2018 is first approaching its end, a time in which most employees ponder whether to retire or not. Besides, other employees might consider retirement if offered the opportunity to do just that.
You need to answer the following question to know if you are ready for retirement in case you belong to this category.
In response to this question, it is necessary to conducting and evaluating honestly of your present position. Given that, you need to find answers to the following key questions. First, are you enjoying what you are currently doing? If not, are you ready to quit? If so, what reasons do you have while considering your retirement? It is essential to exercise discretion before making these decisions. Preferably, you need to retire when you are ready. Avoid quitting from employment because of frustrations or disappointments with your employer or colleagues.
How Will You Finance Your Retirement?
Most importantly, assessing how you will meet your financial needs during retirement is essential. Will your retirement annuity, TSP, and any other investments sufficiently meet these needs? If the answer is no, you ought to look for ways to offset these differences. You might have minimal or deficient skills, meaning that you cannot generate some retirement income. You need to ensure that you have enough income to cover for your present and future needs.
What Do You Plan to Accomplish During Retirement?
Increased life expectancies mean that you could spend more time in retirement than you initially expected. Nowadays, most retirees set up some part-time business, engage in volunteer work, or hobbies. Then again, you might have a post-retirement plan. In case you do not have a plan, it’s high time that you develop one especially if you are married. Be aware that having a partner is an added advantage, as compared to being single.
Use the following three tips in making your retirement decision:
1. Identify whether you are ready to retire from your occupation.
2. Evaluate whether you have the necessary finances to cater for your retirement.
3. Determine how you will spend your time during retirement.