Are you getting close to retirement but having trouble deciding when to go? Here are six things you need to consider before you decide to retire.
1. You dread getting out of bed in the morning.
Going to work is really draining. You get up later and later. You drag yourself out of bed. The joy of your work is gone. You live for your days off. After a vacation, you do not want to go back to work. You’d rather do the dishes or take out the garbage then go to work.
2. Time drags at work
The clock cannot move any slower. Five minutes seem like five hours. You can hear each second that passes. You find your mind drifting to what else you’d rather be doing. Your interest in your job, any job is waning.
3. You can’t stand to:
Go to one more meeting. Hear one more patient or family complaint. Hear one more young person say, “Ay?”. Do one more assessment. Counsel one more employee. Hear one more excuse.
Before you stop working, you’ll need these three things:
1. Enough money
This may seem obvious, but you have to figure out how much money you are going to need in the future to be financially secure. If you live into your 90’s, you will need your money to last for 30 or 40 years. What you find out, may make you reconsider how early you retire. Read the rules for Social Security (SS) payments. Your age at retirement determines what you can earn if you decide to work and still receive the full SS check. Don’t forget to look into long term care insurance. If you or your spouse need some kind of assisted living in the future, even one of you living in an institution for a few years could wipe out your savings.
2. Enough to do
If isn’t unusual for someone who is close to retirement to be relieved that they are leaving a hectic job. At first, all they want to do is relax. Unless you are ready to rock in a chair all day, plan how you are going to spend your days. Otherwise, you can end up with nothing meaningful to do which could lead to depression.
3. Enough friends
Does most of your social life revolve around your work and coworkers? If so, you need to make sure before you retire that you have built up a support system outside of your work environment. No matter how close you are to the people you work with now, the tendency is for people who work to associate mostly with their coworkers. Rarely will your former coworkers include you in their social activities. It’s best to have some friends who are not associated with your workplace.
So are you ready to retire? Do you have enough money, some activities you love doing and enough friends outside of work? Then go for it and enjoy!