Are you ready for retirement?

Choosing an age to retire can be a tricky decision when there are so many factors to take into consideration. When deciding what time is best for you to officially dust off the suitcases and clean out your ‘work drawer,’ it is important to keep in mind what is also best for your well-being.

Your bank account

When you retire, most likely your life savings and/or superannuation become your main source of income. A sign it’s time to retire is when you’re sure your bank account is up to the task of providing your daily necessities and weekly wants.

Your goals

What are your goals in retirement? Is it to retire early? Do you want to live large? Are you hoping for a dreamy seascape for the rest of your golden years, or are you hoping to manifest a relaxing lifestyle in the comfort of the home you have always lived in? Some people choose to move in with their children at an age that is suitable for everybody.

Understanding your goals and how you want to achieve them is paramount in getting just that one step closer you might need to achieve retirement status.

Your health

More older Australians are intending to work for longer, according to research done by the ABS. Out of those who do choose to retire, most of them claimed it was based off financial security, personal health or physical abilities.

If your lifestyle is beginning to lean towards retirement and days of relaxation it is important to consider whether you might be ready to retire.

Experts say people who retire tend to be happier and enjoy their time more, according to the Age and the Ageing journal.      

“People have a different experience when working after retirement,” California State University professor of psychologist Kenneth Shultz explained.

“You don’t have to deal with the pressure of a career job, and people tend to not be emotionally invested in it.”