For those of us who spend most of our adult years working, we look forward to the day we can hang things up and retire. But how does one know when the right time is to retire? Here are four common reasons people consider when they choose to retire from their jobs.
The main reason why most of us hold jobs for so long is because of financial security. Having a pay check every couple of weeks allows you to safely and securely pay bills, the mortgage on your home and plan for fun vacations. Choosing to leave a job puts this security in jeopardy for some people. However, if you have been paying into a retirement plan like a 401K, then you’ll be well-prepared from a financial perspective. You may choose to disperse payments from your retirement account or if you are eligible for social security, you can received weekly or bi-weekly payments from that program.
Preparing to retire requires substantial confidence in you finances. Be sure you are prepared before you make the leap into retirement.
Some people choose to keep working long after their kids have moved out and pursued their own career goals. However, other people patiently wait to become empty nesters to retire from their careers. Once the kids have grown up, gone to college and moved into their own careers, you have nothing in your way of retiring. You now have a sense of freedom to enjoy, spend the next couple of decades doing exactly what you want to?
Another common reason for people to choose to retire is due to relocating. Perhaps you have been in a certain city for a number of years as a requirement from your Job. If you’ve always wanted to live somewhere else and are leaving that job, now is the time to relocate to wherever you want to. You’ll even find many states have friendly, dedicated 55 and older communities where you can still be active among your age group. Places like Utah, Colorado, Idaho and Arizona are excellent destinations for people who just want to relax and enjoy their time.
Many people decide to retire and move onto creating their own business. If you’re someone who has worked for another company or person your entire career, retirement could be the time for you to decide what you would like to do and pursue it. It may be selling products online, opening a pet grooming shop, starting a coffee shop or anything you like. Now is the time to find that passion and follow it.
Lastly, some people may choose to retire once they have reached a certain sense of satisfaction in their careers. If you have accomplished all of your goals, made the money you want to make and have enjoyed every minute of your career, what’s left to achieve for you? Take a break, relax and enjoy those retirement years.
Of course, retirement is completely a personal decision. You have to feel ready to move on from a career, be financially secure and have an idea of what you would like to do in your retirement years. From there, it’s up to you to make the jump.