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How Do You Know When It's Time To Retire?

In younger years, you may have imagined living a peaceful and comfortable life as a retiree, with nary a thought about being financially strapped. Unfortunately, this is just the situation for millions of retirees, many whom are still working now in order to try to save some money so they can live a comfortable life, albeit later than they may have planned.

However, you can’t work indefinitely. And being older, your body processes stressors far differently. In fact, it may be high time for you to retire; you just may not know it yet.

Finances Are Just One Aspect of Retirement Readiness

Do you feel as though you are ready to retire? This may be a question you need to ponder. Retirement is a major life event, and it can take time to think about it, adjust to the idea, and finally accept it. Being hasty could result in you regretting your decision.

You Have Developed a Plan

If you are still working but have formulated a plan or two for what you wish to do when you retire, this could be an indicator that you are ready. Another related sign is how you divide your time. If you find yourself spending as much time volunteering as you do working, you might be ready to retire.

Relaxation Is Your Focus

Is your ‘to-do’ list looking different than it used to? If you’re seeing gardening, quality grandkid time and napping at the top more often than you used to, you may be ready to hang up that briefcase for good.

Your Finances Are Stable

If you have no debt, or at least a very small amount, this could be a definite indicator of retirement readiness. However, confirming this may take a little legwork. First of all, you may benefit from getting superannuation advice from a professional, as this will tell you how much you will need to have saved in order to retire. Usually, if you want to maintain your current standard of living you will need to have well over fifty percent of your current annual income.

Travel is On Your Mind

You may have spent your whole life dreaming about the day when you could retire and take off to see the world. But if you’ve started looking at travel packages in earnest, you might be ready to start your retirement planning. One way to decide? Make a list of all the benefits of travel on one side, and the disadvantages on the other. If the pros outweigh the cons, you may want to start planning your transition to retirement.

It is not easy to leave a job. But when there has been a priority shift in your life or the financesare there, or you feel as though you are being pulled in that direction, you may very well be ready. Talk to one of our retirement specialists today to learn more about how your super can work for you instead of the other way around.

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