As soon as a person starts working, they should begin planning for retirement. There may be many reasons that make you not eligible to retire. For example, your age and your years of service may be factors determining that you are not eligible to retire. Your readiness for retirement depends on various factors, and in this article, we will highlight those factors.
You may not be ready for retirement due to your financial, emotional/psychological, etc., or any other reasons. You must spend some time and think about different aspects other than financial readiness. Today, in this article, we will focus on factors that are important to assess your readiness for retirement. Just think of a married couple or a surviving spouse of an employee who you believe failed to make a successful transition to retirement. Why do you think it was successful or not unsuccessful?
While assessing your readiness for retirement, you should answer these questions:
- What will you do after retirement? Your areas of interest, your weaknesses, strengths, personality & other values should be taken into consideration while working on this step.
- How do you feel about your retirement? (positive/negative)
- How you plan to take care of your medical expenses? (Your health includes proper exercising, diet, etc.)
- Do you have space to live? (proper space to live)
- Will you volunteer for community activities?
- What family members or friends will you interact with?
- How do you plan to spend your precious time? Get involved in sports, hobbies, learning, vacations, & entertainment.
- Do you have proper knowledge of your retirement benefits as a Federal employee? (under CSRS/FERS, under Social Security, and under Insurance).