plan in place to remain active. We all want to have things to do with our days so we don’t get bored. Consider what your hobbies and other interests are, and look for ways that you can pursue them. Learn how to play guitar, grow a beautiful garden, volunteer more around the community are all excellent ways to stay busy while you do things that you enjoy.
- How will you stay mentally and physically active? This question goes along with the overarching question of how you’ll spend your days. One of the most important factors to keeping your good health and living to an old age is keeping your mind and your body active. Join a fitness group, start a book club, or play challenging mind games to keep your synapses firing the way the should. When you settle into the couch and turn off your mind to T.V., you’re memory and strength go out the window.
- What are you going to do for healthcare? Your job won’t be providing healthcare anymore, so where should you look to get coverage. This is going to be time when you’ll need healthcare the most, so look for good coverage with a reputable company. As the political climate is ever changing, keep an ear to the ground on the best options for retirees.
Any major step in life can be filled with uncertainty; you’re closing one chapter of your life, and moving on to the next. The best way to make the transition is to have a plan in place so you don’t get blindsided by the change in routine. Lean on your family and friends and let them know if you are struggling with this new phase. They can help guide you to help you find your new calling in how you spend your time to let you have full and fulfilling days.