You will agree with me when I say - it's a totally different set-up now.
For millions of the so called baby boomers - people born between 1946 and 1964 - and though, I'm not even yet included in this "category" - (just a few more years to go) the dream has changed dramatically. And, all, if not most, point to one aspiration: retirement, and early - at that.
I myself have worked myself more psychologically, emotionally and mentally than physically to fulfilling exhaustion. And yet the big questions is: How do you know when it's time to leave the work force? And, more critically, are you really ready?
Here we look at seven signs that proposes it could be time to leave the "nine to five grind" for good:
1. You Have Built Up Enough In Your Nest Egg - In short - You Can Afford To.
Before anyone does anything that is life altering (even if it's not monetarily) one hugely vital question one asks, before applying for early retirement programs the company has, or to outright resign from the workforce, is, "Can I afford it?". Say, your house and car mortgages have been paid off, you have none or little current debts, (the sneaky seemingly little but big culprit would be credit card debts. (Read more on: http://rubybernardo.blogspot.com/2011/01/how-to-get-out-of-debt.html ) these are good starts. However, would what you have, be enough to tide you over comfortably through your golden years?
This is where you need to take stock of your finances. Some banks, financial institutions and consultants can help with putting money matters in perspective. Consideration such as your age (and at what age you'd like to retire), current savings and income (including expected rate of return for investments (such as in real estate, stocks, bonds, securities if any) pensions and Social Security benefits), current and foreseeable expenses, insurances taken out should a medical emergency occur and estimated inflation numbers are all taken into account.
After all that number crunching, pragmatic wisdom borne out of other people's experiences approximate that - retirees will need well over 50% of their current annual income to continue to enjoy the same "standard of living", as if they were still working.
2. You're "All geared up" for it.
We all know choosing to retire early or late is not only about the finances. Because people who for instance had just been reassigned to distant locations, are working with a new boss or peers they can't get along with, or are lately feeling bored with what they are doing and suddenly decide to retire psyched up by some of the factors mentioned above and more, can end up regretting the choice. That is if they haven't spent time assessing everything, adjusting to it and accepting it.
When and if you embark on your options on whether to retire or not. Know that the act of ending your career has many implications that go beyond money. Make sure you're ready to take that leap.
3. You're Sure You Really Can, and Want To.
Nothing is more unsettling than finding out, you don't have enough saved up - or if you do, it'll only last you a decade at most. Because of bills you or your partner have kept hidden (it happens) or stocks you were counting on to double or triple have toppled, or a sudden emergency arise including medical crises, a total roof renovation or re-plumbing of the whole house is in order, that has not been figured in when you were doing the numbers.
Also, are you so definite and certain of your choice that it would take nothing to convince you otherwise.
4. You Have Concrete Plans - More often, when we picture retirement, it's alone or with our significant other, clad in flower printed shirts sipping a cool one by the beach. But that's just one fun part of it. What of the other days when doing just that, would not only be expensive, it would also quickly lose its appeal. Except of course if you own a beach house. Remember - retirement isn't about all of a sudden not doing anything. Before you're all set, to quit the rat-race, you'll need to make plans to satisfy the void that your job filled.
Have you been finding yourself doing the same amount of "work" for your current job and a volunteer organization, a charitable cause you strongly believe in and the latter - no matter you're not getting paid feels more fulfilling? If so, this may be a signal that you're ready to leave the daily grind and take up more philanthropic endeavors.
Do you find yourself wondering about other "passions" you passed up on because of a more stable career? Like pottery, oil painting, wood carving voice lessons, writing, restoration antiques bought on rummage sales and more. Would you rather do one, or any combination of these right brain ventures more than you would your job?
5. You Can Actually Make Money Off of These "Passions" - Part, or Full Time.
Family, friends, acquaintances and even total strangers on E-bay and Craig's list have offered to purchase or pay you for your work or your services. Much to your happy discovery you rather enjoy producing, writing, doing these things and what's more - being compensated actually proves fun, exciting and doesn't feel like a job, work, daily grind, nine to five or any other words and phrases used to describe a regular daily job.
You hear of many people who upon retirement embark on a self-exploration of sorts and end up becoming millionaires. But hey - that's a different article altogether.
6. You Find (Even the thought of) Travel Pleasurable.
That is why there are conquerors and world explorers dating back to thousands of years. Many or all of us are curious to see what's "out there". That's why travel agencies abound and their brochures with all its different packages are enough to send us on daydreaming trips. Travel however is often restrained by a busy work schedule, raising a family, paying a mortgage, etc.
Maybe the kids are all off or nearing university graduation. All major liabilities are settled and that Serengeti or Safari desert, or the Great Wall adventure has become definite possibilities. If the advantages outweigh the disadvantages, it's time to get busy with travel agencies and travel search engines. You earned it. So why not?
7. You're All Set and Excited to Take It Easy - You find yourself revisiting thoughts of winding down, loosening up, letting go, calming things down, more often than you used to. You also uncover that being told what to do is not as comfortable as it used to be, and you want more freedom with your schedule and sleeping in and not feeling guilty about it are pulling at you harder than ever. Check your to-do-list. If it reads like someone who want to stop working such as: taking naps mid afternoon, growing your own herb garden or going to movies with your grandkids, if any, this could be the moment you have been preparing for and is quite ready to begin.
In The End. This option of leaving the workforce is not for, and even easy for everyone. For some, it may never be an alternative open to them. And yet, if you can very well afford it - emotionally, psychologically, mentally and financially, and your concerns have changed such that your heart and soul has slowly but steadily been tugging you towards RETIREMENT then, you're almost certainly ready.
No comments:
Post a Comment