How Do I Know If Retirement is Right for Me?
Begin a plan for retirement with a frank discussion of the “Five Basic Issues of Retirement”. This can involve family and friends and not just you.
How do I know if retirement is right for me? A good place to start thinking about retirement is giving some serious thought to the “Five Basic Issues of Retirement”. Remember, however, to discuss these also with your family members or even some of your friends:
Prepare yourself for the finances of retirement.
This is one of the first questions to ask because retirement always means a change in income sources and amounts. Can you stay where you are living with the income that you will have upon retirement or will you need to move, or downsize (or both) in order to continue to make ends meet?
Consider all your physical needs.
Is retirement important for my health, or can I continue with the kind of work I am doing for a few more years without seriously threatening my health and well-being? Have I considered my ongoing healthcare needs and healthcare plans?
Prepare for the changes of status that are part of retirement.
For many people, and especially for professional men, a great deal of their self image and confidence (and even their sense of meaning in their lives) is focused on their work. Are you able to accept a change in this? Have you thought about the other activities in your life that could continue to give you a sense of personal value and worth?
Discuss the impact by your decision with family and friends.
Retirement is often a family question which involves especially a surviving spouse. Have you discussed how your relationship may change as a result of retirement? What will be the added pleasures, or the added stress, on the other people in your life?
Retirement means transitioning to new possibilities, even new work!
Retirement does not necessarily mean idle time. Too many people think only of what they will not do – their work or job, but what are you going to start doing in retirement? Do you have hobbies or clubs that will sustain your interests? Are there volunteer opportunities to give you new meaning in your retired life? What skills can you offer churches, synagogues, local schools, or charities?
Retirement years are supposed to be “Golden” – but planning ahead is the best way to put a real shine on that gold!
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- Can I Make My Retirement Funds Stretch?
- How Do I Prepare To Retire From The Military?
- How Much Retirement Income Will I Need?
- What Expenses Will I Have After I Retire?
- What Happens To My Money If I Have To Go To A Retirement Home? Tips for Seniors
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