Retirement Age Explained
Should You Retire?
Have you have reached retirement age and are contemplating
whether to retire or not? Are you torn between retiring to your
golden years or continuing to work for a few more? Here are a
few tips to make your decision a little less painful.
1. Consider Your Age If you are in the 55 to 65 age range,
retirement will already seem attractive to you. First of all
consider your age. Realistically speaking, we only have limited
number of years on this earth. Look at what you would still like
to accomplish with those remaining years. Would you like to
spend time going around the world? Or do you have any goals you
wish to fulfill if it weren't for the daily grind of work? If
that is so then you can factor in these goals and lay out a time
table for your retirement and activities afterwards.
Another age-related issue to consider is your 'actual age.' You
actual age is a measurement to verify how old your body really
is. Have ever wondered why some people look about 5 years
younger than they really are? This could be because their bodies
really are of that age. The factors that determine this aging
are genetics, health habits, diet and others. If you feel that
your physical age is way beyond working, you may choose to
retire.
2. Health Is your health preventing you from being productive in
the workforce? Or is your health making work more uncomfortable
for you as time passes by? You may want to check with a doctor
for a total health evaluation before considering continuing with
work
3. Family Some people will want to spend more time with their
families as the twilight years approach. You may want to factor
this into your decision to retire.
4. Finances Will you be financially capable of sustaining your
lifestyle well after retirement? If your retirement savings are
not up to par with your spending lifestyle after retirement, you
may want to stick it out with work for a little while longer.
You also have to consider the fact that some retirement plans
become more attractive if you retire later. But if you have
saved up enough finances to tide you over those needs and enough
to cover unexpected expenses such as medical fees, etc. as well
as expenses for your planned vacation trips and other goals, you
will want to retire early.
Also consider the fact that many people who retire find out that
life without an occupation will turn out to be very boring. You
may want to keep in touch with your employer so that he or she
may offer jobs that you can do on part-time basis such as
consultancy, filling in for those on vacation, etc.