Deciding when to retire is not a very easy decision to make. You can’t just pick a number and say that you will be retiring at that age. You have to consider a lot of things before you can come up with a decision on when to retire. However, you have to make up your mind on when you would like to retire because the things involving retirement whether you choose to do it early or late have to be planned before you even retire.
Not everyone knows when the best time for them to retire is. The best time to retire for you differs from one individual to another. The time to retire can be categorized into three main timeframes. The following are the main timeframes of when to retire:
Life has so much to offer you that just work, work and more work. You have got to enjoy every day of your life. With an early retirement, one has all the time in the world to do whatever one wants whenever he wants it. Yet, it is not easy to make that decision. You have to ask yourself if you are financially-prepared to face the rest of your life. By retiring early it means that you also lose some of the retirement income you will earn by continuing to work. You may have a lot of grand plans like travelling the world, but that is expensive and it will eat a lot of your retirement fund. You will be left with little money to spend for the rest of your retirement years. You really need to prepare ahead by coming up with additional sources of income to fund your retirement before you decide on retiring early.
65 is the median age for retirement that is said to be “on time.” The ages between 62 and 67 are considered to be the normal retirement age. Retiring during these years guarantees access to one full social security benefits. Moreover, one is able to maximize his income-generating tears to save up for his retirement years.
Similar to retiring early, it is still best to have alternate income sources so that you have a lot of retirement funds you can use to do whatever you please and still have enough to support you through the rest of your life. However, if you feel that you still have a lot more to accomplish in life then retiring at the right age takes some years off from doing those things.
Enjoying life not only come with doing things that are purely for leisure alone. If you love your job then you certainly have a reason to opt for late retirement. With a late retirement, you certainly have a lot of savings to add into your retirement years with a lesser time to spend all of it. The drawback here is you have little time to do the other goals in life that you were not able to do while working.
Deciding when to retire is highly individual. You have to be prepared financially and you have to clarify what you want to do during your retirement years.